Minutes of The Bitcoin Foundation Board Meeting held on April 18, 2017


Llew Claasen (Executive Director)

Brock Pierce (Chairman)

Bruce Fenton

Bobby Lee

Vinny Lingham

Elizabeth McCauley

Michael Perklin

Francis Pouliot

Approval of the agenda

The agenda for the meeting was approved by the Board.

Approval of the minutes

The minutes of the meeting held on March 20, 2017 were approved by all present.

March 2017 operational & financial update

Revenue from any sources included a 1.5BTC donation from board member, Vinny Lingham, and no new membership revenue.

The Foundation had $2,057 in USD and BTC at the end of March 2017. Operating expenses were $7,606, which included final costs associated with the new website, a $2,000 annual fee for the completion of the foundation’s 990 return and the accrual of a $2,000 stipend for the ED.

Foundation’s role in protocol development

Llew spoke about the attempts by himself and other board members to engage with both Core developers and other developers working on BCoin to see how the foundation could be of use. Unfortunately, promising early discussions, especially around fundraising for protocol development and bug bounties had not resulted in tangible next steps. It continued to be difficult for any group or organization to align themselves publicly with the foundation due to events of the past and in general, due to the massive pushback on governance and centralized decision-making in Bitcoin. Added to this was a widely-held view amongst, in particular, Core developers, that changes to Bitcoin were to be achieved through market consensus and not social consensus. This paradigm made is exceptionally difficult for Bitcoin to change and put it at a disadvantage compared to altcoins currently capable of achieving social consensus, such as the recent case with Litecoin.

Llew suggested that the foundation could consider creating a crowdfunding platform for protocol development, including for emerging Bitcoin clients. The board did not support such a step, as the perception existed that there were already other ways that work on other clients were being funded, such as with Bitpay funding development of Bcoin.

There does not appear to be an appropriate way for the foundation to participate in protocol development & the foundation should continue to focus upcoming programs on:

  • research,
  • training, and
  • advocacy, especially with the media and regulators.

Any other matters

There being no further matters to discuss, the meeting was adjourned.


04.18.17 Minutes of Regular Meeting of the Board of Directors of The Bitcoin Foundation