“Every man must decide whether he will walk in the light of creative altruism or in the darkness of destructive selfishness.”
A brave new world. The passing of peak centralization, economic freedom, the beginning of an era of more generalized prosperity. We’ve all read the hype and to some extent taken it on board. Crypto enthusiasts see the incredible potential of this new technology and as early adopters, we hope to see significant gains on our crypto market investments.
Let’s say this thesis holds true and crypto explodes into almost every area of economic endeavour. Finance, manufacturing, energy, voting, insurance, real estate – all of it embraces blockchain. With any degree of luck and assuming a diversified portfolio, crypto investors stand to make a great deal of money over the next 10 to 15 years, perhaps less. What then? I’ve been pondering this question for the last few weeks. If crypto were to make me rich, would that be everything I had hoped for?
Let’s get things straight for a moment. I’ve never been a particularly charitable person. Sure, I’ve donated money here and there, but charitable giving has rarely featured in my life to date. Actual good works are an entirely foreign concept. However, as I have reflected on the potential of crypto to result in the meaningful accumulation of wealth, I have slowly come to the realization that crypto could begin to unlock my previously miserly approach to sharing. In concrete terms, I’ve decided to establish a 1% rule. With each longterm crypto investment I take, I setup a second storage wallet and place 1% of the investment in there. When I finally liquidate the position years down the road that secondary balance will be donated to charity.
For me, this is a win-win scenario. Should all my crypto investments fail to accrue value, 1% of nothing is nothing – no extra cost has been incurred. Along the way, I’ve added an element of positivity to my crypto journey, whether the money materializes or not. Where my investment is too small to warrant a 1% divide, or I can’t safely store the coin or there’s a token swap coming up, I don’t bother, but all my primary holdings have this ratio in place (though I still have to setup a few wallets). Should things pan out, that 1% will have real value and as it’s always been separated from my investment balances, it shouldn’t be too difficult to part with. Now, I realize 1% isn’t much, but it’s a start. This once in a lifetime crypto moment offers a lot to patient, engaged investors but it would be even better if that translated into a somewhat more equitable world.
Of course, there are already a number of options for crypto giving. UNICEF France accepts a range of cryptocurrencies as donations. The Hope page lets you offer your computing power to mine Monero the proceeds of which go to UNICEF (Australia). A number of crypto firms such as Coinbase with ‘Givecrypto’ and Binance with the ‘Blockchain Charity Foundation‘ have already established funds to facilitate charitable giving.
A hidden benefit to all that red in your portfolio might be that deep in a bear market is the time it is ‘easy’ to decide to give. What are your thoughts on crypto giving? As always, comments and critique welcome.