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Has Bitcoin [BTC] Foundation returned as the B Foundation? Jimmy Song discusses

Priyamvada Singh

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Has the Bitcoin [BTC] Foundation returned as the B Foundation? Jimmy Song discusses
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Earlier this week, Jimmy Song, one of the most popular Bitcoin Core developers and proponents revealed his viewpoint on the newly announced project in the Bitcoin ecosystem, the B Foundation. In his YouTube broadcast, Song projected much support and appreciation for the project as well as urged his followers to give the foundation a chance.

The announcement was made by the Co-Founder and CEO of Satoshi Labs, Alena Vranova and the Director of BHB Network, Giacomo at the Baltic Honeybadger 2018 conference held in Riga. The foundation has been formed with the intention of promoting Bitcoin and gaining more external support for the community.

Prior to this, a group of Bitcoin proponents formed the Bitcoin Foundation in 2012. Recently, John Carvalho, a paying member of the foundation posted a series of Tweets revealing a lot about the nature of the organization. According to him, the foundation was nothing less than a chaos. He also added:

“Things just got worse and worse as the org tried to act like official reps for Bitcoin. Board members we’re accused of various shady business dealings, there was election drama, and overall the competence of the board was fairly poor. /2”

In the video, Song put forth his observation that the B Foundation is being compared to the Bitcoin Foundation by many. He also acknowledged that the previous foundation had multiple problems, one of them being funding. The developer believes that it is a mistake to consider the B Foundation as a replica of the former.

He also propagated that the formation of a foundation may not essentially indicate towards a controlled environment.  As per Song, the Bitcoin Foundation was attempting at directing BTC into going a certain path whereas Giacomo’s foundation is founded for the purpose of calling attention and support to the projects taking place in Bitcoin ecosystem. He also said:

“I think what they’re [B Foundation] trying to do is to make it so that they are supporting different projects in the community without telling them what to do and that’s a good thing.”

Lastly, Song stated that a huge number of people who want to contribute to the Bitcoin ecosystem do not know the right places for doling out donations. Therefore, the creators of the B Foundation are aiming at directing the contributing crowd in order for the funds to end up in the right spots. However, Song concluded by saying that the contributors’ decisions depend on whether they trust the creators or not, hence, the future of the foundation is in ambiguity.




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Priyamvada is a full-time journalist at AMBCrypto. A graduate in Journalism & Communication from Manipal University, she believes blockchain technology to be a revolutionary tool in advancing the future. Currently, she holds no value in cryptocurrencies.

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