Bitcoin Foundation Embroiled in Controversy over Director’s Reputation
Just before Bitcoin Foundation holds its first annual gathering on Friday, controversy is threatening to tear it apart.
More than 10 members of the prominent trade group have left the organization due to last week’s election of Brock Pierce, a former child star turned entrepreneur, as its new director. Some members blamed their decision on Pierce’s dark past, which included a series of sex scandals, drugs and lawsuits.
Pierce was once accused by three employees of his bankrupt web video firm Digital Entertainment Network of having inappropriate sexual relations with them when they were underage. However, Pierce vehemently denied the claims.
“The allegations against me are not true, and I have never had intimate or sexual contact with any of the people who made those allegations,” Pierce e-mailed Reuters.
Court files reveal that Pierce, 33, once paid over $21,000 to compensate one employee, while he revealed others dropped charges without any settlement. While Bitcoin Foundation officials held a brave face, those who left attacked its governance track record.
“The track record of prominent Bitcoin Foundation members has been abysmal,” said Patrick Alexander, a resigning Foundation member in a post on its discussion pages. “I no longer want to be associated with these people.”
Some members who walked out requested the board to be more carefully when vetting potential candidates and hound Pierce out of the board.
Over 1,000 Bitcoin entrepreneurs, investors and devotees are expected in Amsterdam for the conference.
Bitcoin Foundation lobbies policymakers to draft favorable policies to govern the currency, and is responsible for controlling the programming work that helps govern and create bitcoin. To register for a free 2-week subscription to ForexMinute Premium Plan, visit www.forexminute.com/newsletter.
To contact the reporter of this story; Deepak Tiwari at firstname.lastname@example.org