Bitcoin makes bid for respect with new foundation

One of the traditional strengths of Bitcoin, the peer-to-peer cryptocurrency , has been its decentralization. Because no one is in charge of the network, users place their trust in the security of the Bitcoin protocol rather than in any specific institution. Yet decentralization also has costs. So far, the management of the flagship Bitcoin client has largely been a volunteer effort. There's no one to field media inquiries or represent the Bitcoin community with policymakers. A group of Bitcoin luminaries hopes to change that by forming the Bitcoin Foundation. The new organization is modeled on the Linux Foundation, a non-profit that employs Linux creator Linus Torvalds and represents the Linux platform to the broader world. A letter from Peter Vessenes, executive director of the freshly minted Bitcoin Foundation, notes that lead Bitcoin developer Gavin Andresen, "maintain...

Full article: http://arstechnica.com/tech-policy/2012/09/bitcoin-makes-...

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