I need some clarification on how the Bitcoin 100 funds are used. Until I'm satisfied with the answer I'm not going to be honoring the rest of my pledges.
My problem is with the fact that if we use 100 BTC exactly on each charity, it doesn't actually reflect what people honor per charity. It can lead to a scenario where we have an ever-increasing amount of excess BTC which just doesn't go anywhere, because we only donate 100 per charity, even if we have "per charity" donations in excess of 100 BTC.
This to me is unacceptable. What will it lead to next? The kickstarter starts to invest donated money because they have too much? It's also possible that I'm confused with how this is done, which is exactly why I need some clarification to be able to participate in this anymore.
My wish is that what we donate to these charities accurately represents the donated amount per charity, it's not a good plan to donate 100 BTC per charity regardless of the amount of donations. That I can't be a part of.
My problem is with the fact that if we use 100 BTC exactly on each charity, it doesn't actually reflect what people honor per charity. It can lead to a scenario where we have an ever-increasing amount of excess BTC which just doesn't go anywhere, because we only donate 100 per charity, even if we have "per charity" donations in excess of 100 BTC.
This to me is unacceptable. What will it lead to next? The kickstarter starts to invest donated money because they have too much? It's also possible that I'm confused with how this is done, which is exactly why I need some clarification to be able to participate in this anymore.
My wish is that what we donate to these charities accurately represents the donated amount per charity, it's not a good plan to donate 100 BTC per charity regardless of the amount of donations. That I can't be a part of.
Thank you, Technomage, for addressing your concern(s) in regards to Bitcoin 100. My hope is that at the end of my reply, your concern(s) will be addressed to your satisfaction.
My goal for Bitcoin 100 from the get-go was to obtain at least 100 supporters, with the intent of having said supporters honor their stated pledges if or when they see fit, receiving no pressure from Bitcoin 100 to comply. To date, all that has come to fruition: over 100 supporters; over 100 BTC contributed to the pool, albeit some of those donations do carry over to subsequent pool(s); Rassah took time to kindly remind members who have not honored their pledges to date, whereupon the joint, e.g., took action (a second reminder to members who still don't honor their pledges will not be warranted, at least, in re. the first pool).
Even I was taken aback when it was bought to my attention that an amount exceeding 100 BTC was going to be awarded to Group B Strep International, but Rassah was kind enough to shed light on the subject via pointing to the ledger.
That said, we at Bitcoin 100 have done exactly what your post advocates we should do. If you would have had posted that you desired ONLY 100 BTC be allocated to any one non-profit organization, then my reply here would be totally different.
But, the fact of the matter is that an initial 112.854 BTC was sent to GBSI via 1BTC1oo1J3MEt5SFj74ZBcF2Mk97Aah4ac (Bitcoin 100's address), with subsequent bitcoins also sent, as can be seen here. Currently, GBSI has received approximately 130.05405 BTC in donations, to date. Other users of this forum, possibly not members of Bitcoin 100, have kindly donated to that cause as well.
I hope I've addressed your questions and concerns, Technomage, with this reply. Please feel free to question anything related to Bitcoin 100 on this thread or PM me. There will never be anything kept from our members pertaining to Bitcoin 100.
Thank you.
~Bruno~
Sent a PM to Rassah about it just now after he contacted me 2 days ago to let me know about our first accepting site.
