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Bitcoin Scaling Debate Revisionism: Olivier Janssens Attempts to Right the Record

Olivier Janssens: The Truth About The Bitcoin Foundation

Olivier Janssens revealed the truth about the Bitcoin Foundation, stating the organization is now bankrupt.

The Bitcoin Foundation board member, Olivier Janssens, has published a blog post saying the organization is “effectively bankrupt.” In his post, Janssens stated that the organization went bankrupt in November, 2014, which was a result of bad management and irrational fund spending.

At that time, the foundation elected a new director, the decision, which, according to Janssens, was too late to undertake. In an attempt to still get funding, the new executive director decided to concentrate on core Olivier janssens bitcoin mining. However, the idea has not received enough support from people, who lost their trust in the Foundation.

“With the election in February-March, it became clear that people did not want the Foundation meddling with core development. Olivier janssens bitcoin mining truth is that the Foundation’s plan was to hire even more core devs + to start a Bitcoin Standards Body. No organization should have this much control over Bitcoin, and a disaster was avoided,” Janssens wrote.

He noted that the Foundation, which has fired about 90% of its people, can no longer finance the core development. Besides, the investor warned that the current director Patrick Murck, who will be gone in 14 days, intends to create Olivier janssens bitcoin mining new organization for core development, just because the existing name has been maligned.

“The lesson for all of us in Bitcoin is to never put any trust in a centralized org again that wanted to represent Bitcoin or the Olivier janssens bitcoin mining Development of Bitcoin,” Janssens concluded. “I totally expect the current Board members to try to place blame on me for whatever reason. They are very bad at taking personal responsibility. I have had several threats, but I’m releasing this anyway.”

The Bitcoin Foundation was established in 2012 as a non-profit organization and is committed to protect and Olivier janssens bitcoin mining the cryptocurrency use. It is financed by different for-profit companies, which depend on the bitcoin technology. The investor joined the Foundation’s board after the elections in Olivier janssens bitcoin mining special trust fund is being created and I will donate several 100k to pre-pay Gavin’s, Wladimirs and some other core devs wage for the next year (if they choose to accept). The control of this trust fund will be handed over to the core devs, who can decide who can join it. Alternatively, we can give voting power to everyone who puts money in it (pro-rata). I will also organize crowdfunds and help make this fund public. At no point do I want to have any Olivier janssens bitcoin mining whatsoever,” he also said.

The news attracted a lot of attention in the community and has been actively discussed on Reddit website.

“Despite the many obvious problems with the Foundation, they did (for a time) solve the problem of raising money for core development and apportioning it between a couple Olivier janssens bitcoin mining developers. Bashing the Foundation is easy and well deserved, but ultimately they are self-destructing. We need to be thinking about what happens next,” wrote one of the users.

Some commenters have not been surprised by the news, saying there has always been lack of transparency within the organization.

“This type of stuff was pretty obvious from the beginning. Patrick Murck has always been against transparency and he fought the idea of releasing meeting minutes when I brought up the issue in early 2013 so I never joined.”

“This guy is the Bitcoin Snowden. The hero the Blockchain deserves,” one of the users said.

Bitcoin News, Cryptocurrency news, Editor's Choice, NewsAuthor: Polina Chernykh

Polina is an undergraduate student at Belarusian State Economic University (BSEU) where she is studying at the faculty of International Business Communication for a degree specializing in Intercultural Communication. In her spare time she enjoys drawing, music and travelling.

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Bitcoin Millionaire Olivier Janssens $100,000 Bounty Mike Hearn’s

Back in mid-May, we posted about bitcoin millionaire Olivier Janssens and an initiative he started to get the community to program a software platform that could replace the Bitcoin Foundation. A Olivier janssens bitcoin mining of $100,000 was offered, and today, Janssens has announced a winner.

“I am now confident though that I have selected the best possible winner. I have also selected a runner up because these guys deserve to get a prize for what they accomplished,” he wrote Wednesday on a Reddit. com post.

He writes (in full):

Before I go into the details of who won, I want you to know the rationale behind my choice. The initial question was: What is the best platform to replace the Bitcoin Foundation? To start off, we have to ask ourselves: why do we need a Bitcoin Foundation in the first place? In other words, which purpose does the Bitcoin Foundation serve? According to their website, it is ‘Keeping Bitcoin rooted in its core principles: non-political economy, openness and independence’. I guess those 3 things somehow failed to apply to the Bitcoin Foundation itself, as they want to be the main representatives of Bitcoin, and as a result also on Bitcoin.

Further analysing the Olivier janssens bitcoin mining, the main thing they are doing right now is funding some of the core Bitcoin developers. And I might add, they are not doing a very good job at that. Since people expect the Bitcoin Foundation to take that role, there is no real initiative to fund the developers directly. As a result, the developers are underfunded, because the Bitcoin Foundation does not have that much money (it got lucky with the price of Bitcoin rising and it’s memberships fees being paid in Bitcoin since it’s inception). They have admitted this buffer won’t last and is going to be a serious issue in the future. We also don’t know how much they are paying the developers and how much money they have left, since their transparency is pretty much non-existent. The funding could stop at any time and endanger Bitcoin even more. There have been highly concerning reports about the core devs being chronically underfunded, and as a result, Bitcoin development is grinding to a halt. As such, and to guarantee the (political) independence of the developers, the community should start funding the developers directly, ASAP.

Next to that, the Bitcoin Foundation has been doing Olivier janssens bitcoin mining lobbying with Washington. Again we are lacking serious transparency here. It would be much better if we as a community can select our lobbyists directly and actually know what they are doing. Good lobbyists can come forward with a proposal and set their goals. We can then decide directly to fund them or not. Which is pretty much what is happening all over the world without the Bitcoin Foundation. People Olivier janssens bitcoin mining coming out of the trenches and have their own lobbyists involved with their local governments. The same thing applies to organising conferences. Do we really need a Bitcoin Foundation to organise the one big conference? No, as has been proven many times over. There are many big conferences that are a huge success, and none of them are organised by the Bitcoin Foundation. We can do this ourselves.

Now, the question remains, what is the best way to organise all of this? Do we need a platform that simulates the Bitcoin Foundation, but with a better voting mechanism? A sort of “direct democracy”? After careful consideration, the answer is no. Such a “direct democracy” will still have the overhead of politics, getting people elected, etc. Bitcoin is apolitical. I know it takes time to get out of this mindset, but Bitcoin truly liberates the world beyond politics. We should not attempt to recreate unnecessary overhead or middlemen. Let’s have Olivier janssens bitcoin mining set us free. And for this very reason I have selected Lighthouse from Mike Hearn as the winner

Hearn’s Lighthouse platform is Olivier janssens bitcoin mining atop the bitcoin block chain technology, allowing for assurance contracts that will have money returned if obligations aren’t met.

It’s a Kickstarter-like endeavor, and will Olivier janssens bitcoin mining core developers of the bitcoin protocol to propose their schedules, and set extra features when they receive extra funds.

Hearn’s Lighthouse will also allow lobbyists to make proposals that can Olivier janssens bitcoin mining funded by the community, in additional to a slew of other possibilities.

“Mike has agreed to release the platform as open source before the Olivier janssens bitcoin mining of August. He will be awarded $40,000 on completion. After the platform is live, I will put an additional $50,000 towards the first core dev crowdfunding project that gets made on it. This should help them become independent the moment it gets released, and hopefully will start streamlining Bitcoin core development again,” Janssens writes.

Janssens also selected a runner-up: Eris by Project Douglas, which runs atop Ethereum, allowing many applications to run in decentralized fashion sans needs for servers.

For their work, Janssens offered a prize of $10,000.

Read the full post here.

Bitcoin Foundation - Wikipedia

What Would it Cost to Build a Olivier janssens bitcoin mining Mining Rig Today?

Poolin. com has put together an updated analysis of the present cost of putting together a profitable Bitcoin mining rig. This information provides a unique insight into the complexities of the ever-changing mining landscape.

DETERMINING THE COST IS COMPLEX

In the article, the mining pool notes that there a wide range of individual variables determine mining profitability. jansens has created a mining profit estimator that breaks down these factors to better understand which rig is the best value.

Example as shown:

It is important to note that electricity costs Olivier janssens bitcoin mining widely from place-to-place, and are the most significant factor in long-term mining costs. Thus, more power hungry rigs that also produce a higher oliier rate may be more suitable for areas with cheaper electricity, Olivier janssens bitcoin mining less so where this cost would be higher.

Critical to all mining operations bigcoin the “break even” factor, which the mining estimator seeks to determine. This is the value of cryptocurrency that must be produced for the cost of the rig to be paid for. For example, one featured Bitcoin mining rig costs USD $1,767 to build and operate and generates $4.56 in profit per day at current prices. Thus, it would need to run for 387 days to become profitable. Factored into this number are electricity costs.

Also, however, is the fact that even after breaking Olivier janssens bitcoin mining the rigs will consume electricity. Thus, they will only remain profitable as long as they produce enough crypto to cover this cost. Poolin refers to this Olivier janssens bitcoin mining the “shutdown price.” Determining when a rig has crossed this threshold can be very tricky.

BITCOIN MINING CAN STILL TURN A PROFIT BUT REQUIRES SKILL

Much has been made of large pools taking over the mining space, notably with regards to Bitcoin. Of particular note is the fact that the most advanced mining rigs often become available to these enterprise operations months before they can be purchased by independent consumers. For example, critics have long accused Bitmain of using its most cutting edge equipment exclusively for its own mining farms and selling only the older rigs on the open market.

Thus, successful Bitcoin and crypto mining requires a very close eye for detail. Efficiency must be a top priority, as every variable will play a role in the final outcome. This includes equipment costs, electricity costs, and choice of platform to mine. However, with proper planning, and access to the best information, profitability can be achieved.

What do you think is the price to olibier a profitable bitcoin mining rig? Let us know in the comments below.

Images via Shutterstock, Poolin

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