Held:October20,2015

ThefollowingBoardofDirectorswerepresent:
BrockPierce
JimHarper
BobbyLee
OlivierJanssens

Absent:
MickyMalka
ElizabethPloshay

StaffPresent:
BruceFentonED
AmyLoughranDolanDirectorofOperations

CalltoOrderandIntroductions:

BrockPierce,Chaircalledthemeetingtoorderat11:05AM.WewillproceedwithoutMickyMalka,Elizabeth
Ploshay,andOlivierJanssenswhoareabsent.ElizabethhasappointedBrockherproxyintheoccasionofavote.
Olivierjoinedat11:25AM.

DocumentsDistributedfortheMeeting:

AgendareceivedfromBrockthismorning.Itshouldbestatedthatnoboardmemberhasanylastminuteadditions.
Brucehasdistributedfinancials.

FinancialUpdate:

Brocksaysitlookslikeweareclosetorunningoutofmoney.Brucesaysyes,weneedtodoseriousfundraising.
Thereisnotalotofrevenuesourcesbecausetheindustryhastightenedtheirbeltabit.Weonlyhadtwo$1,000.00
sponsorsforDevCore.Revenueiskey,wecantdomuchmoretocutexpenses.

Inreviewingfinancials,Brocksaysthatitlookslikethingsweregoingwellfromarevenuestandpointuntil
Februaryandwevelosttheremainingcashsincethen.Mostofthecapitalwasburnedupbypastcommitments
frompriortoBrucecomingonboardasED.

Brucesayswehadoutstandingcommitmentswithanumberofvendors,pastemployeeexpenses,paidvacation
expenses,legalworkexpenses.TheBritishMazarsofficeunwindingisanexample.Wehadtodowhatwe
contractuallyagreedtodo.OurcurrentexpensesareAmy,whoisalmostfulltime,andJodywhoisparttime.We
alsohavesomeveryminorongoingexpensessuchasthewebsite,etc.Jimwouldliketodiscussthedisputed

expensesforDevCoreLondon.Hesaysthereare$12,000inPatricksexpenses,justforgoingtoLondonBruce
sayswehaventheardfromPatrickinregardstoitandsothereforeBrucehasntprioritizedit.Hedoesntseethat
theresaruleonhowlongtheywaittobereimbursed.Bobbysaidhebelievestherulewasthattheyhadtobe
reimbursedwithinaquarter.BaseduponhisdiscussionswithJody,sofaritsundetermined.BrucesaysPeterhad
debttotheFoundationof$18,000.Hesaysweowehim10Kforoutstandingtravelexpensesbutheneverinvoiced
us.Peterwantstocallitawashbuthisexpensesclaimedareundocumented.

ItsunclearwhathadPeterowingtheFoundation.Brucesaiditsmuddyandoneofthechallengesisthatthestaff
thatwouldhavebeenabletotrackitdownaregone.

BrucealsofeelsliketheremaybesomeFoundationBitcoinlostandfloatingaround.Brocksaystherearesome
blockchainanalyticscompanies,itmaybeworthwhiletohavethemlookatthefoundationwalletsincasethereis
bitcoinmissing.

TheFoundationreceivedoneofthefirstAvalonMinersanditshouldhaveproducedagoodamountofcoins.Brock
saiditwouldhavebeenlesscoins,baseduponhisexperience.Brucesaysifwespendtimetryingtotrackdownold
coins,itwouldbedifficulttogetthemback.Brucesaysthebiggestfactorinourfinancesisthatthebitcoinprice
plummetedagreatdeal.ThesecondfactorisoverspendingbypastFoundationregimes.Brucedoesntthinkthere
ismuchhecouldfindbaseduponconversations.

Brucesaysalotoftheearlycontrolwereinthehandsofpeoplewhoaredifficulttocontactnow.
Jimsaysitdoesntseemtomakesensetolookback.

DevCoreRecap:

Brucesaysthiseventmadesomemoney,wedohavetopaytravelforsomeofthespeakers.Thatamountis
hopefullyapproximately$1,000perperson.Brockaskedthestatusofprofitability.Brucesaysweeithermadea
littleorlostapproximately$1,000.Ifthatsthecase,Bruceconsidersitagreatsuccessconsideringthattherearenot
manypeopleinthisindustrythatcouldgetagrouplikethattogether.Iftheeconomyturns,additionalsponsors
couldmakeahugedifferencenexttime.

Brockwantstoknowifthemediapaidattentiontotheevent.Brucesaystherewasagoodmediaattention,afew
goodarticlesoutthere.AsaresultofDevCorewegainedabout35newmembers,andalsosomedonationsatthe
end.Thismeansmorecriticalmassandmorepeoplewehaveonourmailinglist.Onecompanypromisedthey
wouldbuyacorporatemembershipattheendoftheevent..Goodwillamongstthespeakerswasgood.Peoplecame
awaywithapositiveviewofDevCoreandtheFoundation.Therewasagooddiversecrowd,anddiversespeakers.
WehaverequeststodoanotherDevCore.BrucewouldliketodooneinEurope.Brucesaysgettingspeakersare
challenging.WecouldgowithdevelopersalreadyinEuropeinordertosavetravelexpenses.BrucesaidDevCore
wasasmuchworkasalargeconferenceandhewonthavethetimetodedicatethatmuchplanningtimeinthenear
future.Thatsaid,herealisticallythinkshecoulddoapproximately23annuallybaseduponcurrentstaffinglevels.
Bruceproposesthatweshouldgetamembershipdirectorpositiongoing,commissiononly.Thiswouldbearolefor
ayoungerpersonjuststartingoutinthebitcoinindustry,suchasastudent,whowantstomakecommission.We
couldpaythemsomepercentageofthesponsorshipsormemberships.Theywouldgetsignificantcontactsand
exposuretotheindustry.WehavesomevolunteerswhomaybeabletohelpwithsomelogisticsforDevCore,
peoplewhorunMeetups.PerhapswecoulddoaDevCoreFormatforourannualmeeting,maybemakeittwodays
with15developers.

Jimwantstoknowhowhethoughtticketsaleswent,vsexpectations.Brucesaidhethoughtsalesweregood.He
washopingfor70people.Hesaysitisaspecializedaudiencebecausethetopicisveryspecialized.Wehad110,
whichhethoughtwasaperfectsize.JimwantstoknowifweshoulddiscussinformalDevCoreapprovaltomove
forward.Brockagreesweshouldgoforwardwiththem.itmakesusavaluablecontributortotheecosystem.Brock
wantstoknowwhatwedonextandwhatwedotoimproveperformance.Bruceneedstothinkonitalittlebit
more.Hethinksitsmorevaluableifweconcentrateondevelopment.IfwemakeitlargerfortheBostoneventwe
canwindupwithafewhundredpeople.Weneedtovarythelocation.IitsabitmoretrickyifitsinEuropeand
Asia.Brocksuggeststhatwelookatthescheduleofeventscomingupoverthenextyear,andpiggybackonanother
largerevent.

Brocksaysifwearelookingforsomeonewhowouldcoveralltheoperatingcostswithsomesortofprofitshare,he
mayhaveafewideas.Hecanhaveaconversationwiththe
ifthatssomethingwewantto

pursue.

Brucesaysthesponsorshipmarketmayturnaroundabitifthecurrenteconomyturnsaroundabit..IfBrucehad
helprecruiting,itmaybemorelucrative.Brocksuggestsacommisionpaidperson,forarolesuchasthis.

BrockwantstoknowwhatournextstepisonDevCore.Brucesaysdigestingfeedbackonthisoneand
brainstormingfuturelocations.Qualityspeakersiskey.Brocksaysideallywecouldputtheeventwhereourlargest
sponsoris.BrucesaystheMeetuppersonwhoinquiredisinEuropeandtheyhavethespace.Brocksaysthe
Meetuppeopleareusedtorunningeventsandperhapstheycouldhelprunit.

BrucesaystheotherideahesconsideringisdoinganonlineversionofDevCore.Itwouldbeeasiertogetpeople
becausetheywouldntneedtotravel.Askypemeetingtypeevent.Hethinksitwouldbewellattended.

IndustrySelfRegulation:

BrucesaysJimbroughtinarelationshipwithsomeonefromEFF.Inourindustrythereareafewgroupsworking
onregulation,butthemajorityaremoreproregulationthanourmembers.Themajorityofourboardarenotfansof
regulation.ThestrategyofEFFistogototheregulatorsandaskthemnottoregulateatallandprovidereasonsand
evidencewhy.Theyareaskingustowritealetterandhave10or20CEOsinourindustrysignit,showingthat
insteadofregulations,itcanbeuptotheindustrytoadaptthingssuchasamultisigwallet,proofofreserves,etc.
WecouldcollaborateonitasaboardandBrucecouldpresentittosomeCEOs.EFFwoulddoquiteabitofwork
onitandbringittoourregulatorsonbehalfofus.Brucesbelievesthatperhaps85%ormoreofourindividual
membersinparticular,areantiregulation.HethinksthataligningwithEFFisagreatthing,inordertorepresent
ourmembersinterests.Itsasmallask,justaletterand2030callstoCEOs.

JimwantstoexplainthatitsnotnecessarilyaletterwewouldbeprovidingfromtheFoundation.EFFwantstobe
abletosaythisisaresponsibleindustry,andweareagrouphelpingtoorganizeprinciples.Thesignatorieswould
beahighlevelstatementofbusinesspractices,selfcertified.Withthatsortofthinginplace,Jimwouldbehesitant
toputoutaletter,ratherRainey(EFFrepresentative)wouldliketopointtowhattheFoundationisdoingforthe
industryintermsofselfregulation.JimwouldhesitatetosendaletterthatwouldhavetheBitcoinFoundation
directlyaddressregulators.HewouldprefertoSHOWagoodthinginsteadofSAYagoodthing.Brucesaidwe
wouldshow,herearethebestpracticesintheindustry,toselfregulate.Jimsayshedoesntthinkweneedto
dedicatetheFoundationtobedeeplyinvolved,butwecouldshowourresponsibility.

Olivierwantstoknowiftheletteriswrittenbythefoundation,orwrittenbyEFF.Brucesaystherewouldbetwo
letters,onetheFoundationwrites,andonethatEFFwritesandpresentstoregulators.Jimsuggestsmaybewecould
publishaletteronthewebsite,notsendaletter.

Olivierwantstoknowifthebestpracticeswouldbecontroversial.Jimsaystheideawouldbeforthemtobe
noncontroversial,forexamplemultisig,ordinaryconsumerprotectiontypesofthings.Olivierwouldwanttosee
whatthatlistwouldbe,hewantsitnotedthathedoesntfeellikeweshouldhavetodefendourselvestogovernment
regulators.

BrucepersonallyagreeswithOlivierintermsofnotfeelinglikeweshouldexplainourselvestoregulators.Bruce
explainsthathispublicopinionofregulationhasshiftedabitbeinginthisrole,becauseheisconsciousofnot
comingacrossasextremistsorcontroversial,buthethinksthisisagoodbalance.HethinksEFFbringssome
qualitytothediscussion.

BrockissupportivewithworkingwiththeEFF,heisclosetooneoftheBoardmembersandcouldgetinvolved.
OlivierisalsosupportivewiththeEFF,hewouldpreferthattheletterbesignedbytheindividualmembers
themselves,andnotastheBitcoinFoundationrepresentingeveryone.

BylawRevisions:

Jimspentsometimereviewingthebylawsand,recallingpriorconversationsaboutremovingvestigesoftheold
foundation,heputtogetheralistofamendmentstodothat.Astoelectinganaffiliatedirector,Jimsproposed
revisionofthebylawswouldnotgiveaffiliatesthestatusofmembers,butaffiliateswouldgettonominatea
candidatefortheaffiliatedirectorelectionjustlikemembersdo,thenvoteonthatdirectorlikemembersdointheir
categories.Inparalleltotheindividualandindustryseats,itisnotarequirementthatthenomineebeamemberof
theaffiliateorofthefoundation.

Jimthinksweshouldletthemdeterminetheirownprocesses,relyingonourpointsofcontacttovouchfortheir
decisionmakinginthatregard.Samegoesforrenderingtheirvotes.It'sasmallenoughgroupthatindividual
conversationswouldseemtobefineforsortingoutproblems.Olivierwantstoknowifweevenhaveaffiliates.Its
notclearwhotheaffiliatesare,atthistime.

BrucesayshedidntgetgreatinformationwhenheassumedhisroleattheFoundation.Therealsoisntreallya
wayoffiguringthatout,duetotheemployeeturnover.Therewasadecenttransitiondocumentwithpasswords,but
otherkeyinfoismissing.Brocksaysif10peopleshowupandsaystheyareachapteraffiliateandtheywanttorun
aseat,dowehaveanywayofverifyingtheinfo?Brucefeelsthatanyonecanrunbuttheharderpartisthevoting
list.

Jimsaiditcouldbeaslowasfiveaffiliates,andashighasseventeen.Jimthinkshecangetsomeinformationon
peoplewhohaveworkedwithaffiliatesinthepast.Brocksaystheelectionshouldbehighpriority.Weneedtoget
theannouncementout,sotheelectioncangetgoing.

Brucesayswehavetobecarefultoadheretoastandardoftransparencyonwhattheydo,andhowtheydoit.Bruce
saysiftheelectionisntdoneright,itcouldhurtus.Hefeelsweshouldresearchmoreanddelaytheaffiliate
election.

Brockagreesthatweshoulddelaytheaffiliateelectionanddelaythegeneralelection.

Brucestressesweneedtoraiserevenue,weneedabout$100,000tokeepoperatingforafullyear.Brockasksif
eachboardmemberiscomfortablewithacommitmenttoraise$10,000beforethenextboardmeeting?Brucesays
hewillputin$10,000ofhisownpersonalmoney,ifitlookslikewewillreachthe100Kmark,butheisnotwilling
tomakeapersonalfinancialcommitmentifthereisnotadditionalcommitmentfromothers.Bobbysaysyes,hecan
makethecommitment.Jimsayshewilldowhathecan.OliviersaysheisunsurethattheFoundationimageis
restoredenoughtoraisethatmoney.Hesnotconvincedandconfidentthatwearedoingenoughgood,sohesays
hewillrefrainfrommakingthatcommitmentfornow.BrocksayswearetheFoundation,wehavenoresources,
thisisus,ifyoudontlikethefoundationasitstands,youdontlikeyourself.Hesayseachboardmembershould
bepreparedtodotheworkthemselves,tokeeptheFoundationgoing.OlivierlikeswhatBruceisdoing,itsmostly
thathedoesntknowifwecanrestoreourreputationtowardsindividualmembers.Hethinksthemediastill
believeswerepresentBitcoin,andthatwewilleventuallyfallbackintoperpetuatingthatimageagain.Wewould
bepoliticizingbitcoin.

JimfeelsthatinsteadofbeatingOlivierup,weshouldlethimevolveintothedecisiononhisown.Hefeelslikeit
willbeawelcomebarometerwhenOliviermovestoasupportiveposition.Hesaysifothersdothefundraisingat
themoment,anditgetstothepointwhereOlivierisonboard,thenitmeanstheFoundationisinagoodplace.
BrucewouldliketospeakwithOlivierlater,asidefromtheBoardcall.HethinkshedidthethingsOlivierwanted
himtodoearlyontoimprovethefoundationreputation.Oliviersayshewouldbehappytodoit.Olivierstates
thatheisnotagainsttheFoundationbuthesalsonotcompletelyforit,becauseofconcerns.Hewillcertainlywork
withBruce.

Inregardstotransparency,Olivierishappywiththeminutesbuthasntseenanyfinancialspostedonline.Bruceand
AmyhavebeenbusywithDevCore,butwillgetthemup.

ApprovalofMinutes:

OnmotionmadebyJim,secondedbyBobby,andcarried,theboardapprovedthepreviouslydistributedminutesof
themeetingoftheboard.

MeetingadjournedbyBrockPierceat12:18PM