Bitcoin Foundation Divided Over Controversial Restructuring Proposal
Less than six months after the Bitcoin Foundation announced its intention to focus solely on core development, it is once again at a financial and existential crossroads that finds the future of the trade organization shrouded in uncertainty. Though much about the situation remains obscured by argument, current board members, core developers and the group's interim executive director Patrick Murck agree that, at the very least, the Bitcoin Foundation will no longer be best positioned to continue financing bitcoin development in current form. At issue, however, is the present state of the....
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The Bitcoin Foundation was founded in September 2012 with the stated mission to promote, protect and standardize the use of Bitcoin for the benefit of users around the globe. The organization was modeled on the Linux Foundation and is mainly funded by its members and by for-profit companies that depend on Bitcoin technology. A few days ago, one of the newly elected board members of the organization declared the group "effectively bankrupt", claiming that the board members were hiding the Bitcoin Foundation's financial difficulties to its members. Olivier Janssens stated: "The Bitcoin....
According to an internal document obtained by Bitcoin Magazine, the Bitcoin Foundation is considering splitting into two separate organizations. Under this proposal, an entirely new entity would be created to fund core development (the Bitcoin Foundation's current focus), while a slimmed-down Foundation would continue as a promotional organization supported by its current membership. This pivot would return the Foundation to its original vision in a bid to ensure its survival. The internal document cites the many challenges that the Foundation has faced, including reputational damage,....
The proposal received 100% votes, establishing the DAO Foundation, the Panamanian Foundation, and the Panamanian Corporation. The Sushi DAO, a decentralized autonomous organization behind crypto exchange SushiSwap, has approved a legal restructuring on Oct. 26 that creates three new decentralized entities, aiming to provide more flexibility to its operations.The proposal, which received 100% votes in favor, will create the DAO Foundation, the Panamanian Foundation, and the Panamanian Corporation, each serving different purposes.Among other things, the DAO Foundation will be able to....
Depending on your perspective and personal political leanings, the heading and course of the Tor Foundation since the ousting of Jacob Appelbaum can be characterised anywhere from “chaotic” to “unmitigated shit-show.” Highlights include A smear Campaign levelled at the former project head, controversial restructuring, an exodus of key volunteers, and a marked increase in focus on identity politics within the Foundation’s ranks. As expected, the masses have responded with that familiar vitriol and lack of self-awareness that social media engenders. Surreal Response to Tor Foundation’s....
The Thai financial watchdog has reportedly retreated from its initial controversial crypto rule proposal. Citing the country’s Securities and Exchange Commission (SEC), a local media outlet stated that public criticism was significant regarding the matter. People ‘Misunderstood’ Minimum Annual Income Rule, Claims the SEC According to the Bangkok Post, the Thai SEC is retracting from its plan to supposedly require crypto investors to have a minimum annual income of over one million baht ($33,000). The proposed measure sparked controversy, as the amount is well above the....