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Bitcoin Foundation in Turmoil Following Board Elections

Whatever you think about bitcoin as a currency, investment vehicle or technological innovation, one has to hand them credit where credit is due, there is literally almost never a dull moment in the world of digital currency. The election of two new board members to the Bitcoin Foundation Board has proven to be no exception.

The second voting round election of BTC China CEO Bobby Lee and venture capitalist Brock Pierce it the Bitcoin Foundation board has touched off a round mass resignations. On a company forum entitled “Post Your Bitcoin Resignations Here” Foundation member Patrick Alexander wrote.

“The foundation members need to emulate very high moral values and ethics in business and in personal dealings, especially as it involves money. So far, the track record of prominent Bitcoin Foundation members has been abysmal. I know that most foundation members are probably swell people and are not like this. However, the acts of a few, have overshadowed us all unfortunately…I no longer want to be associated with these people…It is my wish that as the Bitcoin Foundation lay in ashes, another organization can rise up from these ashes and take its proper place representing the great idea that is bitcoin.”

Alexander further clarified his particular disapproval of Charlie Shem (money laundering and associated crimes), Mark Karpeles (misappropriation of funds) and newly elected member Brock Pierce (alleged pedophilia).

Newly elected member Pierce was further called out as an alleged child pornographer in the resignation post of Olivier Janssen, whose resignation from the board swiftly followed Alexander’s

“I am also resigning as a lifetime member. If the bitcoin foundation is to be taken seriously, they need to immediately remove Brock Pierce from the board and save face. Brad, there are plenty more allegations than what you brought up. There are active lawsuits on corporate fraud and child porn. This is NOT the type of associations you want to have for Bitcoin.”

Janssen then literally offered to put his money where his mouth was, offering to essentially pay $100K to see Pierce removed from the board.

“It seems I should have joined as a platinum member a while ago to prevent something like this from happening. If you commit to remove Brock Pierce from the board, I pledge to join as Platinum member and pay the $100k USD fee, within the next 24 hours.”

Pierce has denied all accusations against him.

The fist-fight in Bitcoin’s central leadership is why the digital currency may never have a leader. Check out David Evan’s Digital Currency Deep Dive to see why it might really need one.

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