Bitcoin Foundation Blew $4.6 Million in 10 Months

Bitcoin Foundation blew MatonisThe Bitcoin Foundation(TBF) Founding Director Jon Matonis explains the $4.6m loss in 2014. Funds were drained by exorbitant monthly expenses, conferences and the falling price of bitcoin. Today the ex-VISA employee advises Bitcoin entrepreneurs on funding.

The role of the organization that introduced lobbying to Bitcoin and attempted to meme-ify titles for Bitcoin developers remains ambiguous. Despite recent announcements purpotting a change in focus towards development, questions remain unanswered. Like, what happened to the 5800 bitcoin mentioned in their 2014 transparency documents?

A lot of the funds that did not go towards funding core development actually went towards sponsoring annual conferences for the Bitcoin Community at near breakeven budgets. – Jon Matonis

Tax documents from 2013 show employee compensation, conference costs and legal fees as the largest expenditures. In all, The Bitcoin Foundation blew $150,000 monthly. Documents for 2014 have not been made available. However, Matonis was recently available for comment.

No Funny Business

Matonis provided an Ask Me

Read more ... source: CryptoCoinsNews