@Newbie

Premine means mining BEFORE releasing to the public.

Satoshi released Bitcoin allowing anyone who wanted to mine BTC the opportunity from Block 1 forward.





~BCX~

For all the people that do not want to click through and follow the "Blog Spam"


~BCX~



BITCOIN FOUNDATION BLEW $4.6 MILLION IN 10 MONTHS
BITCOIN SERVICE, BITCOIN VALUE, NEWS01/07/2015BY ALEX GORALE

Bitcoin Foundation blew MatonisThe Bitcoin Foundation(TBF) Founding Director Jon Matonis explains the $4.6m loss in 2014. Funds were drained by exorbitant monthly expenses, conferences and the falling price of bitcoin. Today the ex-VISA employee advises Bitcoin entrepreneurs on funding.

The role of the organization that introduced lobbying to Bitcoin and attempted to meme-ify titles for Bitcoin developers remains ambiguous. Despite recent announcements purpotting a change in focus towards development, questions remain unanswered. Like, what happened to the 5800 bitcoin mentioned in their 2014 transparency documents?

 A lot of the funds that did not go towards funding core development actually went towards sponsoring annual conferences for the Bitcoin Community at near breakeven budgets. - Jon Matonis
Tax documents from 2013 show employee compensation, conference costs and legal fees as the largest expenditures. In all, The Bitcoin Foundation blew $150,000 monthly. Documents for 2014 have not been made available. However, Matonis was recently available for comment.

No Funny Business

Matonis provided an Ask Me Anything!(AMA) to ZapChain last week. The AMA is an opportunity for community members to question leaders in a public forum.

Jon answered many questions. He reminded us that currently TBF is undergoing re-alignment; defering questions about present goals to current leaderships. Though, he was able to share information on a Bitcoin Better Business Bureau - Cryptoagency. As well as give condolences to investors partnering with altcoins.

Also Read: Ripple Labs Fined $700,000 by FinCEN for Non-Compliance

He was also asked to specifically account for a statement he made during his tenure with The Bitcoin Foundation. Straight from the lines of TBF member meeting minutes.

Bitcoin Foundation Burn

"There is no funny business," assured Matonis. The price drop was the biggest factor affecting funds. Just as the majority of businesses operating in Bitcoin that year, the drop to $264 by the end of 2014 brought heavy losses.

Matonis outlined the following reasons attributed to why The Bitcoin Foundation blew through capital.

1) $4.6m based on March 2nd, 2014 valuation ~$673/BTC because books completed up until that time (of course, if you go back to December 2013, the BTC price was even higher);
2)  Average Bitcoin Foundation expenses for 2014 of approximately $150k per month;
3)  ~90% of assets maintained in BTC as determined by board of directors;
4)  Foundation raised in nominal terms approx. $500-650k in membership dues and donations during its existence (price appreciation got us to where we were at the time);
5)  January 1, 2015 exchange rate ~$264/BTC
6)  $0.6m (balance remaining at Bitcoin Foundation on January 1, 2015)
 
"Since my last day on the board of the foundation was December 31st, 2014, that is where my confidential access would terminate." - Matonis


No justification was given as to how the foundation would continue to operate under the $150,000 monthly costs even if the price of bitcoin never fell. A change that could have possibly delayed The Bitcoin Foundation's realignment by another ten months.

@Hydroponica2


I thought you were part of the DGC Dev team?


~BCX~

I was "Legendary" before they created this rank ROFL


~BCX~

@OP


You're so full shit because I just read another thread "Litecoin is OFFICIALLY Dead" that was more than year old.

https://bitcointalk.org/index.php?topic=658541.0


~BCX~

Baritus saying he is not involved with DGC is about as credible as his "employee theft" story.

He's still there.


~BCX~

Excellent non answer.


~BCX~

I don't have a problem with that.

If Bitcoin could benefit the US Gov, then that's a good thing for Bitcoin.


~BCX~

I think you just got devoured by a Grue!


~BCX~

My fav is Special Agent Oso!

Kinda looks like Gavin 

~BCX~

Yes Gavin is an agent and wants to destroy Bitcoin

No Doubt this explains why he has worked for five years tirelessly to make Bitcoin what it is today.

Because he wants to destroy it.



~BCX~

The PP dispute is probably legit.

You were more than likely paid with a compromised Paypal account.

There are many threads warning about Crypto and Paypal.

Live and learn because you just been burned!


~BCX~

I appreciate you reconsidering your decision and I regret my hasty accusation.

After further research I no longer believe my initial determination that Mprep is tied to DGC is true.

Again I have no issues with you and do not foresee any in the future.

Keep up the good work.


~BCX~


Added: Locked due to resolution as requested.

It's impossible for Baritus to be back because he never left.

But that wasn't the point of me petitioning to have this thread restored.

I thought it deserved open discussion and politely asked that it be restored.




~BCX~

No need to start anything with Mprep.

To date I have never had an issue with his moderation.

This however is protectionism.

I'll wait and see what the powers that be rule on this.


~BCX~

This isn't the forum to discuss or debate if it is true but I would invite you to search for a couple threads in Altcoins that do discuss it.


~BCX~

I have never had an issue with Mprep that I know of, I think he has a tough job and does it fairly well.

However Mprep has been and was long before he was moderator, A DGC Fanboy under an alt.

The founding dev Baritus burned the community for over $35K and left.


His return to the community is NOT a minor announcement in light of the DGC soliciting and collecting funds to rebuild DGC based on the promise that he would never return.

This is major news to the DGC community and deserves it its own thread for discussion.

I am requesting the the thread below be restored for open discussion.

On its face it appears to be censorship to help bury bad news for DGC.


~BCX~

@Digital_Lord


No one takes trust ratings serious anyway.

They are completely useless due to non moderation and the ease of feedback farming.



~BCX~

DGC itself was and is not a scam.

Just another altcoin.

The dev Baritus started out fine but turned to the dark side.

He burned the DGC community for about $35K.

They seem to have gotten their act together and have somewhat recovered.


~BCX~

I was calling out Realsolid aka Coinhunter back in mid to late 2011 when he launched his first scam Solidcoin and subsequent con, SC2.

Another Realsolid follow on scam after Solidcoin was when he solicited more than 300 BTC in order to complete "Micro-Cash" development then promptly disappeared for three months.

He came back and claimed it was stolen by someone who had access to his personal machine.

Incidentally and by "sheer coincidence" Baritus of DGC would claim the exact same thing two years later.

There was no reason anyone lost money in mcxNOW except for blatant stupidity.

Myself, many long time members and long time Global Mods warned numerous times.


I estimate Realsolid's take on mcxNOW was over $5M USD based on BTC prices of the time.

I don't think we will be seeing him again here on this forum running any more scams but I do think he is a long time VIP member here.


~BCX~