On September 3, the BitMEX Institute released a research report on the Bitcoin Foundation. The report pointed out that due to a series of problems in governance and financial transparency, the ultimate failure of the Bitcoin Foundation is actually a reasonable result. The Bitcoin Foundation began its work, largely in favor of paying bitcoin developer Gavin Andresen's salary, scheduling bitcoin meetings, and promoting bitcoin to regulators; and attracted many Bitcoin community members, including well-known, from 2012-2013 Developers, companies, etc.; but the foundation's governance structure is very complex, and its governance structure has given the original founder too much power to be criticized. In 2014, founding members Charles Schrem and Mark Karpeles left, and because of the controversy over which Brock Pierce entered the board during the period, the Foundation improved its governance structure and the founding members were removed. At the same time, the Bitcoin Foundation's finances have also been criticized: 1. The sharp increase in spending in 2014 has brought the Foundation's reserve funds close to zero; 2. The Foundation's bitcoin balance lacks transparency. Although some members wished to ask about the specific circumstances of the funds, they never explained them. In addition, the Foundation’s reputation has been compromised to a certain extent because the Foundation is involved in the MtGox bankruptcy case. At present, the Bitcoin Foundation has no important financial resources, and its main activities in the past are also carried out by other institutions, such as the Coin Centre, which is responsible for lobbying regulators, while the Bitcoin development is conducted by Chaincode Labs, Blockstream, and the Massachusetts Institute of Technology (MIT). Funded by institutions such as DCI and other industry players.