MinutesoftheRegularMeetingoftheBoardofDirectorsofTheBitcoinFoundation

Held:August25,2015

ThefollowingBoardofDirectorswerepresent:
ElizabethMcCauley(formerlyPloshay)
BrockPierce
OlivierJanssens
JimHarper
BobbyLee

Absent:
MickyMalka

StaffPresent:
BruceFentonExecutiveDirector
AmyLoughranDolanDirectorofOperations

CalltoOrderandIntroductions
BrockPierce,Chaircalledthemeetingtoorderat11:05AM.WewillproceedwithoutMickyMalka,whoisabsent.
Wearemovingforwardwithanapprovedagenda

DocumentsDistributedfortheMeeting:
Agenda
JodyTiefemailedtheJulyfinancials,asreviewedbyBruce.
AmyLoughranDolanemailedthemembershipdata..Therearecurrently1449ActiveMembers,95Industry
Members.

ApprovalofMinutes
OnmotionmadebyBrock,secondedbyBobby,andcarried,theboardapprovedthepreviouslydistributedminutes
ofthemeetingoftheboardheld6/16/2015.

FinancialsUpdate:
Brucehasreviewedthemandhasnothingtoadd

Membershipdata:
Brockreviews.HeasksBruceisthemembershipfunctiononthewebsiteisworking.

Brucesaysmembershipisworking,andhasbeenworking.Thewebsiteisbeingmigratedtoanewservertoday,
butitwillbeoperationalattheendofmigration.

Brocknotes,thatweshouldallworkasaboardtosignpeopleup.

Brucepointsoutthatthelargerpaymentsforcorporatemembershipshavehistoricallybeendonemanuallyand
invoiced.

DevCoreupdate:
BrucesaysDevCorewilltakeplaceOctober16,2015.ThelocationisDraperUniversity.JeffGarzik,Gavin
Andressen,andothershaveagreedtospeak.Bruceisalsotalkingtosomeotherprominentpeople.MichaelPerklin,
willdothecertificationprogramagain.TherehasntbeenaDevCoreProgramintheBayAreabefore.
BrockwantstoknowwhattheplanisintermsoffrequencyofDevCoreevents.Also,arethereanythoughtsre:
timing?

Brucesayshewouldliketoseeafewayear,maybeoneinEuropeorAsia.Wellseehowthisonegoes.Certainly
morethanoneperyear.Weareprobablylookingatfirstquarter2016forthenextonebecausethemainfocus
needstobeonplanninganannualmeetingforthiscalendaryear.

BrockandBrucediscussedtheexplainedthatwemayhaveharmedoneofoursponsorsforDevCorebecauseof
boardmemberpostsbyOlivier.

,apotentialspeakerspecificallymentionedthesepostsandhadtheimpressionthattheywere

speakingonbehalfofthefoundation.

Olivier,inthefuture,intendstoexpresshisopinionanddivulgeheisnotarepresentativeofthefoundation,
whetherhisopinionispositiveornegative.

Brocksaysgoingforward,allboardmembersshouldpleasestatethatyouropinionsdonotreflectthoseofthe
foundation.

Jimfeelsthatweneedmorecommunication.Hedidntknowexactlywhothesponsorswereandsuspectsother
boardmemberswereinthesameposition.

BrockandBrucesay

asasponsorwaspreviouslymentionedinotherboardmeetings.

Jimsayshedidntknowaboutit.weshouldseethisasanopportunitytoimprovecommunication.

Oliviersayshealsodidntknoworremember.Itwasnthisintenttoharmakeyrelationshipofthefoundation.If
hehadknown,hewouldhavesaidhewasspeakingonhisownbehalf.Hewillkeepthefoundationoutofhis
opinionsgoingforward

AnnualEvent:

Brucewantstohaveitat
,
itwillbesmallerthisyear.Thereisaverydistinguishedalumnihelping,
.
IfwewaituntilJanuary,wewouldhavemoreflexibilityonthespace.Somemaygrumblebecause
itisntinthecalendaryear.Brucedoesntthinkitsabadidea.Thecostisprohibitiveifwegotoahotelor
conferencevenue.Doesanyonehaveanythoughts?

Brockstatesthatifanyonewantstovolunteertobecomesortofaworkinggroup,wecouldforma
committeeFeelfreetovolunteeryourtime.Brockishappytohelpout.HaveyouspokentoPatrick?

BrucesayshehasreachedouttoPatrick.

ElizabethsayswecandiscusswheninBostonnextweek

BobbywouldliketoscheduleacallwithBrucetohelp,aswell

Brockwantstonotethatalthoughwehaveamonthlymeeting,boardmembersshouldkeepcommunicationopen
amongstthemselves.

Upcomingboardseats:
ElizabethandMickyboardseatsbothavailableasofJan1.Elizabethtakingtheleadontheemailcommunication.

Elizabethsentoutaproposedelectionschedule.Shewillreforwardheremailtotheboard.

BrocksaysgivingprospectiveBoardmeetingsadvancenoticeisimportant.Wewanttogetthisannouncedpriorto
thenextboardmtg.

BrucesaysBrianGosshasvolunteeredtoruntheelectionsagain.Hehadadifficultjob,withthetechnologyand
changeinvotingsystemanddidagoodjobwithit.Lasttimethereweretwodifferentsystemsforthevoting.Well
usetheonethatworked,wewillnotexperimentatthisstage.Thetimeframe,asoutlinedbyElizabethworks.Brian
suggeststospreadcommunicationsothatwegetgoodcandidatesfortheseat.

Jimwouldliketoknowifweanticipatehavingawebsitesoon?

Brucesaysyes,thedonationsportionofthesiteisfixed.Theoverallsiteisdownbecausewehadtoscraptheold
server.Theyaremigrating,aswespeak

BrockhasconnectedBrucewithaITpersonwhohasexperiencewithspecificissueswiththeoldwebsite.

Bitcoinfork/blocksizedebate:

Brockexplainsthefoundationhasnotformallyparticipatedintheblocksizedebate.Thefoundationshouldhavea
standbecauseithasasignificantimpactonourindustry.Toexternalviewersitlookslikethedecentralized
constructisfailing.Externalpeoplenotclosetothesituationperceiveitthisway.

Oliviersayshefeelsthedecentralizedsystemisworking,andworkingwellandherespectsGavinforsayingtheres
anotherway,tocreateadifferentversion.Itishisopinionthathealthydebateistheonlywayoutandtherethere
willbeasolutionfoundsoon.

JimislargelyinagreementwithOlivier.Thisisanimportantjunctureinthedevelopmentprocessbecausethereis
disagreementinsteadofconsensusandtheoutcomewillbeanewconsensus.HiscommunicationthoughCatohas
beentotalkaboutthedebateitselfinreassuringways.Thisshouldbringeveryonetogetheronanewplanonthe
blocksize.

BrockagreeswithOlivierandJim,Mediahasbeenmakingthedebateseemnegative.TheFoundationsposition
shouldbeasstated.Healthydisagreementsanddiscussionswillleadtothebestoutcome.Hewantsthemessageto
bethatwesupportconsensusbuildinganddiscussion.Thisiswhatbuildsbitcoin..

Olivieragreesthatweshouldencourageandsupportopendebateasmuchaspossible.

BruceisinagreementwithOlivier.Hispositionisinlinewithwhatbitcoinissupposedtostandforandrepresent..
Perhapswemakeastatementtothateffect.Wecoulddoamembershipemail.BruceasksOliviertostatehis
positioninanemailtohimpersonally.

BrockasksBrucetocreateagoogledoc.Brucecandraftit,andtheothermemberscaneditaccordingly.

BrockstatesthatweshouldannounceDevCorethisweek.Weneedtobevisualandletpeopleknowwhatwere
workingon.

BobbyasksifwehaveafocusareaforDevCorethatfollowsthescalingbitcoindebate?Whatisourrole?

BrucesaysthemainfocusofDevCoreisdevelopment.Highlytechnical.NotCEOs,notinvestors.Onlyhighly
technicalpeople.ThetaglineisDevelopingtheDevelopers.

Brockthinksscalingbitcoinisamissedopportunity,weshouldhaveorganizedsomethinglikeit.Hethinkswhen
therearethesetypesofdebatesinthefuture,wecanbetheorganizationthattriestobringeveryonetothetable.We
shouldtryandstepin,topullpeopletogethersoconsensuscanform.

Olivierthinksitwillbehardtobeviewedasneutral.

Brucesayswehaveissueswithneutrality,weareoldandestablishedwithawidevarietyofmembersandwecan
useourdiversitytodisplayneutrality.Ifyoulookatthetop10peopleonbothsidesofthedebate,youwillseethat
manyofthemaremembers.Wedontwanttodriveawaycertainpeople,wewanttoembracepeopleonallsidesof
thedebate.

Brocksaysyoucanavoidparticipatinginthediscussionoryoucanbeinvolvedbyencouragingdebateinahealthy
andinstructiveenvironment.

JimsaysBrucementionsthelargemembershipasanassetbuthebelievesweneedtodothingstoservethe
members.includingtheindividualmembers.Asweaddoncomponents,somethingthatservesindividual
membership.

OliviersdiscussionofthefutureoftheFoundation:

BrockasksisOlivierisaskingifweshouldshutthefoundationdown.Brockbelieveswehave36monthstoprove
thatwecanmakeadifference.Brucesopinionisoneweneedtohear.

Brucesentanoteaboutfinancialstotheboardandincludedadiscussionabouthisinjuriesfromacaraccident.His
injurieshavemadethingsdifficult,hesnotdoingtravel,meetings,andislimitedonotheractivities.Hesgetting
betterandhisdoctorassureshimhellrecoveranditsnotpermanent.Brucedoesntthinkthereisagreat
alternativeorsolution.Brucesayshecouldvolunteertostepdown,orsayshewouldbewillingtotakealesser
role,orleaveofabsencebaseduponhisinjury.Brucesaidheisalsoworkingtobringinnonboardmembersor
boardmemberstohelp.Bruceagreesitsworthpushingforward.Hesgoingtocontinuetobefrankandopen
abouthismedicalconditionduetothecaraccident.Hesspentmoretimeonfoundationworkasavolunteer
recentlythanhispaidwork.

BrockrecognizesBruceisnotbeingpaidandisputtingalotoftimeintothisrole.Hesgrateful.

BrocksaysasolutioncouldbetocreateassistantExecutiveDirector.Ifanyonethinkstheywanttostepinanddo
that,pleasestepforward.

Bruceagreesthatwouldbehelpful.

Brockwantstoknow,doesanyonesupportshuttingthefoundationdown?

JimsaysthatOliviershouldmakehiscaseforshuttingitdown.

Olivierdoesntliketheideaofhavingaseparateexecutivesession.HethinksBIPopinionsshouldbeonthetable.
Heproposedshuttingdownthefoundationbecauseoffinancialstatusandtheimageinthemediathatwearethe
voiceofbitcoin.Itsnothealthythatbitcoinhasasingletargettoattack.Helikeshowtheblocksizedebateis
resolvingitselfinthecommunitywithoutacentralgoverningentity.Aslongasweareperceivedasrepresenting
Bitcoin,anytimesomethingbadhappens,aboardmembercouldexpressanopinionandamediamemberwoulduse
itasarepresentativeofBitcoinitself.Olivierisnotproposingshuttingdownthefoundation,itwasareactionto
lackofmomentum.

Brocksaystheresnotmuchwecandoaboutmediaperceptionbutwedowanttopromotebroaddecentralization.

Brockadjournsthemeetingat12:00PM.