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Crypto for the Homeless (501(C)(3))
- mitchbob 3y agohttps://web.archive.org/web/20230630174557/https://cryptoforthehomeless.com/ https://web.archive.org/web/20230630174557/https://cryptofor...
- TaylorAlexander 3y agoArchive link: https://web.archive.org/web/20230528215550/https://cryptoforthehomeless.com/about/ https://web.archive.org/web/20230528215550/https://cryptofor... Okay, well this is not what I initially suspected, it's a program to allow people with crypto to donate to volunteers who are going out on the streets and offering food and care packages to the homeless. This seems good. For some additional discussion context I looked up the platform from the Oakland Homeless Advocacy Working Group: https://www.shelteroak.org/hawg.html https://www.shelteroak.org/hawg.html I wanted to provide a summary but I realize I am late and need to head out. Taking a quick look, it seems that the latter group is focused more on legal measures to legalize encampments and work on supportive infrastructure and city-provided resources for these groups. I am sure that a combination of direct volunteer support and broader legal efforts can go hand in hand in supporting people without traditional housing.
- CyberDildonics 3y agoOkay, well what did you think it was, giving cryptocurrency directly to homeless people?
- codetrotter 3y agoIt would make sense. Kind of. One of the many problems with the banks is that they may require you have an address you call home, in order to open, and keep, a bank account. Bitcoin can, among other things, bank the unbanked. Too bad grocery stores, and most other businesses, don’t accept Bitcoin as payment. And keep in mind, many people are homeless without being drug users. So even buying drugs, which is one of the things Bitcoin is most suited for, is not super helpful to many homeless people. Anyway. If giving Bitcoin to the homeless does not help them, it’s nice to see that there is a way that Bitcoin can be used for helping the homeless directly. Namely by donations which can be turned into foods and other things given directly to the homeless.
- troupo 3y ago> Bitcoin can, among other things, bank the unbanked. > Too bad grocery stores, and most other businesses, don’t accept Bitcoin as payment. This means that Bitcoin cannot bank the unbanked (and it never could). I also wonder how you would "bank the unbanked" by requiring them to have an internet-connected smartphone to even be able to be banked by Bitcoin. Edit Smartphone or other internet connected device
- tyrust 3y ago> requiring them to have an internet-connected smartphone to even be able to be banked by Bitcoin An internet connection is not required to hold a private key. A hardware wallet would probably make the most sense.
- troupo 3y agoAnd they would be able to acquire that hardware wallet and get money into it how exactly?
- polygamous_bat 3y agoAnd how would you create a transaction without access to internet or a fairly modern device?
- yieldcrv 3y agoone party has to have an internet connection, eventually. you can trade signed transactions around like a file for a long time and then someone else goes to the internet cafe to bulk upload eventually. no different than the practice of bundling credit card transactions together to reduce static fees, or settling a bunch of checks at the end of some time interval. it is a temporary trusted environment in all of those systems including bitcoin, no big deal. keep track of anybody whose payment failed. bitcoin transactions can be signed and traded where only one party has an internet connection. bitcoin transactions can be signed and traded where neither party has an internet connection. it just has to be broadcast and added to the chain eventually. so even in a world without ubiquitous internet this concept doesn't go away, it will always exist in some form or anybody can recreate it or perpetuate a blockchain that has fallen into disuse.
- tourmalinetaco 3y agoPersonally I thought it was cryptography at first and was even more confused.
- kristopolous 3y agoYes. This is crypto we're talking about here, there's really no guardrails.
- deleted 3y ago[deleted]
- TaylorAlexander 3y agoYes, which I would have thought was misguided. As an outsider, we have seen so many asinine crypto projects in the last few years I am quite jaded about the whole thing.
- CyberDildonics 3y agoOkay, well at least it is a charity that might do some good and help people.
- kvee 3y agoWhen NFTs were hot, we made one that was intentionally tasteless thinking that it could raise awareness for people to donate to effective charities (pretending it was NFTs for needy children, but actually the proceeds from NFTs would go to the Against Malaria Foundation), but never could really get the whole thing right so decided not to launch it. If anyone has an idea to actually execute that original idea right and do some good net net, here's the website: https://nftsforstarvingchildren.com/ https://nftsforstarvingchildren.com/
- TaylorAlexander 3y agoI think making effective use of viral moments is just hard.
- zoklet-enjoyer 3y agoIt was pretty cool when this was going on https://en.m.wikipedia.org/wiki/Pineapple_Fund https://en.m.wikipedia.org/wiki/Pineapple_Fund
- troyvit 3y agoWow thanks for this summary. I need to go redirect some snark now.
- enbugger 3y agoIts good when the industry rewards its enthusiasts :)
- moffkalast 3y agoTouche haha
- 0xParlay 3y agoCelebrating homelessness on the off chance they were crypto enthusiasts. Kids this is your brain on tribalism. Just say NO!
- mandmandam 3y agoDelighted to see they accept decent crypto options, like Algorand, Monero and Nano (and Banano). Props!
- koolba 3y ago> Cryptocurrency donations all go towards funding food and resources delivered via care packages. The only investment we make in ourselves is the annual non-profit filing fee required by the state. So money laundering … for good?
- DANmode 3y agoIs it laundering if they don't receive anything back?
- sweetjuly 3y agoMaybe this is what's been happening to all my missing socks
- ChrisClark 3y agoAnd why is donating from my crypto wallet money laundering?
- ftxbro 3y agoEven after so many years and even my username I still thought this was going to be about how they can use cryptology to communicate more securely and privately.
- londons_explore 3y agoIt's notable that crypto charities seem to do rather well. I suspect some of the OG crypto millionaires like to give away small amounts of their fortune to charities because as well as being tax deductible, it avoids capital gains taxes, and promotes use of cryptocurrency (increasing the value of the rest of their holdings).
- reaperducer 3y agoI suspect some of the OG crypto millionaires like to give away small amounts of their fortune to charities The Catholic Foundation, which is part of the Archdiocese of Denver takes crypto, and has a whole page about the tax benefits: https://thecatholicfoundation.com/crypto/ https://thecatholicfoundation.com/crypto/ "Donating cryptocurrency is a non-taxable event. Donors do not owe capital gains tax on the appreciated crypto that is donated and can typically deduct the fair market value of the donation on their taxes."
- tgsovlerkhgsel 3y agoJust to be clear, this does not mean donating crypto leaves you with more money than keeping/selling it: If you have $1000 worth of crypto that you bought for $100 and donate it, you have $0 worth of crypto (because you gave it away) and e.g. $400 (assuming a 40% marginal tax rate) worth of tax savings. If you sell the crypto instead and keep the money, you pay e.g. 33% (20% federal + 13% California) taxes on it, and you have $0 worth of crypto (because you sold it) and $670 worth of cash after taxes.
- gene91 3y agoNitpicking the numbers. If you're assuming 13% California, that's $1M annual income. You should assume 37% marginal federal tax rate for deductibles, and assume 23.8% federal tax rate (due to NIIT) for long-term capital gains. Therefore, donation generates $497 of value (37%+13.3%=50.3%) whereas selling and keeping generates $632 of value (23.8%+13%=37.1%). Therefore, the difference ($135) is quite a bit smaller than your math ($270).
- RobotToaster 3y agoI thought it was going to be some wacky idea for giving homeless people crypto wallets from the title.
- j_walter 3y agoMany of the homeless already have crypto wallets...thats why they are now homeless
- napierzaza 3y ago[dead]
- davidhay 3y agoNext is NFTs for the Homeless
- CynicusRex 3y ago“Multi-level marketing pyramid scheme for the homeless.”
- EddieJLSH 3y agoCan you read an article before being negative?
- CynicusRex 3y agoIt's not an article but a website. All it does is legitimize crypto“currencies”, which are multi-level marketing pyramid schemes, under the guise of philanthropy. Mainly so “number goes up.” Nothing new under the sun.
- louwrentius 3y agoI agree, it feels to me like a good-news article so crypto people can pretend to do good or pretend crypto isn’t that bad. As I believe crypto isn’t anything, this is the kind of marketing they need for people to join their game of musical chairs.
- 71a54xd 3y agoIn other words, the best money laundering scheme ever created.
- hgsgm 3y agoThe only thing interesting here is the marketing gimmick. Any charity can accept crypto payment rails via a vendor.
- lumiukko 3y agoif you really want to use a hammer, everything looks like a nail
- mandmandam 3y agoHere we have volunteers helping people, provably, and the comments are riddled with blind cynicism. > Every receipt, transaction, reimbursement, and donation is publicly available information you can find here. You will find that all photos of receipts are publicly available on our blog. All donation money goes to funding feeding and providing supplies for the homeless. Find a different charity to attack guys. You're making yourselves look foolish. And you're punching down. It's gross. We get it, crypto bad. Well, it's math; it isn't going anywhere. Might as well praise the good stuff - which this is.