Idea for glbse bitcoin faucet. | Bitcointalksearch.org

Bitcoin Oz

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Quote from: Sukrim on July 09, 2012, 11:22:41 AM

Just create an GLBSE account and let people send any shares they own there for donations - then send any balance daily/weekly to the faucet or BTC100 or whatever else you want to contribute to (please announce it beforehand and only send to one service). Nearly no administration needed, all you need is to withdraw to a donation address every one in a while and people can donate shares as they please. It doesn't even hurt to have pirate shares or any other kind of potential junk in there, as these would be anyways donated shares.

IMO there's really no need to open up a managed portfolio and sell shares as donations in this. If someone wants to donate BTC, they can send them too, if someone rather wants that fund to hold certain shares, they can simply buy them and send them over.

Makes a lot of sense and doesnt even need the overhead of a website. I might just do this.

Edit: As suggested I setup a "charity" account https://bitcointalksearch.org/topic/glbse-send-to-charity-92684

Sukrim

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Just create an GLBSE account and let people send any shares they own there for donations - then send any balance daily/weekly to the faucet or BTC100 or whatever else you want to contribute to (please announce it beforehand and only send to one service). Nearly no administration needed, all you need is to withdraw to a donation address every one in a while and people can donate shares as they please. It doesn't even hurt to have pirate shares or any other kind of potential junk in there, as these would be anyways donated shares.

IMO there's really no need to open up a managed portfolio and sell shares as donations in this. If someone wants to donate BTC, they can send them too, if someone rather wants that fund to hold certain shares, they can simply buy them and send them over.

Bitcoin Oz

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Quote from: Gareth Nelson on July 08, 2012, 09:25:02 PM

Sidetrack I know, but......

Here's a thought that's more "out there" - there's been talk of self-sustaining agents for a long time, with the right sort of setup an AGI could sustain itself using this strategy and actually run without human oversight, it could be setup to interact with hosting providers that do not accept bitcoin by sending wire transfers using exchanges and thus interact with the mainstream economy at the same time.

It might even be possible to wrap up the AI inside a corporation whose sole purpose is giving the AI legal identity with the shareholders all holding nonvoting shares and the articles of organisation giving decision-making power to the automated systems (the AI). Once that's been done, this corporation can itself own stock in others - an AI could legally acquire controlling interest in any company and direct it.

I'm bored, let's start skynet.

Did you ever read Daemon ?

Bitcoin Oz

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Quote from: Gareth Nelson on July 08, 2012, 09:19:31 PM

Quote from: Bitcoin Oz on July 08, 2012, 08:46:44 PM

I was thinking how a bitcoin charity could fund its operations and grow even if donations dried up every now and then.

A site would be created that accepted donations which would be used to buy shares in a managed etf or index fund on glbse.

The dividends would be paid out in faucet style to help people get their first coins easily, or to promote bitcoin in other ways. As the pot grew the site can give away more and more coins and do bigger and bigger promotions, thus creating a self funding bitcoin charity/foundation. Eventually this fund could do more and more donations to such things as the bitcoin100.

This would need a rigorous constitution and transparency/disclosure as to what it is doing and being a non profit entity would need to be run by volunteers.

Is it a good or bad idea to use the system glbse has created to benefit the community in this way ? Would glbse waive trading fees for this?

Mainstream nonprofits routinely use endowment funds for precisely this - take a big lump sum, invest it into various securities and use the returns to fund recurring expenses.

Theoretically, it could be completely automated - take donations and automatically buy whatever securities have the highest dividend payouts - split between at least 2 for risk hedging.

Withdraw 50% on a regular basis into a wallet somewhere, pay out of that wallet to your faucet, use the other 50% to buy more securities for growth.

If the faucet account is running too low, liquidate some holdings at GLBSE up to a certain configured limit and warn human operators that more fundraising is required.

Obviously there's lots of tweaks to be made and human oversight can't be completely eliminated, but you can go a long way with the above kind of scheme.

I wasnt aware this is how they operate but it seems obvious to me when there is a mechanism to earn ongoing returns that we could use it to our advantage.Also its a pity there isnt a way to do subscription services so you could set a certain amount to be donated each week from your account...like how you can donate to the red cross automatically from your credit card. Maybe its something an online wallet provider could do Wink

Bitcoin Oz

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It shoudnt need much human interaction hence cutting down on administration fees.

Gareth Nelson

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Sidetrack I know, but......

Here's a thought that's more "out there" - there's been talk of self-sustaining agents for a long time, with the right sort of setup an AGI could sustain itself using this strategy and actually run without human oversight, it could be setup to interact with hosting providers that do not accept bitcoin by sending wire transfers using exchanges and thus interact with the mainstream economy at the same time.

It might even be possible to wrap up the AI inside a corporation whose sole purpose is giving the AI legal identity with the shareholders all holding nonvoting shares and the articles of organisation giving decision-making power to the automated systems (the AI). Once that's been done, this corporation can itself own stock in others - an AI could legally acquire controlling interest in any company and direct it.

I'm bored, let's start skynet.

Gareth Nelson

hero member

Activity: 721

Merit: 503

Quote from: Bitcoin Oz on July 08, 2012, 08:46:44 PM

I was thinking how a bitcoin charity could fund its operations and grow even if donations dried up every now and then.

A site would be created that accepted donations which would be used to buy shares in a managed etf or index fund on glbse.

The dividends would be paid out in faucet style to help people get their first coins easily, or to promote bitcoin in other ways. As the pot grew the site can give away more and more coins and do bigger and bigger promotions, thus creating a self funding bitcoin charity/foundation. Eventually this fund could do more and more donations to such things as the bitcoin100.

This would need a rigorous constitution and transparency/disclosure as to what it is doing and being a non profit entity would need to be run by volunteers.

Is it a good or bad idea to use the system glbse has created to benefit the community in this way ? Would glbse waive trading fees for this?

Mainstream nonprofits routinely use endowment funds for precisely this - take a big lump sum, invest it into various securities and use the returns to fund recurring expenses.

Theoretically, it could be completely automated - take donations and automatically buy whatever securities have the highest dividend payouts - split between at least 2 for risk hedging.

Withdraw 50% on a regular basis into a wallet somewhere, pay out of that wallet to your faucet, use the other 50% to buy more securities for growth.

If the faucet account is running too low, liquidate some holdings at GLBSE up to a certain configured limit and warn human operators that more fundraising is required.

Obviously there's lots of tweaks to be made and human oversight can't be completely eliminated, but you can go a long way with the above kind of scheme.

Bitcoin Oz

hero member

Activity: 686

Merit: 500

Wat

I was thinking how a bitcoin charity could fund its operations and grow even if donations dried up every now and then.

A site would be created that accepted donations which would be used to buy shares in a managed etf or index fund on glbse.

The dividends would be paid out in faucet style to help people get their first coins easily, or to promote bitcoin in other ways. As the pot grew the site can give away more and more coins and do bigger and bigger promotions, thus creating a self funding bitcoin charity/foundation. Eventually this fund could do more and more donations to such things as the bitcoin100.

This would need a rigorous constitution and transparency/disclosure as to what it is doing and being a non profit entity would need to be run by volunteers.

Is it a good or bad idea to use the system glbse has created to benefit the community in this way ? Would glbse waive trading fees for this?

Edit:After a suggestion in this thread you can now send shares to an account called "charity" on GLBSE. https://bitcointalksearch.org/topic/glbse-send-to-charity-92684

Topic: Idea for glbse bitcoin faucet. (Read 1298 times)