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I have to point out that this conduct is utterly disgraceful. We are not the linux foundation with Linus at the helm and megacorporations tied to the security and well-being of our product. The Bitcoin Foundation is small and heavily underfunded for the tasks it is seeking to accomplish. To have one board member sue another who happens to control the largest means of currency exchange for 75 million dollars without any forewarning or joint statement to the members of this foundation is beyond common sense.
How can Peter and Mark successfully execute their duties? This isn't AMD and Intel arguing over a patent. If Peter wins his lawsuit, then Mtgox will fold. If Mark wins, then how exactly will Peter explain to his investors that he spent their money on a failed legal venture? There is already a bank run at Mtgox with hundreds of people trying to pull out.I wouldn't be surprised to see fractional reserve rumors come soon -anonymously of course. The whole thing smells really dirty and it makes me sad.
Honestly, what I am most upset about is that you guys aren't asking for Peter and Mark to temporarily step down until this issue has been properly managed. Is there even a media plan at this point? Come on guys.
How can Peter and Mark successfully execute their duties? This isn't AMD and Intel arguing over a patent. If Peter wins his lawsuit, then Mtgox will fold. If Mark wins, then how exactly will Peter explain to his investors that he spent their money on a failed legal venture? There is already a bank run at Mtgox with hundreds of people trying to pull out.I wouldn't be surprised to see fractional reserve rumors come soon -anonymously of course. The whole thing smells really dirty and it makes me sad.
Honestly, what I am most upset about is that you guys aren't asking for Peter and Mark to temporarily step down until this issue has been properly managed. Is there even a media plan at this point? Come on guys.
From Gavin:
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I like the Linux model better, with lots of developers at lots of different companies (and some independent) contributing.
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That works well because corporations make money off of linux and thus have an incentive to contribute. Governments use linux and thus wish to keep it secure.We need to get bitcoin past some threshold that will make corporations comfortable investing dev resources to build products on top of bitcoin. For example, Facebook could become the largest online wallet provider in the world. It could effectively kill kickstarter and revolutionize the donation model for non-profits.
Some entity with credibility needs to court them into committing to a beta test. I disagree that we could replicate the linux model completely because we have no leader. Satoshi doesn't want to be Linus, which is his right, yet it means decisions end up getting made without any community consensus.
Some entity with credibility needs to court them into committing to a beta test. I disagree that we could replicate the linux model completely because we have no leader. Satoshi doesn't want to be Linus, which is his right, yet it means decisions end up getting made without any community consensus.
John Smith:
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The Linux Foundation may have plenty of lawsuits between companies but we're not quite the Linux Foundation yet. Bitcoin is still very small. Also Linux has very little to lose from one of the companies in the Linux Foundation going under.
But for Bitcoin this kind of infighting at this stage is unacceptable and hurts people's trust. There's a lot more at stake here. $75 million is not pocket change even for MtGox. Are the people with deposits at MtGox at risk?
Member corporations sueing each other for money is a negative sum game, and it certainly looks like a conflict of interest to me with the goal of the Bitcoin Foundation.
But for Bitcoin this kind of infighting at this stage is unacceptable and hurts people's trust. There's a lot more at stake here. $75 million is not pocket change even for MtGox. Are the people with deposits at MtGox at risk?
Member corporations sueing each other for money is a negative sum game, and it certainly looks like a conflict of interest to me with the goal of the Bitcoin Foundation.