Slashdot Mirror

← Back to Stories (view on slashdot.org)

Has the Bitcoin Foundation Run Out of Cash?

Posted by timothy on from the why-would-they-use-cash dept.

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.

5 of 71 comments (clear)

  1. What do you mean "run out of cash"? by Lumpio- · · Score: 4, Funny

    Can't they just mine some more?

  2. Of course they can by JcMorin · · Score: 5, Informative

    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.

    1. Re:Of course they can by TWX · · Score: 4, Insightful

      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.

      --
      Do not look into laser with remaining eye.
  3. here's the benefit by slashmydots · · Score: 4, Insightful

    "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.

  4. Re:Inconceivable! by Anonymous Coward · · Score: 4, Informative

    "untrackable"

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