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Resignation, New Acceptance And The Future

Resignation, New Acceptance And The Future
1 Nov 2014

Jon Matonis has submitted his resignation as executive director of the Bitcoin Foundation effective 31st October 2014. He will continue to serve on the board, but his seat will accompany Peter Vessenes and Gavin Andresen’s in the upcoming Foundation Elections in January 2015.

Resignation Quote 1Under Matonis’s leadership, the Bitcoin Foundation improved communication by providing a new website through which one can access information on the Foundation’s operations. The Foundation increased access to resources, increased global awareness of Bitcoin, and advanced mainstream adoption through various initiatives.

Matonis oversaw the inclusion of international affiliates and established the Financial Standards Working Group. The Working Group aims to standardize aspects of Bitcoin, including obtaining XBT as the ISO 4217 compliant currency code.

Prior to his appointment as executive director, Matonis was CEO of Hushmail, Chief FX Dealer for VISA and Director of Financial Services at VeriSign. He is currently editor of The Monetary Future.

In a press release regarding Matonis’ resignation he expresses:

“Leading the Bitcoin Foundation has been a once in a lifetime opportunity. Merging the diverse interests of the Bitcoin community has been intellectually and professionally stimulating and now it’s time to pass the baton to longtime colleague Patrick Murck. I look forward to advancing Bitcoin and contributing to the community through the private sector.”
— – Matonis

Chairman of the Board, Peter Vessenes, speaks very highly of the role Matonis has played in the Bitcoin Foundation over the last two years:

“Jon stepped up to the plate and proactively extended Bitcoin awareness beyond the Bitcoin community, engaging industry professionals in banking, finance, economics and regulatory affairs at a time when the world looked to the Foundation for an organized voice,”

The Foundation was established in 2012 with the vision to change lives through the power of Bitcoin.

“As we move forward, our focus is on the necessities of any technology in its infancy: standardization, protection, promotion, and decentralization. These areas ensure the growth and maturation of Bitcoin. From a vulnerable platform, susceptible to parties whose work undermines the potential for good, to an independent source of freedom and promise.”
— – Bitcoin Foundation

The original founders have lead quite unique paths.

Gavin Andresen – Chief Scientist at the Bitcoin Foundation, creator of ClearCoin an escrow style service, and lead developer of the Bitcoin currency project. Had personal contact with Satoshi Nakamoto, and is said to have be chosen by the illusive creator of Bitcoin to be his successor in 2010.

Charles Shrem – Formerly served as vice chairman at the Bitcoin Foundation, and is the co-founder and former CEO of BitInstant as well as the current Business Development Consultant for Payza. He was arrested at New York’s LaGuardia airport for knowingly transmitting money intended to facilitate criminal activity. He has plead guilty to the charges and will be sentenced 20th January 2015.

Mark Karpeles – Served on the Bitcoin Foundation Board until February 2014. Best known for MT Gox and the loss of approximately 850,000BTC, which is yet to be recovered.

Peter Vessenes – Chairman of the Bitcoin Foundation board and Founder and CEO of CoinLab, a company known for suing Mt Gox for $75 million USD.

Roger Ver – Board Advisor of the Bitcoin Foundation and Angel Investor. Also known for his new project Bitcoin Bounty Hunter which stemmed from turning the table on the hacker Nitrous.

Patrick Murck  –  Recently appointed Executive Director at the Bitcoin Foundation and Principal of Engage Strategy. Also known for his testimony, “Beyond Silk Road: Potential Risks, Threats, and Promises of Virtual Currencies.” Given To the Senate Committee on Homeland Security and Governmental Affairs.

Membership at The Foundation is constantly evolving and changing much like Bitcoin itself. Matonis’s resignation now allows for Patrick Murck to establish a new outlook for the Bitcoin Foundation. In a follow up press release from the Bitcoin Foundation, Murck points out two key areas of focus during his term. The first is a desire to establish a business model supporting the Foundation’s mission, without relying on the appreciation of Bitcoin or membership dues.

“The Foundation is a non-profit business whose mission is to support the development of the bitcoin project. The key word there is business and we will run the Foundation like a business. And, as we succeed in our business we will generate more funding to support the community that powers bitcoin.”
— – Murck

Murck goes on to caution,

“We may not always say exactly the right thing and we might not always be on message, but we will be authentic in how we interact with the community in the future and I hope that you all get to know the people who work hard to make the Foundation go.” – Murck.

Murck’s intentions will surely be embraced by the Bitcoin community, as transparency is always held with highest regard.

Murck will be conducting up an “ask me anything” on Reddit for the 5th November. It should prove to be an interesting day, and provides a great launching pad for the Bitcoin Foundation to really understand the community’s frustrations and satisfaction since its inception.

“Serving in a leadership role at the Bitcoin Foundation is a privilege and a challenge and there will assuredly be hard times to go with the good times. But it is my hope and the focus of my work to ensure that the Foundation fulfils its mission and plays its part in building the future.”


B.Holmes, author of The Range of Illusion and The Private Key installments, is currently located in Thailand, researching and writing about crypto. You can follow B.Holmes on twitter @BanteringB, or contact via email: bholmes@banteringbeepublishing.com


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