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Author Topic: How much is the Bitcoin Foundation worth ?  (Read 1470 times)
Jammalan the Prophet
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April 07, 2015, 04:07:03 PM
 #21

They are a part of bitcoin core development, so it sucks to see them like this, it would be best that lets say 10% of the transaction fees go to them, but
that would mean a centralisation of some sort, and we all know how you guys react to that..
If they get donations, like they should from big bitcoin companies that also depend on them, they should be fine, but donations are a temp fix, so i still think that % of the transaction fees is the best way to go.

cheers


When you pay 13k/month for secretary work

https://bitcointalk.org/index.php?topic=1013053

Yesterday, I was speaking about the Bitcoin Foundation bankrupsy and I’ve found in the page 8 of this pdf the name of Lindsay Holland (https://bitcoin4.bitcoinfoundation.org/static/2014/05/Bitcoin-2013-990-PDC.pdf) and on the net we don’t have information about her.

Anyone have any information about her?



Source: http://forobits.com/t/bitcoin-foundation-en-bancarrota-y-su-corrupcion-sale-a-la-luz/314?u=escalicha

I'm pretty sure that 10% of the daily 15BTC in fees

https://blockchain.info/charts/transaction-fees

will cover the expenses.
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April 07, 2015, 04:20:51 PM
 #22

That's pretty good pay considering.....

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Average Computer Programmer Pay vs. Other Best Jobs

Computer programmers made an average salary of $80,930 in 2013, which is less than some of the other Best Technology Jobs. Few can compete with the hefty $132,570 average salary of an IT manager. Still, the pay for programmers is comparable to salaries of similar occupations on our list. For example, database administrators earned an average of $80,740 in 2013, and Web developers earned a mean salary of $67,540

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April 07, 2015, 04:25:18 PM
 #23

They are a part of bitcoin core development, so it sucks to see them like this, it would be best that lets say 10% of the transaction fees go to them, but
that would mean a centralisation of some sort, and we all know how you guys react to that..
If they get donations, like they should from big bitcoin companies that also depend on them, they should be fine, but donations are a temp fix, so i still think that % of the transaction fees is the best way to go.

cheers

Better yet, let's just redesign Bitcoin to pay a percentage of the block reward to TBF forever and lock the reward amount at 25 btc.

Dude, you can't be serious about the transaction fees, right?

Instead of letting people donate to the Bitcoin Foundation so they can pay the core devs why not cut out the middle man and let people donate directly to the core devs?

it's all about money. they want a bit of everything. if i was ever going to donate some bits it would definitely not go to the foundation.
it's pure show and pocket filling.
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April 08, 2015, 01:34:55 AM
 #24

They are a part of bitcoin core development, so it sucks to see them like this, it would be best that lets say 10% of the transaction fees go to them, but
that would mean a centralisation of some sort, and we all know how you guys react to that..
If they get donations, like they should from big bitcoin companies that also depend on them, they should be fine, but donations are a temp fix, so i still think that % of the transaction fees is the best way to go.

cheers

Better yet, let's just redesign Bitcoin to pay a percentage of the block reward to TBF forever and lock the reward amount at 25 btc.

Dude, you can't be serious about the transaction fees, right?

i am serious about the transaction fees, because i feel that as a main part of bitcoin development  they should recieve as much as they can.
I agree, (now that i have seen this wild secretary), that their spendings are misplaced, but that only means that they need better management.

cheers
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April 08, 2015, 02:14:14 AM
 #25

Giving part of all fees to an organization is one of the worst ideas I've ever heard.  

Most people already assume Bitcoin is some kind of scam, but at least we can explain that it's not even run by a company or any particular group of people.  That wouldn't be true if 10% went to a "Foundation".  Especially when those same people could raise the transaction fees just to give themselves more money, and when those same people have already said "Bitcoin shouldn't be used for microtransactions". 

If you want to support groups that keep Bitcoin growing, support Bitpay and Coinbase.  They earn money from Bitcoin because they provide valuable services and help people use Bitcoin.  Bitpay and Coinbase don't give interviews saying "Normal people shouldn't use Bitcoin, I'm selling bitcoins and buying other stuff that's less risky".  Also they don't take credit for making Satoshi disappear, and also none of the board members of Bitpay or Coinbase have been sentenced to federal prison.

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April 08, 2015, 06:07:46 AM
 #26

They are a part of bitcoin core development, so it sucks to see them like this, it would be best that lets say 10% of the transaction fees go to them, but
that would mean a centralisation of some sort, and we all know how you guys react to that..
If they get donations, like they should from big bitcoin companies that also depend on them, they should be fine, but donations are a temp fix, so i still think that % of the transaction fees is the best way to go.

cheers

Better yet, let's just redesign Bitcoin to pay a percentage of the block reward to TBF forever and lock the reward amount at 25 btc.

Dude, you can't be serious about the transaction fees, right?

i am serious about the transaction fees, because i feel that as a main part of bitcoin development  they should recieve as much as they can.
I agree, (now that i have seen this wild secretary), that their spendings are misplaced, but that only means that they need better management.

cheers

TBF is not exact the high caliber group that should be representing Bitcoin. Wait a minute, no group should be representing Bitcoin because it's not about a central group. If that's not enough, why should every transaction in the world be used to fund a group that's based in the USA and representing US interests? Why shouldn't the transaction fees be used to fund a Chinese, British, German or Australian organization? Why should we fuck up the mining incentive system to fund a bunch of Americans?

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April 08, 2015, 06:22:41 AM
Last edit: April 08, 2015, 07:51:15 AM by Kprawn
 #27

As I stipulated in another thread.... People need to associate BTC with a face, for them to give legitamacy to it. We or would I rather say, most of us, do not want a centralized organization to represent us, but the reality is, core developers need to get paid and Bitcoin needs to have a face. {Satoshi is not here to represent the beast he/she created}

I also think it's absurd to take a percentage of all transaction fees, to pay for these salaries.

The entrance fee's for events they organize to promote Bitcoin and the adverticement income they receive from the official webpages should fund some of these costs. {"Bitcoin 2015" - projected $75 000 profit}  

More companies who supports them, can also make donations towards them, to keep the boat from sinking.  Wink

The IRS issues and the US governments rules are also not helping with the way they are forced to operate. {See the document for more details --> https://ihb.io/2015-04-06/news/leaked-strategy-document-bitcoin-foundation-spent-4-8-million-one-year-money-gavins-salary-16781}

Gavin can still make a living on tips, judging by the support he gets from the community ... http://www.reddit.com/r/Bitcoin/comments/31rgtb/when_the_foundation_shuts_down_who_pays_gavin/cq4cqq5
and if you read that document, Patrick and Gavin could bring in $2 000 000 in fundraising for the foundation... so he is working to fund his own salary..  Wink

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April 08, 2015, 01:19:20 PM
 #28

Let's buy the whole Foundation and do something good with the name and contacts they've established. Who actually started the Foundation and thought this was a good idea, anyways?

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magic ice
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April 08, 2015, 02:19:17 PM
 #29

http://cointelegraph.com/news/113873/bitcoin-foundation-is-effectively-bankrupt

they are bankrupt supposedly so what value would be left in this psudo company?

id suggest being able to come up with 6 months salary for all the board members

would be about the maximum buyout value if not 6 weeks

I think the 'foundation' is just financially challenged because of overspending in the last 2 years and not 'bankrupt' as you said.
For sure they are still capable of running the show and Janssens outburst will help the foundation get back up.

Read more: http://bitforum.info/t/bitcoin-foundation-publicly-trashed-by-newly-elected-board-member-olivier-janssens/776/1

But as the article said, their move was to oust Murck and replace it with someone who can help them with this issue.
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April 08, 2015, 04:00:35 PM
 #30

Bitcoin Foundation is nothing to do with Bitcoin, they are a pretend face for it. Its ran by crooks, hell the asshole that had MT GOX is there.
Let it die, Bitcoin is much better off without them, the company hates transparency, Bitcoin is all about transparency.
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April 08, 2015, 07:05:34 PM
 #31

http://cointelegraph.com/news/113873/bitcoin-foundation-is-effectively-bankrupt

they are bankrupt supposedly so what value would be left in this psudo company?

id suggest being able to come up with 6 months salary for all the board members

would be about the maximum buyout value if not 6 weeks

I'll buy the foundation for 5 Litecoin. I think i could be getting the deal because this bid is very generous already!

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April 09, 2015, 01:53:04 AM
 #32

http://cointelegraph.com/news/113873/bitcoin-foundation-is-effectively-bankrupt

they are bankrupt supposedly so what value would be left in this psudo company?

id suggest being able to come up with 6 months salary for all the board members

would be about the maximum buyout value if not 6 weeks

I'll buy the foundation for 5 Litecoin. I think i could be getting the deal because this bid is very generous already!

lol.. as far as I know,the foundation is not for sale.
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April 09, 2015, 01:57:28 AM
 #33

I would be going out of my league if I paid 1 satoshi for the Foundation
I guess they could pay me 10btc to take it?

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April 09, 2015, 03:01:42 AM
 #34

probaly worth nothing since its going bankrupt...
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April 09, 2015, 04:06:41 AM
 #35

Worth nothing.

BTC is decentralized, we don't need an organization to represent us.

I remember last year there was a scandal about mtgox and bitcoin foundation members, some members can withdraw money from mtgox. I think btc foundation may be a corrupt and dirty organization.
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April 09, 2015, 04:54:17 PM
 #36

Bankrupt is bankrupt, Kaput!

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