Do Bitcoiners Think The Bitcoin Foundation Is A Scam?

The Bitcoin Foundation has an image problem, and recently it took to Reddit to improve its reputation.

A common concern among the Bitcoin community is that The Bitcoin Foundation is playing softball with government agencies and paving the way for regulation on Bitcoin. Patrick Murck maintains that this is not the Foundation’s intentions:

I’ve found that bitcoin plays well with both political parties in US. Sometimes for different reasons. For us the strategy is to be a resource on the technical rules that govern bitcoin and the social contract that allows the bitcoin network to regulate itself. We can be that resource for politicians or other groups and associations doing work on the ground.

For a lot of the traditional financial companies (banks and other investors on Wall Street), regulation is seen as validation. Whether you agree with that or not, some level of appropriate regulation will bring in new participants to the bitcoin ecosystem and seems inevitable.

Keeping that regulation sane and focused on actual risks is important.

Still, others have other, more acute terms.

“I just took the time to read all the comments to date to see if a certain concern had been addressed, opting to not search the page.

Sadly, it had not, but at least I was amused with all the softball questions that I can’t help myself from thinking some were contrived beforehand to control the narrative.

KnC Miner.

KnC Miner and The Bitcoin Foundation are on record in stating that the former paid the $100K USD fee to become a Platinum Member of TBF. TBF ONLY accepts memberships fees via a dedicated bitcoin wallet address, but said fee amount is nowhere to be found.

In spite of all the scuttlebutt on BitcoinTalk, TBF had yet to address concerns about said payment, in spite of such being an important issue at the time due to now/then KnC gaining unique voting rights for the then upcoming elections for vacated board seats in which Bobby Lee and Brock Pierce won.

Question: Where’s the proof that KnC Miner truly did pay for their Platinum Member to join The Bitcoin Foundation, given that such is no state secret because bitcoins were supposed to be used and full-transparency is what TBF adheres to?”

~Bruno Kucinskas

The Bitcoin Foundation has yet to show the transaction on the Block Chain. Many people echo the concern of Bruno. As one user says,

It’s a shame nobody will see this. its pretty obvious that KnC miner got a waiver on the fee in exchange for their votes

In a recent blog post entitled “The Next Chapter,” Murck went over The Bitcoin Foundation’s focus for the coming year, highlighting mainly the Foundation’s intention to be more transparent. BitcoinTalk is voting now and at the time of printing 85% of users believed The Bitcoin Foundation to be a scam.

When Bitcoin Foundation was first started, their stated goals were lobbying, more or less, and marketing of Bitcoin to the public. Now, they say they will be focusing on development work for the protocol, effectively working to centralize a once decentralized open-source project.