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Author Topic: Bitcoin 100: Developed Specifically for Non-Profits  (Read 241854 times)
Phinnaeus Gage
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August 28, 2013, 03:36:31 AM
 #1521

100 is binary for 4. So, maybe Bitcoin100 could be the Bitcoin 4: myself, Bruno, Edd, and Jason? Though we would have to not let anyone else join  Grin
Just kissing..

Bitcoin100 didn't raise more than $10k. I think we raised something like $5k in donations. Maybe more, but not $10k. Bitcoin raise in value has just been very good to us.

Personally, I wouldn't want to bother with the 501c status. On the one hand it *might* get us more donations from people wanting to donate for tax deduction purposes. On the other hand, that would mean most costs, more fees, for paperwork for donations and IRS filings, and I think generally goes against what I think is the spirit of Bitcoin and this group, which is that it transcends governments. People from all over the world are donating bitcoins. And we do our job without relying on any bank or official organization "allowing" us to send money to charities. Why should we limit ourselves to a specific country, and force all out records and filings into a specific currency? Plus, I would have to keep record of every Bitcoin we receive in it's USD price at the time we got it, in order to file proper tax revenue filings. Sure, it's also extra work I'd really rather not bog myself down with, especially since I don't think it's needed, but really, my main objection is the one above.
I'm with Rassah on this. I think the benefits to "officially organizing" this don't outweigh the cons. It is a LOT more paperwork overhead.

I'll concur!

Now, I'm going to take the time to review all the suggestions submitted to Rassah.
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Phinnaeus Gage
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August 28, 2013, 03:42:05 AM
 #1522

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Please meet my good friend Jessie Morey. She's the awesome director of a nonprofit that teaches meditation skills to teens to improve emotion-regulation and self-esteem, among other things. It's called [urlhttp://ibme.info/=]Inward Bound Mindfulness Education[/url].

No Brainer! YES from me.
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August 28, 2013, 03:44:51 AM
 #1523

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Dmitry,

Please meet my good friend Tami. She's the director of the North Carolina-based Abundance Foundation, a non-profit that focuses on hands-on sustainability education. They hold events to promote local foods, renewable fuels and sustainable agriculture, among other things. Tami is quite forward-thinking as far as tech goes-- she and her husband once ran a successful open source software company called Tarus. However, Abundance does not yet accept BitCoins as donations.

Tami is awesome and I know she could do a lot of good with $1,000.

Enthusiastically,

Frankie

Another No-Brainer: And another YES from me.
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August 28, 2013, 03:51:15 AM
 #1524

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Dmitry,

Please meet my friend Amy. She's the founder of the Primate Education Network, a young nonprofit dedicated to supporting teachers to save endangered monkeys, apes, chimps and the like around the world. PEN creates classroom training tools and resources to increase compassion and protection for primates in their natural habitats. Amy has spent much of her career working in Africa with great apes (gorillas?) and did a stint at the National Zoo. She's awesome and I know $1,000 would make a big difference to her.

Enthusiastically,

Frankie

Domain registered in 2012, and Wayback Machine for 2013 only. No 501(c)3.

Further discussion is warranted with this one, but seems to be a noble cause and probably deserving. I will go along with any decision made concerning them.
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August 28, 2013, 04:06:45 AM
 #1525

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Dmitry,

Please meet my friend Edan-- he's on the board of a nonprofit called ByteBack that is dedicated to providing computer training to low income residents of Washington D.C. to improve their economic opportunities. Also cc'ed is ByteBack's development director, Cristina Moscoso.

Cristina,

My friend Dmitry runs a project called BitCoin100 that connects donors with charities that agree to accept BitCoins as a currency on their donations page. As an incentive, BitCoin100 donates $1,000 worth to the selected charity. Check out their site and let Dmitry know if you have any questions.

Good luck,

Frankie

This one's a tad trickier due to: view-source:http://byteback.org/

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<meta name='robots' content='noindex,nofollow' />

Hence, archive.org has no record of them, albeit they've been registered since 1997 according to Godaddy.

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Domain Name: BYTEBACK.ORG
Registrar URL: http://www.godaddy.com
Updated Date: 2012-08-30 21:52:06
Creation Date: 1997-09-15 04:00:00

http://web.archive.org/web/*/http://byteback.org

http://www.linkedin.com/company/byte-back

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About Byte Back, Inc.

Byte Back, Inc. is a 501(c)(3) charitable organization (FEIN 52-2061398) that provides computer literacy and employment readiness skills to underserved communities throughout Washington D.C. Our mission is to improve economic opportunities by providing computer and technology courses to low-income residents in D.C.. What we do is bridge the digital divide. There are many people in the D.C. community who lack access to digital communications, and who have yet to learn how to use a computer. In addition to providing free and low-cost computer courses for neighborhoods in D.C., we also teach advanced certification courses, enabling our students to enter the workforce with competitive and useful skills. We teach computer literacy classes at over a dozen locations throughout the city, at D.C. Public Libraries, at human service agencies, and at our own central office at Washington, D.C.

No info here: http://www.alexa.com/siteinfo/byteback.org

Let's see if we can get more information from their camp so that we can shine a more positive one on them.
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August 28, 2013, 05:32:00 PM
 #1526

Maybe we can have a second donation address for the bitcoin100 where people can send money to be used to promote the Bitcoin100, and reserve the original donation address for money to give to charities?

If people want to spend money to promote Bitcoin100, why not just have them spend the money directly? I'm ok with holding even more money, but I'm not sure if there's a need for it...

It may be time for a discussion about the future of Bitcoin100. How big do we want to get? What happens when we run out of charities, when every respectable organization has either accepted our BTC or said "No thanks"? Does the Bitcoin100 story end or do we start a new chapter?

I agree with Peter that the funds donated so far should be considered earmarked for charities only. Rassah, Phinnaeus and I are covering the minimal overhead expenses for Bitcoin100 out of our personal funds but if we begin accruing additional expenses it might be wise to keep everything as transparent as possible.

If we start spending other people's money on anything other than donations, it might be best to register and start acting like a "legitimate" non-profit. It might be interesting to see how bitcoins and the blockchain may be used to allow our books to remain open to review by anyone and everyone. I for one would like to make a real effort to keep funds in a closed "bitcoin only" loop.

Still around.
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August 28, 2013, 06:55:33 PM
 #1527

New charity suggestion:

Would you consider donating to http://neuroethics.com/ if a BTC donation button was prominently displayed? It is a registered 501c3. Thanks!

Looks like part of the Transhumanism movement. Thoughts?

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August 28, 2013, 07:10:38 PM
 #1528

How big do we want to get?

As big, or small, as our supporters want us to get?

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What happens when we run out of charities, when every respectable organization has either accepted our BTC or said "No thanks"? Does the Bitcoin100 story end or do we start a new chapter?

We will likely never run out of charities. There are new ones popping up all the time. We may run out of money way before then though. When bitcoin is ubiquitous, and everyone uses it anyway, then we will end.

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I agree with Peter that the funds donated so far should be considered earmarked for charities only. Rassah, Phinnaeus and I are covering the minimal overhead expenses for Bitcoin100 out of our personal funds but if we begin accruing additional expenses it might be wise to keep everything as transparent as possible.

We could set up a separate BTC account, I guess... Though I'm not sure how it would work exactly. It's not like we have revenues, and 100% of our income budget is for charities. Maybe we could post updates on things we need (like add spots and such) and have people donate to fund those specifically? Though that would require people to either donate twice, or choose between donating to our operating and our charity account. Another idea is to set up a % of future donations from a specific point to be spent on operating budget. I.e., all donations so far are charity only, and all donations starting on some day in the future will be split with 5% going to operating. We can then adjust the % as we need more or less.

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If we start spending other people's money on anything other than donations, it might be best to register and start acting like a "legitimate" non-profit.

How come?

Quote
It might be interesting to see how bitcoins and the blockchain may be used to allow our books to remain open to review by anyone and everyone. I for one would like to make a real effort to keep funds in a closed "bitcoin only" loop.

Of course. BTC100 money goes into the BTC100 address, and any time I spend anything from it, the change goes right back to the BTC100 address. That way, all money is kept in one place, and all transactions are trackable from one address. If we set up an operating account, I would set it up the exact same way, with 5% (e.g.) transfers coming in from the main BTC100 address, all change on expenses going right back to the operating account, and all expenses noted in the blockchain.info address transaction list.

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August 28, 2013, 07:47:00 PM
 #1529

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If we start spending other people's money on anything other than donations, it might be best to register and start acting like a "legitimate" non-profit.

How come?


The IRS, my friend. I believe the Internal Revenue Service might insist bitcoins sent to us constitute "taxable income" unless we register as a 501c. I could be wrong, however. I don't have much experience in running non-profits.

Still around.
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August 28, 2013, 09:07:40 PM
 #1530

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If we start spending other people's money on anything other than donations, it might be best to register and start acting like a "legitimate" non-profit.

How come?


The IRS, my friend. I believe the Internal Revenue Service might insist bitcoins sent to us constitute "taxable income" unless we register as a 501c. I could be wrong, however. I don't have much experience in running non-profits.

I'm sure we can readdress the 501(s)3 again at a later time if/when Bitcoin 100 grows to warrant such. Meanwhile, the funds collected and distributed through us is probably still below the radar, coupled with we have conducted ourselves in the most transparent way possible.

OTOH, we can easily take Bitcoin 100 to the next level, where we would be dealing with millions of dollars if we so desire. But, if we were to do such, it would take so much time to maintain that those in control would be expected to take a salary, albeit one much lower than what's doles out via other NPO's to their CEO/VPs/staff.

I sure the hell hope Rassah has been paying attention in his accounting/business classes.

New charity suggestion:

Would you consider donating to http://neuroethics.com/ if a BTC donation button was prominently displayed? It is a registered 501c3. Thanks!

Looks like part of the Transhumanism movement. Thoughts?

Everything looks fine with their org., but not sure if it's considered religious based.

http://en.wikipedia.org/wiki/Transhumanism
Rassah
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August 28, 2013, 09:51:40 PM
 #1531

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If we start spending other people's money on anything other than donations, it might be best to register and start acting like a "legitimate" non-profit.

How come?


The IRS, my friend. I believe the Internal Revenue Service might insist bitcoins sent to us constitute "taxable income" unless we register as a 501c. I could be wrong, however. I don't have much experience in running non-profits.

One issue with that: Bitcoin100 is not an American entity. I donate my time to it, and you, Bruno, and I are US citizens (dunno about edd), none of whom actually get a salary. Other people helping and volunteering are from other countries. So Bitcoin100 is really a web-based entity. One could argue that since I am running it, it is my personal thing, and I should do personal reporting of my own personal hobby project, specifically to make sure I'm not scamming with a fake "charity," but I don't claim to own Bitcoin100, am not in sole possession of the funds (others have the private key as well), and all activities are completely public, so there is nothing for me to scam or hide. This whole thing is one of those new tricky "global entity" things that many other international companies are struggling with...  Tongue

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August 28, 2013, 09:56:54 PM
 #1532

OTOH, we can easily take Bitcoin 100 to the next level, where we would be dealing with millions of dollars if we so desire. But, if we were to do such, it would take so much time to maintain that those in control would be expected to take a salary, albeit one much lower than what's doles out via other NPO's to their CEO/VPs/staff.

You can? How? And yeah, once salaries enter the mix, governments are going to want to know how much we paid to whom, and "just look at blockchain.info" won't cut it.

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I sure the hell hope Rassah has been paying attention in his accounting/business classes.

I'm getting a refresher, since I'm doing accounting for the Amsterdam conference Smiley

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Everything looks fine with their org., but not sure if it's considered religious based.

http://en.wikipedia.org/wiki/Transhumanism

I think transhumanism is more "Hey guys! Let's fuck with our DNA, pump ourselves full of chemicals, and stick computers in our brains, until we figure out how to live for ever!"

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August 29, 2013, 02:25:44 AM
 #1533

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If we start spending other people's money on anything other than donations, it might be best to register and start acting like a "legitimate" non-profit.

How come?


The IRS, my friend. I believe the Internal Revenue Service might insist bitcoins sent to us constitute "taxable income" unless we register as a 501c. I could be wrong, however. I don't have much experience in running non-profits.

One issue with that: Bitcoin100 is not an American entity. I donate my time to it, and you, Bruno, and I are US citizens (dunno about edd), none of whom actually get a salary. Other people helping and volunteering are from other countries. So Bitcoin100 is really a web-based entity. One could argue that since I am running it, it is my personal thing, and I should do personal reporting of my own personal hobby project, specifically to make sure I'm not scamming with a fake "charity," but I don't claim to own Bitcoin100, am not in sole possession of the funds (others have the private key as well), and all activities are completely public, so there is nothing for me to scam or hide. This whole thing is one of those new tricky "global entity" things that many other international companies are struggling with...  Tongue

The problem that you will run into is that you claim not to own those funds, but nobody else claims ownership of them either. The government does not like things to be unowned, so it would make sense to form some sort of organization which would lay claim to those funds (and thus they would not need to be added to your personal income for tax purposes).

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August 29, 2013, 03:19:25 AM
 #1534

Can I just claim that the funds are common, public property stored everywhere in the blockchain, and I'm just one of the people who knows how to get to them?  Wink

I'm guessing no. It is trivially easy to set it up so that no one really owns it. I did mention I'm not the only one with the key. I'm just the one using it most.

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August 29, 2013, 05:16:09 AM
 #1535

Can I just claim that the funds are common, public property stored everywhere in the blockchain, and I'm just one of the people who knows how to get to them?  Wink

I'm guessing no. It is trivially easy to set it up so that no one really owns it. I did mention I'm not the only one with the key. I'm just the one using it most.

For full disclosure, the only other person I'm aware of having the key is Roger Ver. It was set up at the onset (see OP of this thread) this way for the sole purpose of the proverbial hit-by-a-bus scenario. Edd or I do not have a key. I won't even know how to use one if I did. Rassah may have given another person (perhaps hubby) the key, but not for any nefarious purposes.

The funds are completely safe as they possibly can be in Rassah hands.

If Rassah were to operate an escrow service (maybe he already is), I would highly recommend using it. The dude comes across highly honest, albeit owning a funking coffee table.
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August 29, 2013, 05:31:03 AM
 #1536

If Rassah were to operate an escrow service (maybe he already is), I would highly recommend using it. The dude comes across highly honest, albeit owning a funking coffee table.

Seriously, what is this coffee table malarkey?

If I have any bitcoins for sale, you'll find them here - https://bitbargain.co.uk/buy/from/tomhashemi

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August 29, 2013, 05:36:54 AM
 #1537

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Seriously, what is this coffee table malarkey?


Two years ago, Rassah casually mentioned in some thread (pretty sure it was the infamous Pinkie Pie thread) owning a coffee table having a funky motif. I kinda made mention of it lightly, whereupon one or two others expanded upon it. Rassah posted (paraphrased), "What's this obsession with my coffee table?", whereupon I took the conversation to the next level and never let it go.

The art work on the table is beautiful, but not safe for work.

Hope that explains the running joke, bud.
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August 29, 2013, 06:00:46 AM
 #1538


The art work on the table is beautiful, but not safe for work.


Now that sounds intriguing... !

If I have any bitcoins for sale, you'll find them here - https://bitbargain.co.uk/buy/from/tomhashemi

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August 29, 2013, 03:33:57 PM
 #1539

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Everything looks fine with their org., but not sure if it's considered religious based.

http://en.wikipedia.org/wiki/Transhumanism

I'm one of the founders -- is there anything I can help with?

"The difference between a castle and a prison is only a question of who holds the keys."
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August 29, 2013, 04:09:12 PM
 #1540

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Everything looks fine with their org., but not sure if it's considered religious based.

http://en.wikipedia.org/wiki/Transhumanism

I'm one of the founders -- is there anything I can help with?

Hey, bud, yes! We need more clarification on http://neuroethics.com/ as you suggested to us below. Also, I'm curious as to why the link no longer works or was that a PM link via Rassah?

New charity suggestion:

Would you consider donating to http://neuroethics.com/ if a BTC donation button was prominently displayed? It is a registered 501c3. Thanks!

Looks like part of the Transhumanism movement. Thoughts?

Bitcoin 100 doesn't have a hard line in sand as to what ideas are funded, but there is one for religious and political organizations. A majority of our funds were amassed based on that premise, thus not wanting to renege on our commitment.

Any insight would help us make a more informed decision as to whether funding http://neuroethics.com/ is prudent.

Bruno Kucinskas
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