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Bitcoin Foundation Members Resign Following Election Controversy

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by Konstantin Lazarev · 3 min read
Bitcoin Foundation Members Resign Following Election Controversy
Even though many Bitcoin Foundation members decided to cancel their memberships they are still willing to be part of the digital currency industry, just willing to be distant from the foundation. Photo: BTC Keychain/Flickr

A lot of Bitcoin Foundation members have canceled their memberships, citing frustration with the latest round of appointments and the ‘general direction’ of the organization.

Some of Bitcoin Foundation members have already canceled their memberships, saying that they were not satisfied with the latest appointments and the general direction of the group.

People started terminating their memberships right after the announcement by Patrick Aexander, former annual member of Bitcoin Foundation, who posted on the Bitcoin Foundation Forums the statement saying he would close his membership right away.

At press time nine other members followed Mr. Alexander’s action. The foundation has around 150 lifetime members, annual members and 384 anonymous members.

The reasons for leaving an organizations were mentioned, some of them were the recent board election.

Controversial Appointments and Dealings

Patrick Alexander wrote in one of the forum posts: “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 actions of a few have overshadowed us all unfortunately.”

Patrick mentioned three individuals in his post: Charlie Shrem, Mark Karpeles and Brock Pierce.

He said: “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.”

Other member who decided to reign include: Lifetime member Olivier Janssens, Stephen Sunderlin, Pierre Rochard, Patrick Levell, Michael Goldstein, Stephen Angelil, along with Dan Plante and Christian Antkow.

Leaving the Foundation, but Still Committed to Bitcoin

Even though the members decided to cancel their memberships they are still willing to be part of the bitcoin industry, just willing to be distant from the foundation.

“I’m sorry, but in light of the recent allegations with the new foundation [board member-elects], I cannot in good conscience be involved with such an organization,” said the former member Christian Antkow.

Moreover, Mr. Rochard said the latest developments of foundation were “too much”. Furthermore, Janssens made an offer to pay the $100,000 fee if the foundation decides to restrict Brock Pierce from becoming one of the board members. The current board of directors needs to ratify the election before Lee and Pierce officially join the board.

Janssens commented: “I also urge you to update the bylaws to prevent people from joining if they are involved in ongoing lawsuits (of the nasty kind), or have ever been convicted for anything nasty, or if their image is potentially damaging for the foundation.”

A big number of bitcoiners have posted on reddit their current frustrations, saying that foundation failed to address member’s concerns.

In response to Coindesk’s request for comment, Bitcoin Foundation’s representative said: “Both Bobby and Brock are board member elects. Their terms don’t actually begin until June 1 and even then, the board needs to ratify the election before they can officially become board members.”

Bitcoin News, Cryptocurrency news, News
Konstantin Lazarev
Co-Founder & CIO Konstantin Lazarev

Konstantin has always been at the forefront of the global virtual currency scene since first discovering cryptocurrencies the same year that Satoshi Nakomoto created bitcoin in 2009. Konstantin is the owner of a number of small businesses in trucking and mobile development, and co-founded CoinSpeaker in 2014. He graduated from Belarusian State University in 2009 with a degree in Mathematics and Mechanics. You can contact Konstantin via [email protected]

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