Crypto Giving

Every man must decide whether he will walk in the light of creative altruism or in the darkness of destructive selfishness.”

Martin Luther King, Jr.

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.

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Responses

  1. sandwichbill

    Yeah, interesting proposal. As I read through the first paragraph I was thinking of a method of loaning my crypto (which is becoming all the rage now) to a charity and receiving interest on it, that is free from tax. Just a brainstorming idea, don’t know if that would work.

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  2. Indigo Ocean

    I think it’s a brilliant idea. I do a lot of charitable giving already, but when I think about crypto I don’t think of Vegas like returns for myself. I think of making sure I’m okay during upcoming economic malaise while also being a part of creating solutions to the world’s problems.

    I pick my crypto to invest in partially by ideas about how strong the tech is and how likely the price is to go up, but also based on what the project is trying to do and how much it helps people.

    So for example, I like XLM because it is the non-profit version of XRP (from the same founder) and focuses equally on helping poor individuals internationally and facilitating institutional transfers.

    I like OMG for its focus on making banks unnecessary for anyone, so that the world’s unbanked billions are not being left out of any services they need. They will provide “banking services” without the people needing a bank account.

    I could go on and on about the projects I invest in because I want to contribute funds to the mission of that coin. I think if more people simply invest like this we will be helping to change the world for the better.

    To also donate crypto profits is of course great too!

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    1. CryptosDecrypted Post author

      Thanks, Indigo. I’ve also invested in OMG with its mission to bring fair financial services to the unbanked. Another project I like and have a small investment in is ‘The Acorn Collective’ a fee-free crowdfunding platform with a good heart https://aco.ai/

      “I could go on and on about the projects I invest in because I want to contribute funds to the mission of that coin. I think if more people simply invest like this we will be helping to change the world for the better.” Well said Inigo!

      Btw I really enjoyed your YouTube channel and your methodical and reflective approach to investing.

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  3. Zeus69

    Great post and idea. Strangely, 1% of the worlds population own 90% of the worlds wealth. Its a great idea to start sharing the money, but would be even better if the 1% rich also gave 1% of their wealth that would make a huge difference.
    Regards,
    Mark (Zeus69)

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  4. MDMA Tablettenformat

    Basically a good and noble idea. The only question is how this charity really shows itself and whether one percent is enough. Usually it is the altruists who become the purest hypocrites as soon as they have wealth and power in their house. Then they still want more wealth and power. Perhaps it would be better to integrate charity directly into the algorithms of crypto currencies. The machine does not yet know greed. Man is a monkey after all. He probably can’t help it at all. evolutionary.

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    1. CryptosDecrypted Post author

      ‘Perhaps it would be better to integrate charity directly into the algorithms of crypto currencies’. You are 100% correct MDMA. And as you highlight, the monkey brain allied to our lizard instincts now serve us very poorly indeed.

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  5. Adil Elias

    That shows some generosity man. Plus, I’m sure you’ll be rewarded for that, they say that people with an outlook of abundance tend to spot more opportunities than people with a mindset of scarcity.

    Well done man and good luck!

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  6. Dexpartacus

    If I will became rich I will do a big charity for sure, but in first person, I don’t like to give money to people that I don’t know, in my personal experience when you give money to others, every hand that touch it less money remains.

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  7. Clifford

    Patagonia clothing pledges 1% for the planet. There net sales were a billion dollars last year. Interesting, Substratum node has one of the largest undisclosed non profits signing on for there cryptopay products. I would love to be a philanthropist:)

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