Bitcoin Foundation Suspends the Board Elections and Intends to Hold a Referendum Instead

News and Analysis

The Bitcoin Foundation has announced its decision to suspend the elections for its board, and to hold something called a ‘special referendum’ instead. The Foundation’s executive director Bruce Fenton stated: “The logistics and time involved in a general public election are not practical right now given our focus, priorities, and resources.”

Considering the recent news as to almost complete financial bankruptcy of the foundation, as well as resignation and removal of two members thereof, Jim Harper and Olivier Jansens, the priorities in question must be a matter of survival, while the resources are almost literally null and void.

Andreas Antonopoulous, a renowned Bitcoin evangelist, wrote: “By firing the elected board members, the Bitcoin Foundation lost its last source of legitimacy as a member-driven organization. Disband it.”

The community support for the foundation was gradually fading over time; however, currently the organization seems to have lost the last speck of any respect from the realm it seeks to represent.

In regard to the idea of holding a ‘referendum’ instead of elections, former board member Jim Harper wrote: “Your plan has shades of “runaway board”. It will give potential funders yet another reason to be wary of the foundation. I hope you’ll recognize, Bruce, because you’re least responsible for the foundation’s condition, that there are no good options for keeping the foundation alive. It’s all over but the shouting.”

Apparently, the Bitcoin Foundation struggles to survive, however, as was pointed out in an article concerning the organization’s problems, it will inevitably fail unless it changes the very fundamentals of its structure and philosophy. The latest news shows, however, that nothing like that is happening.

This means that the Bitcoin Foundation, at least in its current form, will probably perish in a short while.

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