Has the Bitcoin Foundation Run Out of Cash?

itwbennett writes The Bitcoin Foundation, an organization that promotes development of bitcoin, is 'effectively bankrupt' and has shed most of its staff, according to Olivier Janssens, a member of the foundation's board of directors. Janssens attributed the foundation's financial straits to two years of 'ridiculous spending and poorly thought out decisions,' adding that the board has tried to remedy the situation by finding a new executive director. Two other board members, however, said the foundation was not bankrupt, though in need of some kind of restructuring.

Comments

What do you mean "run out of cash"?

[Lumpio-]

Can't they just mine some more?

Of course they can

[JcMorin]

Of course the foundation can mine more bitcoin, just like you do or anyone can. But it's pretty dam hard in terms of computing power needed. Nobody control Bitcoin and this foundation is nothing more than people with the name, they have no control over the money supply nor the rules that drive bitcoin.

Re:Of course they can

[TWX]

So they attempted to ride the coattails of Bitcoin and failed. Not exactly a surprise given that Bitcoin doesn't have a central authority on whose coattails to ride in the first place.

Re:Of course they can

[MasseKid]

"two years of 'ridiculous spending" I'm not so sure they failed, depending on what they spent the money on. If they spent it on over paying their board or for boondoggle trips for their board, the people at the top could have come out very well, despite it being unsustainable. If someone wants to pay me 10 million dollars for example, and 2 yeas later I lose my job, I'd hardly call my employment in those two years a failure in regards to my personal fiances.

here's the benefit

[slashmydots]

"two years of 'ridiculous spending and poorly thought out decisions.'"
So they're morons. Here's the difference with bitcoins. These people have no control over the system, your wallet, your loans, your car title, your mortgage, your country's exchange rate, etc. They can be as stupid as they want without really affecting bitcoins.

Re:HAHAHA!!! IRONY...

[TWX]

Would you accept a wildly volitaile, difficult to spend scrip that could be taxed at its highest exchange point or possibly even banned without any recourse, as your salary?

Re:Inconceivable!

[Anonymous Coward]

"untrackable"

This is false. Literally every transaction ever in the bitcoin network is available to the pubic via the blockchain.

Re:Inconceivable!

[jones_supa]

Untrackable to individuals.

Re:NO MORE!!!!!

[pantaril]

Can we just all agree that this was over before it started and move on? I'd hate to have to write a script to remove any articles with BitCoin in them from view like I did with the Kardashians...

No but maybe you can write me a script to remove all your unnecessary comments from bitcoin articles?

hey, just swipe a wallet

[swschrad]

everybody's doing it...

Real time saver

[TheCarp]

I have to say, its nice to know Slashdot respects Betteridge's law, it would be a waste of time afterall to have to read past the headline to know that they have, in fact, not run out of money at all. If they hadn't clearly indicated that in the headline with the '?' which, in headlines answers the question with an implicit no; then I might wonder if it was true or not and have to read further.