Bitcoin Foundation: Where on Earth Did all the Money Go?

[Gleb Gamow]

https://www.reddit.com/r/Bitcoin/comments/3zbswe/bitcoin_foundation_where_did_all_the_money_go/cyl756u

CT: There has been a lot of controversy regarding the foundation. How do you think you can provide a more transparent foundation to the public?

BF: This week I announced that we aim to be among the very most transparent organizations in the world. For starters we will immediately work to meet all ten of the best practices for transparency listed by the National Council of Nonprofit Organizations and additionally we will do industry specific things like hash financial records on the Blockchain using Factom and continue using Consider-it for member feedback.

The first two links were not dead as of yesterday, I apologized for the third link being late in posting and explained the reason was mostly due to a car accident and web server & site transfer.

I did keep the pledge to be transparent.  All financials and board minutes have been released since I volunteered, there was an error in releasing this one form.  It was not done so in an effort to avoid transparency, I have no motivation to obscure bad decisions I had nothing to do with.

Those links are now working, BUT they were DEAD a few hours ago, as well as a couple days again when I first mentioned it, with other concurring that they were dead.

About your accident in May. I took the liberty and read ALL your Twitter tweets from May 2015, forward, and read that in about July you were nearly recovered. From that point forward you were involved in myriad projects and attended functions according to your posts, including finding time to comment on various funnies you've stumbled upon the Internet. From what I've ascertained, I see no reason why a simple tax form couldn't be uploaded in September, October, November, or even December after the last public meeting. All you would've had to do to was blast an email or two or three to the proper persons capable of performing said task and it'll would've been done. Hell, one could've done such from the comforts of their hospital bed with their head bandaged between tweets after the accident. Double hell, you could've tweeted the request, whereupon the form would've been uploaded back in July 2015.

Question 2: Would a TBF personal scan the forms, convert them to PDF, then upload them to the website, or does a consultant firm need to be procured to preform said task?

[franky1]

FWIW a lot of us want nothing to do with anything associated with Brock Pierce. But, you know, good luck.

im thinking he wont be part of the next gen version.. afterall he doesnt know anything about the code or offered anything that actually benefited the community. he just sat in front of the camera saying "bitcoin is going to be big" (not verbatim)

we dont need figureheads announcing the utopian future, we need actual guys on the ground developing, announcing and showing off the reality

[Gleb Gamow]

To be clear, I don't think the audit is a great use of time.  I'd much rather focus on things beneficial to Bitcoin.

Here is the proposed mission statement:

https://github.com/BruceFenton/bitcoinfoundationplan

The more you state that an audit is a great waste of time, the more I wanna see it, akin to the longer it takes for the 2014 taxes to be presented, the more I wanna see it.

[BlindMayorBitcorn]

FWIW a lot of us want nothing to do with anything associated with Brock Pierce. But, you know, good luck.

im thinking he wont be part of the next gen version.. afterall he doesnt know anything about the code or offered anything that actually benefited the community. he just sat in front of the camera saying "bitcoin is going to be big" (not verbatim)

we dont need figureheads announcing the utopian future, we need actual guys on the ground developing, announcing and showing off the reality

Remember all those resignations weren't for nothing. As far as I know, he's still Chairman and has no intention of stepping down.

[BruceFenton]

Question: Would you be so kind as to state who over at Reddit mentioned a 10% bounty for uncovering any wrongdoings? His name eludes me at the moment and I don't feel like reading the entire TBF thread over at

Your post has lots of sarcasm so I'm not sure what point you are trying to make.

I offered the bounty.  How is this inconsistent with anything else I've said such as the other comment noting that it's not accurate to say the foundation needs a new financial manager based on spending by people no longer there?

[coins101]

I like the idea of a Bitcoin Foundation, during these early days of engagement with governments, regulators and other industry bodies.

The banking system in the UK has a Banking Association. It is 'The Voice of Banking'.

The Bitcoin Foundation is the public voice of Bitcoin, or it can be / should be.

There is no point wishing for mass adoption and general acceptance and believing it will happen, 'Because Bitcoin'.

Should the Foundation have hedged against a spike and sharp reversal in the BTC price? Yes. But hindsight is a wonderful ability bestowed on millions of armchair critics.

The OP should really be called: Bitcoin Foundation: The money is nearly all gone, what can we do to keep the Foundation going?

+101 for future audits made publicly available.

[Gleb Gamow]

https://www.cryptocoinsnews.com/gavin-andresen-bitcoin-soft-fork-going-eta-increased-block-size-6-months-year/

From left to right, the Bitcoin Foundation team, Jinyoung Englund, Patrick Murck, Gavin Andresen, Helen Disney and Cory Fields. Unfortunately, the team will not be the same people as the Foundation develops further, but they have brought us this far and they brought us the most excellent DevCores.

Helen Disney is the Apple [Fundraising Consultants] in my eye, brought on board by Jinyoung Englund who both are colleagues at http://www.digitalcurrencycouncil.com/

http://bitcoinfoundation.org/forum/index.php?/topic/622-introducing-our-bitcoin-2014-conference-team/

Tonight I'm delighted to introduce the newest addition to our Public Affairs Team - our Bitcoin 2014 Conference Team, led by Nicole Gray Couchar, Founding Director of Apple Fundraising Consultants, Ltd. Our Bitcoin 2014 team is based in London.

Nicole brings over 2 decades of public policy, think tank and capital campaign fundraising experience to our team. She has been entrusted with the management of keystone events by diverse organizations as the Cato Institute, the Ronald Reagan Presidential Foundation, and the Edinburgh Business School and School of Pharmacy. We are excited to have her on the team and look forward to a smashing conference! (Full bio is provided below)

Along with Nicole, we also welcome her associates, Helen Disney and Damien Phillips. (Full bios below)

Helen is the founder and CEO of the Stockholm Network, a leading pan-European think tank. She also brings extensive experience in organizing high-level conferences and policy debates working with partners such as the The Economist and various UN agencies.

Damien is a communications and campaigns professional who has served with various organizations such as the Adam Smith Institute, The Center for Policy Studies and the United Nations Development Program. He also holds an MA in International Relations from the University of St. Andrews.

We're thrilled to have this A-list team join our ranks as we work together to fulfill the foundation's mission to protect, standardize and promote Bitcoin worldwide.

http://www.powerbase.info/index.php/Nicole_Gray_Conchar

Conchar's Market House profile is one of three that were listed on the now defunct website of MHI in 2004. The others were of Market House founder Helen Disney and Sacha Kumaria.

Nicole Gray Conchar and Helen Disney go way back.

[BruceFenton]

To be clear, I don't think the audit is a great use of time.  I'd much rather focus on things beneficial to Bitcoin.

Here is the proposed mission statement:

https://github.com/BruceFenton/bitcoinfoundationplan

The more you state that an audit is a great waste of time, the more I wanna see it, akin to the longer it takes for the 2014 taxes to be presented, the more I wanna see it.

Audits are a tool used primarily to 1) find out what happened, 2) uncover unknown problems 3) as a tool to identify faulty employees or help draft new procedures to avoid past problems

We already know what happened:  they made disasterous decisions and ridiculous overspending which, combined with other legit expenses and the Bitcoin price drop caused all the money to be lost.

What would an audit tell us we don't already know?   What action would be able to be taken based on the outcome of an audit?

As I said, happy to support anyone who wants to do an audit.   I just personally think that spending time on other things is more beneficial to Bitcoin.

The 2014 tax data has been released - you do realize that I wasn't there in 2014 and had nothing to do with that spending right?

[Gleb Gamow]

Question: Would you be so kind as to state who over at Reddit mentioned a 10% bounty for uncovering any wrongdoings? His name eludes me at the moment and I don't feel like reading the entire TBF thread over at

Your post has lots of sarcasm so I'm not sure what point you are trying to make.

I offered the bounty.  How is this inconsistent with anything else I've said such as the other comment noting that it's not accurate to say the foundation needs a new financial manager based on spending by people no longer there?

In one breath, you offered up a 10% bounty to expose corruption, then in another breath you espoused that the past is the past and that we should move on. Via my satire that may allude some, I merely pointed out that consistency while connecting the dots to earn me some eggnog money by me and my consulting firm, Acme Consultant Extraordinaire (ACE), conducting an investigation of an Apple in my eye, to start.

[coins101]

.....
Audits are a tool used primarily to 1) find out what happened, 2) uncover unknown problems 3) as a tool to identify faulty employees or help draft new procedures to avoid past problems ....

Actually, the number one use of audits is to remind people within the organisation that each year they will be held to account. It is actually a good use of time, not for retrospective naval gazing, but as a constant reminder that the organisation is open to scrutiny and so it should drive appropriate behaviour.

[knowhow]

I hope the financials of the bitcoin foundation becomes visible to all,knowing what they are doing with the bitcoin that isnt to benefict the bitcoin,personal wages makes no sense use bitcoin for them but i dont see nothing happening ,nothing new at bitcoin soo whats next?

[BruceFenton]

Question: Would you be so kind as to state who over at Reddit mentioned a 10% bounty for uncovering any wrongdoings? His name eludes me at the moment and I don't feel like reading the entire TBF thread over at

Your post has lots of sarcasm so I'm not sure what point you are trying to make.

I offered the bounty.  How is this inconsistent with anything else I've said such as the other comment noting that it's not accurate to say the foundation needs a new financial manager based on spending by people no longer there?

In one breath, you offered up a 10% bounty to expose corruption, then in another breath you espoused that the past is the past and that we should move on. Via my satire that may allude some, I merely pointed out that consistency while connecting the dots to earn me some eggnog money by me and my consulting firm, Acme Consultant Extraordinaire (ACE), conducting an investigation of an Apple in my eye, to start.

I think my position is pretty clear and consistent:

- there was wasteful, ridiculous spending and very bad decisions made
- all spending should be publicly known
- people should be held accountable for the actual actions they have done...not the actions of others they are trying to clean up after and who in most cases they never even met
- I support anyone who wants to do an audit, I simply don't have time to spend volunteering to lead one myself- I also think that time is better spent on other things to help Bitcoin
- no one has provided solid evidence of criminal actions but since it's an accusation, I'd welcome information and even offer a bounty for any information proving this and leading to its recovery - again, if someone wants to do the work, they are welcome to

I think that's pretty consistent.

Not sure what the reference to the consulting is about.  Are you aware that I had nothing to do with these consulting contracts whatsoever, no involvement and for the most part have never even met the people involved, let alone worked with them?

[Gleb Gamow]

To be clear, I don't think the audit is a great use of time.  I'd much rather focus on things beneficial to Bitcoin.

Here is the proposed mission statement:

https://github.com/BruceFenton/bitcoinfoundationplan

The more you state that an audit is a great waste of time, the more I wanna see it, akin to the longer it takes for the 2014 taxes to be presented, the more I wanna see it.

Audits are a tool used primarily to 1) find out what happened, 2) uncover unknown problems 3) as a tool to identify faulty employees or help draft new procedures to avoid past problems

We already know what happened:  they made disasterous decisions and ridiculous overspending which, combined with other legit expenses and the Bitcoin price drop caused all the money to be lost.

What would an audit tell us we don't already know?   What action would be able to be taken based on the outcome of an audit?

As I said, happy to support anyone who wants to do an audit.   I just personally think that spending time on other things is more beneficial to Bitcoin.

The 2014 tax data has been released - you do realize that I wasn't there in 2014 and had nothing to do with that spending right?

The audit aside, is it anyway possible for somebody at TBF to take 30 minutes to upload the 2014 tax papers, or is Mrs. Englund searching her Rolodex for a consulting firm she's attached to that'll be more than happy to perform said task at a prevailing rate or ^HIGHER?

[BruceFenton]

.....
Audits are a tool used primarily to 1) find out what happened, 2) uncover unknown problems 3) as a tool to identify faulty employees or help draft new procedures to avoid past problems ....

Actually, the number one use of audits is to remind people within the organisation that each year they will be held to account. It is actually a good use of time, not for retrospective naval gazing, but as a constant reminder that the organisation is open to scrutiny and so it should drive appropriate behaviour.

Sure, audits of people involved with an organization, of course.

But what do we gain by holding to account people who are no longer there.  It's not as if we can hire them back for the purpose of properly firing them.

[Gleb Gamow]

.....
Audits are a tool used primarily to 1) find out what happened, 2) uncover unknown problems 3) as a tool to identify faulty employees or help draft new procedures to avoid past problems ....

Actually, the number one use of audits is to remind people within the organisation that each year they will be held to account. It is actually a good use of time, not for retrospective naval gazing, but as a constant reminder that the organisation is open to scrutiny and so it should drive appropriate behaviour.

Look, bud, if Bruce Fenton says it's a waste of time, it's a waste time. It's also a waste of time to dig into the past of TBF's affairs in spite of there now being a 10% bounty to seek out past corruption.

[Gleb Gamow]

Question: Would you be so kind as to state who over at Reddit mentioned a 10% bounty for uncovering any wrongdoings? His name eludes me at the moment and I don't feel like reading the entire TBF thread over at

Your post has lots of sarcasm so I'm not sure what point you are trying to make.

I offered the bounty.  How is this inconsistent with anything else I've said such as the other comment noting that it's not accurate to say the foundation needs a new financial manager based on spending by people no longer there?

In one breath, you offered up a 10% bounty to expose corruption, then in another breath you espoused that the past is the past and that we should move on. Via my satire that may allude some, I merely pointed out that consistency while connecting the dots to earn me some eggnog money by me and my consulting firm, Acme Consultant Extraordinaire (ACE), conducting an investigation of an Apple in my eye, to start.

I think my position is pretty clear and consistent:

- there was wasteful, ridiculous spending and very bad decisions made
- all spending should be publicly known
- people should be held accountable for the actual actions they have done...not the actions of others they are trying to clean up after and who in most cases they never even met
- I support anyone who wants to do an audit, I simply don't have time to spend volunteering to lead one myself- I also think that time is better spent on other things to help Bitcoin
- no one has provided solid evidence of criminal actions but since it's an accusation, I'd welcome information and even offer a bounty for any information proving this and leading to its recovery - again, if someone wants to do the work, they are welcome to

I think that's pretty consistent.

Not sure what the reference to the consulting is about.  Are you aware that I had nothing to do with these consulting contracts whatsoever, no involvement and for the most part have never even met the people involved, let alone worked with them?

Will you use "I had nothing to do..." when it comes time to dole out a 10% bounty, thus nullifying any exposures?

[BruceFenton]

The audit aside, is it anyway possible for somebody at TBF to take 30 minutes to upload the 2014 tax papers, or is Mrs. Englund searching her Rolodex for a consulting firm she's attached to that'll be more than happy to perform said task at a prevailing rate or ^HIGHER?

Not sure why you keep bringing up people as if I had some association with them or as if they were involved with the foundation.  Englund is not there and hasn't been since three hours after I joined.

Is your real anger in all this over the fact that I didn't see to it that the 990 form was posted earlier?   If so, guilty as charged.   I took responsibility, I'm sorry.  I'm a volunteer, I was removing from an accident, the webmaster is also a volunteer and we were switching web servers at the time (because I was not even given a useable password to the old website).  So yes, sorry the forms covering a time period I had nothing whatsoever to do with were not posted online earlier.  

[Gleb Gamow]

.....
Audits are a tool used primarily to 1) find out what happened, 2) uncover unknown problems 3) as a tool to identify faulty employees or help draft new procedures to avoid past problems ....

Actually, the number one use of audits is to remind people within the organisation that each year they will be held to account. It is actually a good use of time, not for retrospective naval gazing, but as a constant reminder that the organisation is open to scrutiny and so it should drive appropriate behaviour.

Sure, audits of people involved with an organization, of course.

But what do we gain by holding to account people who are no longer there.  It's not as if we can hire them back for the purpose of properly firing them.

Are you goin' on record in stating that Englund and Disney are no longer part of TBF?

[Gleb Gamow]

The audit aside, is it anyway possible for somebody at TBF to take 30 minutes to upload the 2014 tax papers, or is Mrs. Englund searching her Rolodex for a consulting firm she's attached to that'll be more than happy to perform said task at a prevailing rate or ^HIGHER?

Not sure why you keep bringing up people as if I had some association with them or as if they were involved with the foundation.  Englund is not there and hasn't been since three hours after I joined.

Is your real anger in all this over the fact that I didn't see to it that the 990 form was posted earlier?   If so, guilt as charged.   I took responsibility, I'm sorry.  I'm a volunteer, I was removing from an accident, the webmaster is also a volunteer and we were switching web servers at the time (because I was not even given a useable password to the old website).  So yes, sorry the forms covering a time period I had nothing whatsoever to do with were not posted online earlier.  

What is the new timeline in uploading the 2014 tax returns?

[BruceFenton]

Will you use "I had nothing to do..." when it comes time to dole out a 10% bounty, thus nullifying any exposures?

So you are now implying that I did have something to do with this?

You have a calendar right?   These financials in the OP end on January 1 2015,  more than four months before I volunteered to try to fix the mess.

Is your theory that they didn't actually lose the massive amount of money they said they lost and that they secretly left me a bunch of other money to work with that I then secretly lost?

I get you are angry but be logical and place blame where blame is due.  I volunteered to attempt to clean up a mess.  Attacking at me is no more logical than criticising a firefighter for being associated with arsonists.