MinutesoftheRegularMeetingoftheBoardofDirectorsofTheBitcoinFoundation

Held:December15,2015

ThefollowingBoardofDirectorswerepresent:
ElizabethMacCauley
BrockPierce
JimHarper
BobbyLee
OlivierJanssens

Absent:
MickyMalka

StaffPresent:
BruceFenton
AmyLoughranDolan

CalltoOrderandIntroductions
BrockPierce,Chaircalledthemeetingtoorderat11AM.WewillproceedwithoutMickyMaltaandOlivier..

DocumentsDistributedfortheMeeting:
Agendareceivedthismorning.Itshouldbestatedthatnoboardmemberhasanylastminuteadditions.Brucehas
theNovemberfinancialsfromJodyTief.Olivierjoinedtheboardcallwhileinprogress.

Novemberfinancialupdate:BruceFenton:

Weneedadditionalfundifwewishtoretainemployeeswhoaresupportingthefoundation.Wehavetwonew
membershipcoordinatorswhowilloperateonasuccessbasis.Brucesmainefforthasbeenworkingwiththemon
gettingalistfromSalesforceofallmembers,expiredactiveandotherwise.Brucesaidhesalsohadtotrytoget
themmarketingmaterialsasthereisnomaterialsayingwhatthefoundationdoes,etc.Hesbeenworkingonthose
items.Theirprocesswillbetofirstcontacttheexpiredandexpiringmemberships.Wethadtoliquidateadditional
bitcoinstosupportthismonth'sexpenses.Weneedadditionalfundingtooperate,wedontneedmuch,aswereat
5%ofwhatthepastbudgetwas.FentondoesntknowbelievetheFoundationwouldoperatewithoutourtwopart
timeemployees.Noonewouldvolunteerforthoseroles,itsnotrealistic.

Elizabethwantstoknowifwecanwriteoffdonationsasa501c6.Brucesaysno.________agreedtodonatestock
ofapproximately100K,butthenhefoundouthistaxstatusissetupsothatitwillnotallowwriteoffson
donations.Thisparticulartaxclassificationisnotidealifpeoplearedonatingbitcoinorstockcomparedtoa501c3.
The501c6statuswedohaveallowsustospeakwithregulators.Brucehadanticipatedspendingalotoftimeon
fundraisingbutotherFoundationneedshavetakenpriorities.Hedoesntpersonallyhavethetimeforcoldcallingso
hewillrelyuponthetwohires.Theyarebothenthusiasticandready,willingandable.

Brocksayshescomfortablefollowingthroughwiththecommitmentthathim,BobbyandBrucebringin1$10,000
eachthismonth.Brucesays$30kcouldconservativelybringus4or5monthsandmaybeeven6months.Hefeels

itlikelythemembercoordinatorswillraisefundsifwegiveitsometime.Therewasalargecorporationlookingat
adonation.TheywantedmarketingmaterialsandBrucesaystheFoundationdoesnthavethemfromtheprevious
administration.Hecouldwritesomeup,butwewouldneedsomethingwithsubstancebehindittoshowpeople.
BrucesaysifBobbyandBrockwouldbewillingtomakethe10Kpledgeagain,thesoonerthebetter.Brocksays,
hespreparedifthethreeofthemcouldstandtogether.

Bobbysuggeststhattheyshareadocwithalistshowingtheircontactsforfundraising.Hesaysmaybewecaneach
choose20names.

Brocksaystheburnisverylowsothisshouldbesomethingweshouldbeabletomanage.Brocksaysweneeda
2016planforJanuary.TheresnopointinsupportingtheFoundationifwearenotdoingthingsthatwillmakean
impact.BrockandBrucehavesomeideastospeakonatthenextboardmeeting.Brucesaysthatamajorthingis
thatheneedshelpwiththerole.Itsmoreworkandhehaslesstimethanheanticipated.Acoexecutivedirector
wouldbeagoodidea.Anotherpossibilityismergingwithotherorganizationsand/orclubs.Ifwecombinedafew
andpooledourresources,wemayallbebetteroff.Wecouldalsospinitoffintotwoorganizations,individualsand
corporate.
Jimquestionsifthatwouldworkbecausehedoesnotbelievewehaveenoughtoofferourmembers.Jimthinks
askingformoneyisjustthrowingmoneyaway.Brocksaysanyworkproductwedontproduceisour
responsibility.Hesayswemakeachoice,doweshutterthefoundationandsaywefailedasaboardtoturnthings
around?Ordowegofigureitout?Weneedtostabilizetheorganization,thenfigureouthowtoaddvalueand
makeanimpact.Thegoalistoputtogethera2016strategicplan.Ifwedont,itbecomesawasteoftimetoserve
onaboardwhoplanstodonothinggoingforward.Hethinksweshouldputaplaninplacewecanallgetbehind.

Bobbysays,saywegowithJimsassumptions,whatwouldbeasuitablevisioninJimseyes?Jimsaysheput
someinfotogetherbefore.HethinksanorganizingdocumentwouldbewhattherisksaretotheBitcoinecosystem.
Workingfromadocumentplacingeveryactivityofthefoundationinhowitmeetstheneedofthebitcoin
communityandbitcoinecosystemwestarttobeanorganizationthatprovidesvalueadd.Hesayseveryonehes
spokentoregardingthefoundationagreesweneedsomethinglikethefoundation,butbelievestheBitcoin
Foundationshouldbeshuttered.Hethinksitsveryverylateinthegametopullittogether.Bobbyaskswhathis
recommendationis?Wecantchangethepast,wecanonlyaffectthefuture,sowhatwouldJimsuggestwedo.Jim
sayshewouldrecommendthatweshutterthefoundation,butiftheboarddoesntagreethenwecanputthematerial
intoanorganizingdocumentwhichwouldbethebasisforfutureactivitiesandfuturefundraising.

Bobbysaysheshouldpickone.Jimsuggeststhatweshutterthefoundation.Ifthatsnotthewilloftheboard,then
hewilldoworkonthisgoingforward.BobbysaystheyhadadiscussioninHongKongandthatJimmaywantto
stepofftheboardandnotbeinvolved.Jimsayshestryingtocarryouthisobligationsasaboardmemberandhe
willtryandcarryoutthewilloftheboard,butthatsomeinthebitcoincommunityquestionifthefoundationisa
viableentity.Forafewmonthswevebeenatornearzerofunds.

Brockasksifweshouldhaveavote.Doweshuttertheorganization?Beforeavote,Bobbywouldliketoexpress
hisopinion.Bobbybelievesifwevetriedourbestandwecantgetthingsgoing,thenok.Hebelievesifthereis
onelastchance,thenwekeepitgoing.Ifsomeonedoesnotwanttobeonthatshiptheyshouldstepofftheboard.
Olivierbelievesanindicatorofahealthycompanyisaprofitablecompany.Ifyouhaveamemberdriven
organization,wherethemembersnolongerfundyou,thenhedoesntbelieveitsfixable..Ifwestartfundingthe
memberdrivenorganizationourselves,theorganizationdoesntmakesenseanymore.ElizabethagreeswithBobby.
WestillhavethelargestmembershipbaseofanyBitcoinorganization.Keepinginmindshewillnotbeonthe
boardanymorecomenextyear,shebelievesthatwemayhaveonelastchance.Onethingtothinkaboutitwhatwill

itdototheimageofbitcoinifwetank,especiallygiventherecentCoinDeskarticle.BobbyagreeswithOlivier
withtheanalogytothecompany.

AsBobbyseesit,wearethemembershipexecutiveteam.Inthissituation,someofthemembershipteamdonot
wanttomakemoney,thosepeopleshouldstepout.BobbyasksOlivier:Whathaveyoudone?Bobbyadmits
thathehimselfhasntdoneenough,butaftertodayscallhewillstepupandfundraise.Brocksaysifyouwereto
leaveanorganizationwhenitsonthevergeofinsolvency,thenthereisnoshameinthat.Thisisthemoment,
whereifyouthinkyoureonasinkingship,youdontlookbadleaving,youmayevenlooksmart.Olivierhas
confidenceinBruce,heispositivelyreceivedinthecommunity.Hewondersifonanindividualmembershiplevel,
ifthefoundationisfixable.BobbysaysherespectsOlivierasanindividualbutnotifhejoinedtheboardtotankit.
Bobbysayshimself,Brock,andBrucewillraisemoney,willOliviermakethatpledgealso.Oliviersaysno.
Elizabethsayseveryoneshouldstepup,andatleasttry.Olivierdoesntmindtryingbutbelievesourimageisnot
restorable,noonehasfaithinthefoundation.Brockbelieveseverythingcanbefixed.Brandscanbefixedbased
uponaction.Olivierdoesntagree.Elizabethsaysraising$30kisnotthatmuch.Isthatnotpossibletoraise?
Bobbysaysofcourseitis.Bobbydoesntcareifthemembersdontbelieveanymore,itshisdutyasaboard
membertotakeittotheend.HekindlyasksOliviertostepdownifhedoesnotwanttheorganizationtosucceed..

ElizabethsecondsBrocksmotiontovoteonshutteringtheFoundation.Doweplantowinddown,ormoveforward
tocreateafundraisingstrategy?Brock,Bobby,Elizabethvoteinfavoroffundraisingandkeepingthefoundation
open.OlivierandJimvotetoshutterthefoundation.Baseduponthevote,theBoardwillproceedwiththeplanto
fundraiseandnotshutterthefoundation.

Bobbysaysthatherespectfullyasksthosewhodonotwanttoproceedtoresign.Jimsayshewilltenderhis
resignationifitisthewilloftheboard.Brocksaysifoneweretodepart,nowwebetherighttime.He
recommendsJimandOlivierresignfromtheFoundation.Hedoesntbelievethatitservesanyoneforthetwoboard
memberstostayonunlesscommittedtohavingtheorganizationexist.BobbywouldliketothanksJimforhis
candorandcourageandhewantstothankOlivierforhiscandorbutalsorecommendshetenderhisresignationasa
boardmember.Brocksecondsthosecomments.Itsunfortunatethefoundationwasinthesituationitwasinwhen
theyjoined.AlltheBoardmembersareunhappywiththesituationwewereputin.Itisntthefaultofthecurrent
board.BrockthanksJimforallofhiscontributionsandinsights.Hewishesthecircumstanceshadbeenbetterbut
thankshimfortakingtheappropriateactionfortheboardmovingforward.

Jimsaysthankyoutoeveryone.Hestatesweareallonthesamepageaboutwantingtodotherightthingfor
Bitcoin.Hesaysweallwanttohaveanorganizationthatdoestheworkthebitcoinecosystemneeds.Hewishesthe
boardthebest.Jimformallytendershisresignation.Brockaccepts.

Bruceechoesthethanks.SaysJimhasdonealotofworkincallswithhim,etc.Theresnoshameinhaving
differentvisions.Hethinksmovingforwardinourownwaysisthemostproductivethingwecando.

ElizabeththanksJimandOlivierfortheirservice.Shehopesforfuturecollaborationandthanksthemforthe
perspectivetheyhaveprovided.

BobbythanksJim,JimdepartsthecallandBobbyasksOlivierifhesmadehisdecision.OliviersaysElizabethhas
madethedecisionforhiminthankinghimjustnow.Elizabethapologizes,shemisspoke.Bobbyasksifheplansto
stayon.Olivierstateshedoesnotleavejustbecausethereisadisagreement..Hewantstoseeaplanmoving
forwardandwillnotdecideonthespotifhewillresign.

BrockasksOliviertopleasemakehisdecisionasquicklyaspossible.Theonlychanceforthefoundation,isfor
everyonetoagreeontherightpathforward.Oliviersaysthepathisnotclear.Brocksaysthepathisthatweare
raisingenoughfundstoexist.WiththatmoneywewillcomeupwithaplaninJanuary.Oliviersaysthatisaweird
plan.Brocksaystherehasbeenalotofdisagreementsastoboardmemberopinions.Inanorganizationthatis
strugglingweallhavetobeonthesamepagePuttingaplantogetherrequirestimeandenergy.Itsdifficulttodo
thiswheneveryoneisindisagreementaboutminutiae.Theplanisthatweneedtoraiseenoughmoneytolast
anothersixmonthssothatBruceandtheremainingboardmemberscometogethertovoteonaplaninthenext
boardmeeting.Thatistheplan,whetheritsambiguousornot.

BobbysupportsBrocksplandespitethefactthatitsskeleton.Letsmakethebestofwhatwehaveandnotcommit
organizationasuicide.Elizabethsupportsthisplanaswell.BrockasksBrucetoweighineventhoughheisnota
votingboardmember.Brucesaysconsideringtheskeletoncrewwehave,bringinginacoEDissomethingwe
wouldbenefitgreatlyfrom.Hethinksitwouldmakealotofsense.BrocksaysmaybeBobbywouldhavesome
ideasregardinginternationalcandidates.Brocksaysthatifwecouldgetsomeoneasgood,orhalfasgoodasBruce
inanunpaidcapacity,itwouldbenefitusenormously..Brockhaspreviouslyraisedmoneyintheareaofsixfigures
forthefoundation.Hewouldntcommittothattoday,buthecancommitto10k.Jimsresignationmaypresent
positivelybecauseourdisagreementshavebeenpublic.Itspositivethattheboardhasbeenreorganizedandthatthe
remainingboardmemberswillbecommittedtomakingthissuccessful.Weareaselfserviceorganizationatthis
point.Ifthereissomethingyouwantdone,asaboardwemustdoitourselves.

Oliviersayswhenwevotedheclearlysaidwithoutaplanheseesnootheroptiontoshutter.Hismajorissueisthat
thereisnoplan.Brocksaysweproposedaplan.BobbyrespectsOliviersperspectiveontheplan,heasksifhesin
favorofgoingforwardtoraise30kinthenext30days.Ifheisnotwillingtomakethecommitment,Bobbyasks
himtostepofftheboardwithhonorandgrace.Olivierwantstoputtheresignationaside.Brockrestatesthe
proposedplan.Theorganizationneedsmoney,weneedabout6monthstodeterminetheplan.Thetargetistoraise
roughly30k.InJanuaryasaboard,wewilldetermineourvision.ByFebruary,weshouldhavea2016plan,atthat
pointweshouldhave3or4monthstoimplementit.Ifitworksthenweshouldbeabletoscaletheorganizationto
gettowhereweoncewere.BobbyaskshowOlivierwouldanswerhisquestion.ElizabethasksifOlivieriswilling
tosupporttheplantoraisethemoney,orishewillingtostepdown?Elizabethsaysitisourdutytohelpcraftthe
newplan.IsOlivierwillingtohelpfundraiseandlookattheplan?Oliviersaysitsnotasimpleyesorno.

Oliviersayswhenwehadthevotehesaidwecannotcontinuethefoundationwithoutaplan,sohevotedtoshutthe
foundationdown.Wehaventprovidedaplantoanyoneelseinthepastyear.Beforewecandecidewhatwecan
do,weshouldcomeupwithaplanandseeifitsviable.

BobbyasksBrockwhataretheprocedurestoconsiderremovinganelectedboardmember.Brocksaysthatthe
bylawsindicatethattheboardhastheauthoritytovoteanymemberofftheboard.BrockspoketoPatrickMurck
aboutthispreviously,andsaysitsamotionandasecond.Itsanaggressivemeasureandonehehasnotchosento
pursuehistorically.

BobbyasksOlivierifheswillingtocommittosupportkeepingtheorganizationexistingandraisefunds..Olivier
sayshewillcommittohelptomakeaplanbutnottoputmoneyintheorganization

BobbymotionsthatweelecttodismissOlivierfromtheboardofdirectorsoftheBitcoinFoundation.Elizabeth
wantstosayshethinksOliviercouldprovidealotofvalueanditsupsettingwecantutilizehisvaluebyhis
answeringafewquestionsfromElizabethandBobby.Inatraditionalorganizationwewouldhaveastafftocome
upwithaplan.ShesaskingOlivierifheswillingtocomeupwithaplan?Oliviersaysyes.Sheasksifhes
willingtoraisefunds?Hesaysno.Brucesaysthequestionthateveryoneneedstoaskisifthisisafit,canOlivier

getalongwiththeboardmovingforward?Thissortofconversationmaynotbesomethingthatcanbeovercome.
Brucewouldliketoseeusbeabletogettoapointwherewecanmoveonandresolvetheissueandworktogether.
Oliviersimplyhasadifferentviewoftheboard.

Brocksaysthatwehavejustputaplaninplace,whereweneedtoraisecapitalinordertoformulatethestrategyto
beapprovedinJanuary.DoesOliviersupportthisplan?Oliviersayshesupportsformulatingaplan,butnottoraise
money.BrocksaysOlivierdisagreeswiththeplan,hesecondsBobbysmotiontoremoveOlivierfromtheBoard.
Elizabethvotesinfavorofremoval.Oliviervotesno.Threeboardmembersinfavor,oneopposed,Olivierhas
beenremovedfromtheboard.MickyMaltavotedbyemailto1)keepthefoundationopenandoperational2)
removeOlivierfromtheboard.

Brockwantstoaddthatnoneofthisispersonal,theonlywaythefoundationhasachancetosucceed,isifeveryone
isworkingtogether.HerespectsthefactthatOliviertriedtoaffectchange.OliviersaysDon'tthankme,Iwas
removedforabullshitreason.BrocksaysweasaboardallputtogetherourbesteffortstocollaboratewithOlivier.
Unfortunately,hedidnttaketheactionsthatJimtook.

Elizabethnotesinclosingthatthiswasnotavoteofwhethertohaveaplanornotbutwhethertosurviveandexist
ornotandOliviervotedclearlytocloseandneverpresentedanyalternateplan,motionorproposaloragendaitem
inthelastsixmonthsormore.

TheBitcoinFoundationBoardMeetingisadjournedbyBrockPierceat12:25PM