When to cut out vs when to help out

Adam Elgar

February 25, 2014

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Adam Elgar

The Bitcoin foundation seems to be distancing itself from Mt Gox.

To me this is yet another case of the currency needing an insurance / backer / brand to clean up when things go wrong.

If the Bitcoin Foundation had pockets, they should clearly ensure that the bitcoin holders are made whole. By cutting Mt Gox out, it has essentially told the individuals that have Bitcoin at Mt Gox that they are on their own.

This is hopeless for trust and for the future of Bitcoin.

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Effective immediately, Mt. Gox has submitted their resignation from the board of directors. We are grateful for their early and valuable contributions as a founding member in launching the Bitcoin Foundation. MtGox Co. Ltd. (Japan) held one of the three elected industry member seats. Further details, including election procedures, will be forthcoming.

https://bitcoinfoundation.org/blog/?p=462