Topic: [2014-12-26] TechCrunch: Bitcoin, Burning Man And The Gifting Economy (Read 638 times)

already posted.

Bitcoin was a terrible investment this year, but that hasn't stopped non-profits from asking for them anyway. Wikipedia, Electronic Frontier Foundation, Khan Academy and now even Burning Man will take those bitcoins off your hands in the form of a tax-deductible donation.

While this won’t get you a golden ticket into the actual festival, gifting something without expecting anything in return is part of the spirit and culture of the annual festival in the Nevada desert. In fact, it’s listed first in the 10 Principles of Burning Man:

Burning Man is devoted to acts of gift giving. The value of a gift is unconditional. Gifting does not contemplate a return or an exchange for something of equal value.

Though a lot of money goes into prep and supplies for the festival, no actual money is exchanged while in Black Rock City except for the buying of ice or coffee at the main tent. Folks give away everything from vegan ice cream to “special” massages while there. Even clothing can be donated away. The new bitcoin option has more to do with funding year round activities outside the festival, however.

For some context, there’s Burning Man the 501(c)3 and there’s Black Rock City LLC. Ticket sales cover the actual cost of producing the festival. That’s the for-profit part. The cryptocurrency donations will help the non-profit arm of Burning Man to build out “organizational capacity,” support community initiatives and most likely help fund those giant art projects that get shipped out to the middle of the Playa every year.