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Originally Posted by oldsilver
yes but the charities themselves despite their phenomenal work are expensive to run. despite all the good intentions, only 5-10% of the original donation ends up in the hands of those that need it. you do know that, right? the majority is lost in admin. crypto might provide a way to move 90%+ of donation funds to the intended target.
I'm just not seeing the mechanism whereby administrative costs would be reduced by changing the method of payment.
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and as for traditional fiat providing a similar/easier mechanism to donate funds, imo you're overlooking (i) the source of funds available from philanthropic bitcoin m/billionaires who also want to see crypto become establishment (ii) the potential for blockchain to audit aid funding and prove aid outcomes.
At the starting point, midpoints and endpoints, you still have the costs of transferring the funds.
Have any of the ~1000 owners of 40% of bitcoins come forward to say they are starting a charitable aid organization? I haven't seen any news to this effect.
I'm not sure of what mechanism you have in mind for the blockchain to actually do any of the work of auditing anything. It is not an Elf on a Shelf.
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yes, we could ask bitcoiners to withdraw to fiat and donate to aid and some will already be doing this. but you'll get a far greater response if a coin exists that you can exchange crypto for then withdraw to an account of your actual choosing without impacting your daily fiat withdrawal limits, because you're so desperately trying to convert BTC to AUD/USD/EUR at $5k a day to pay off your house and prove it wasn't all just a pipedream.
It is sometimes easier to envision a solution if you make it concrete.
So, I (the bitcoin multibillionaire) want to make sure that poor refugees in Uzbekistan have enough eggs to eat a proper breakfast each day by funding your charity that will fund local small chicken farmers.* Let's try to come up with a plausible solution. Assume that I am happy to swallow the transaction fee to transfer 67,000 bitcoins* to your new bitcoin-accepting charity.
What do you do with the bitcoins I gave to your charity?
*ok, they will probably want some butter and toast and probably something **** to cook the eggs, but **** 'em. They will eat raw eggs and like it. It is my charity, and I'll ****ing remove my funding to the ungrateful bastards if they get to whining.