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What happened to MIT Bitcoin project? (self.Buttcoin)

sciencehatesyouSorry for your loss が 投稿

What's the final verdict on what happened to the $500k that was supposed to be distributed to incoming first year students?

I gather that a token amount was distributed, but fell far short of the half mil. What happened to the rest of the money? Did MIT investigate? Did someone get away with robbing the MIT alumni?

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[–]Heywood12 5ポイント6ポイント  (1子コメント)

Noam Chomsky destroyed it with the power of Talking Things to Death.

[–]ButtersBeButtin 3ポイント4ポイント  (1子コメント)

It was stated at the outset that they would collect the money and offer $100 of it to students. Whatever bitcoins that were not given out would go back to the MIT Bitcoin Project.

IIRC there only a few people who collected their free bitcoins, although the Bitcoin club never said exactly how many, and the rest of the $500k went back to the Captains of Industry who organized the project - it's the bitcoin way after all.

[–]sciencehatesyouSorry for your loss[S] 0ポイント1ポイント  (0子コメント)

That's not how I initially heard about it, and collecting charitable donations for one purpose and using them in another (e.g. theymos-style) is quite illegal. Unlike theymos, MIT is a legitimate organization bound by law.

But I guess MIT would rather avoid the black eye by not investigating what happened.

Who were these Captains of Industry? Let's at least learn their names, because these people have a habit of popping up with repeated scams once they have tasted easy money.

[–]sciencehatesyouSorry for your loss[S] 0ポイント1ポイント  (0子コメント)

Also, does anyone know where on the blockchain we can trace these donations?

I often hear that Bitcoin will bring greater transparency to government and end all wars and such. Let's see if it can be used to track down one simple case of fraud.