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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 9ポイント10ポイント  (2子コメント)

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

[–]ButtersBeButtin 5ポイント6ポイント  (4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  (3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.

[–]ButtersBeButtin 1ポイント2ポイント  (2子コメント)

It looks like their site hasn't been updated since the "giveaway."

http://mitbitcoinproject.org/

EDIT: While theymos is not bound by US law (although he is a US citizen and there's no difference in soliciting donations IRL or online, so maybe he is?), he is absolutely bound by reddit's TOS, which clearly states moderators cannot profit off the community.

I'm surprised him, BashCo, and a few other mods over there, many of whom have used their positions to personally profit, have not had to deal with the admins.

[–]Institutional_Invest 0ポイント1ポイント  (0子コメント)

Why is Thermos not bound by us law?

[–]JustStopDude401K's are for idiots!!! 0ポイント1ポイント  (0子コメント)

Because he, and the rest of the admits, work for free.

Someone has to do something crazy out of line, with a lot of people complaining, before the admins will do anything.

Keep in mind, these are the same folks that tried are trying to monetize a website, and thought they could do it with subreddits like coontown, philosophyofrape, and all kinds of other horrendous shit.

[–]sciencehatesyouSorry for your loss[S] 2ポイント3ポイント  (1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.

[–]MaidOfStone 0ポイント1ポイント  (0子コメント)

This came up in one of the previous MIT threads, if that helps any. Digging through it all looks like it may be a major pain.

[–]______POTATOES______ 0ポイント1ポイント  (1子コメント)

Weren't they also funding core developers?

[–]jstolfi 0ポイント1ポイント  (0子コメント)

That came much later. Gavin and maybe Wladimir have their salaries paid by a project called Digital Currency created recently and affiliated with MIT's Media Lab. Was the MIT Bitcoin Project also affilaited with the Media Lab? (I though that it was a student initialive only.)