Protestors Set Alleged Bitcoin Ponzi Scheme Perpetrator’s Home on Fire

Before shutting down, Wallets’ “manager” promised 100-percent returns on investors’ money in just two weeks. Then they burned down his house.
Source: worldnewsoffice
Protestors Set Alleged Bitcoin Ponzi Scheme Perpetrator’s Home on Fire

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Protestors Set Alleged Bitcoin Ponzi Scheme Perpetrator’s Home on Fire

shutting down, Bitcoin Wallets’ “manager” promised 100-percent returns on investors’ money in just two weeks. Then they burned down his house.
Source: coindesk
Protestors Set Alleged Bitcoin Ponzi Scheme Perpetrator’s Home on Fire

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Blockstream Developers Alleged to Earn $850K Per Year

are perks to for Blockstream, aside from having to answer to Samson Mow. Developers for the Core software company are alleged to earn up to $850K per year thanks to a “stock option” that sees them paid 20% of salary
Source: devcoins
Blockstream Developers Alleged to Earn 0K Per Year

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Blockstream Developers Alleged to Earn $850K Per Year

Blockstream Developers Alleged to Earn $850K Per Year

are perks to working for , aside from having to answer to Samson Mow. Developers for the Bitcoin Core software company are alleged to earn up to $850K per year thanks to a “stock option” that sees them paid 20% of their salary in BTC. That BTC is pegged at the price bitcoin was at in 2014, meaning that employees are paid 85 BTC annually as part of their salary, a bonus of around $700K at current prices. That’s according to a new website called Cashbleed that claims to lift the lid on Blockstream’s salary structure.

Also read: In a World Where Central Planners Push Debt, Cryptocurrencies Look Better Every Day

Blockstream and the Reputed Golden Handcuffs Deal

Technically speaking, Blockstream employees could walk away from the company any time they want. In practice, there is no incentive to do so thanks to a salary option in which 20% of their wage is payable in BTC, perennially capped to the price it was at in 2014 when the firm was founded. That’s according to Cashbleed.com, a controversial website registered in the last 48 hours that makes some back of the envelope calculations and some bold claims.

Blockstream Developers Alleged to Earn $850K Per Year

The website describes the arrangement as a “scheme” that is ongoing, making it “very difficult for investors to get a return on their investment.” Blockstream, responsible for such Bitcoin Core technology as Segwit and , has raised $101M over three rounds from the likes of AXA and Mosaic Ventures. Cashbleed ventures: “Suppose an engineer was hired at $150,000 a year, and an extra 20% of their salary was paid as a bonus on top in Bitcoin. 20% of the salary would be $30,000. Blockstream then pays that amount in BTC assuming a price of $350/BTC. $30,000 / $350 = ~85 BTC to the employee, worth roughly $700,000.” It continues:

In effect the employee earns $850,000 a year. The salaries of senior executives are likely to be higher than this modest amount for an engineer.

The site came to light after Bitcoin.org owner Cobra tweeted a link to Cashbleed.com, in withering terms of how “Blockstream’s employees have been paying themselves grossly inflated salaries, despite the company’s lack of success with any real products.”

Allegations Receive a Mixed Response

Reaction to the allegations has been mixed, with Blockstream acolytes leaping to the company’s defense, while others have blanched at the sky-high salaries staff are allegedly entitled to. “So what?” shrugged one commenter. “They negotiated to be paid in the currency of their choice and it’s appreciated in value against USD. They took both the upside and downside risk.” “I would be pretty pissed if the company I worked for rescinded a stock option agreement after 5 years just because the stocks became 22x more valuable,” defended another Blockstream supporter. “If they purchased the BTC for the purpose of satisfying employee compensation packages the BTC isn’t even theirs to begin with.”

Blockstream Developers Alleged to Earn $850K Per Year
Estimated pay for Blockstream employees according to Cashbleed

If the alleged pay structure is broadly accurate, it may be so generous as to threaten Blockstream’s sustainability, according to Cashbleed. The website claims: “These obscene salaries are quickly depleting Blockstream’s Bitcoin reserves. We estimate the company won’t be able to survive more than a year of operation without raising another round of investment.”

On Subreddit forum r/btc, most commenters took aim at the source of the news, Cobra, with one instructing: “There is no evidence, it’s all made up. No sources, no nothing, just made up numbers and theories. Don’t fall for the snake’s tactics. Next week he’ll be back to praising Blockstream and bad mouthing BCH like he always does. He just wants a paycheck from Blockstream.”

Blockstream Developers Alleged to Earn $850K Per Year

Cobra is an enigmatic character who is known for his fierce and often contradictory opinions. In the past year, for example, he has oscillated between support for bitcoin core and bitcoin cash. Regardless of the veracity of the allegations, if Cobra was looking to cause a stir, he succeeded. On crypto Twitter, the debate rumbles on about one of the most controversial companies in Bitcoin and its controversial antagonist, Cobra.

Do you think these allegations about Blockstream are true? Let us know in the comments section below.


Images courtesy of Shutterstock.


Did you know you can verify any unconfirmed Bitcoin with our Bitcoin Block Explorer tool? Simply complete a Bitcoin address search to view it on the blockchain. Plus, visit our Bitcoin Charts to see what’s happening in the industry.

The post Blockstream Developers Alleged to Earn $850K Per Year appeared first on Bitcoin News.


Source: bitcoin.com
Blockstream Developers Alleged to Earn 0K Per Year

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Rwanda’s Central Bank Issues PSA on Alleged Cryptocurrency Get-Rich-Quick Scams

’s bank has issued a about alleged scams and crypto pyramid schemes targeting the country’s residence
: bitrss
Rwanda’s Central Bank Issues PSA on Alleged Cryptocurrency Get-Rich-Quick Scams

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Russian Police Arrest Alleged Creator of Large Crypto Pyramid Scheme From Kazakhstan

police have arrested the creator of a Kazakh scheme who confessed to illegally crossing the Russian border on horseback


Source: cointelegraph
Russian Police Arrest Alleged Creator of Large Crypto Pyramid Scheme From Kazakhstan

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BaFin Warns of Crypto Exchange CoinBene on Alleged Hiring in Germany

responded to inquiries from about alleged hiring activities in Germany and denied the news.
Source: financemagnates
BaFin Warns of Crypto Exchange CoinBene on Alleged Hiring in Germany

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PR: BitcoinHD Launches New POC Consensus

BitcoinHD Launches New POC Consensus

This is a paid press release, which contains forward looking statements, and should be treated as advertising or promotional material. Bitcoin.com is not responsible for or liable for any content, accuracy or quality the press release.

One of the most influential blockchain conferences – Consensus 2019 – has just ended. Leading figures from all over the worlds of and technology are still discussing the stories that emerged during the event, on the blockchain market, tech development and more.

Consensus is the core spirit of blockchain. The Consensus conference is named after this principle. While paying tribute to the technology, it inspires people in the blockchain industry to communicate, innovate and solve .

After attending the Consensus conference, the BHD Community held an invitation-only party, ‘New Consensus, New Era’, at the Hilton Hotel NY on 14th May. This party gathered people from all over the world who believe in POC consensus, hard disk mining and BHD, and gave them a good to connect in person.

Gary, BHD Community Initiator and Hpool COO, spoke at the gathering, stating that the POC consensus adopted by BHD will lead a new era. Compared to ASIC mining, hard disk mining costs much less. The hard disk is also the most decentralized mining hardware in the world. He believed that only POC could realize the initial vision of Nakamoto – ‘one person, one vote’ – and called on people to join the POC ecosystem.

In the era of POW, BTC was at the forefront of the scene; the rise of POC brings a new trend. BHD is the pioneer of this revolution, with new consensus and new mining structures. BHD will become the ‘BTC’ of the POC consensus mechanism.

Contact:
Website: http://www.btchd.org/
Email: [email protected]
Twitter: https://twitter.com/@btchdcommunity
Telegram: https://t.me/BitcoinHDofficial
Discord: https://discordapp.com/invite/pWde3gn

Supporting Link
http://www.btchd.org/

This is a paid press release. Readers should do own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.

The post PR: BitcoinHD Launches New POC Consensus appeared first on Bitcoin News.


Source: bitcoin.com
PR: BitcoinHD Launches New POC Consensus

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