codema.in
Tue 12 Apr 2022 11:09AM

[proposal] should we accept bitcoin donations for FSCI?

P parmutownley Public Seen by 64

FSCI is trying to raise funds and we are no way near our goal yet. I propose we can also start accepting bitcoin donations for following reasons:

- bitcoin allows us to receive international payments, increasing our donator's space from national to international
- bitcoin is a little controversial but its the closest to "FOSS money" we have
- helps with donator's privacy

There are few selfhostable services we can use such as BTCPay Server: https://btcpayserver.org/
although running BTCPay server is a complete eCommerce solution and might be too expensive IF we also want to accept quick payments over The Lightning Network.

We could also just have a bitcoin address generated from a light wallet (like electrum wallet) and post it on our fundraisers. I think the core members should hold the keys to that wallet.

We should also consider some less popular but more private currencies such as Monero

PK

pirate king Thu 21 Apr 2022 7:25PM

You dont want to be harassed by FEMA violations and ED. Best to stay clear from cryto donations in general.
@suman Its not a legal tender.

PP

Pirate Praveen Tue 26 Apr 2022 1:00PM

https://qoto.org/@mathlover/108193650003070052

"The energy cost to run a Mastodon node is tiny compared to the amount of money wasted on a single Bitcoin transaction, mostly because the latter is so inefficient due to what is going on that it's hard to make it any worse without literally burning an acre of old-growth rainforest for each Bitcoin spent.

Bitcoin's exorbitant energy expenditure isn't due to being decentralized. It's due to the fact that in order to verify transactions, the network runs a lottery which awards Bitcoin to whichever miner can brute-force solve a mathematical problem so hard that it takes the entire network 10 minutes to solve with a power level equivalent to a small European country." Can anyone respond to this aspect of bitcoin?

P

parmutownley Tue 3 May 2022 11:10AM

The energy cost to run a Mastodon node is tiny compared to the amount of money wasted on a single Bitcoin transaction,

why do these studies never include lightning network?

RD

Ravi Dwivedi Mon 2 May 2022 6:46AM

Wikimedia Foundation is discontinuing accepting donations via cryptocurrency https://mastodon.social/@kiwix/108228034711808813

LIT

Life is Tetris Tue 3 May 2022 4:01PM

Just as an example of alternative pre-Patreon pre-Bitcoin acceptance of donations, I remember sites having an Amazon wishlist which patrons could fund.

a) What could be the tax status of such a wishlist in India?

b) Assuming that a shopping wishlist isn't of any use to FSCI :-) is there an equivalent to, say, let patrons fund the hosting account?

RD

Ravi Dwivedi Wed 1 Jun 2022 8:13AM

Reasons by autistici.org on why they do not accept bitcoins https://cavallette.noblogs.org/2013/07/8333#eng

To summarize, the list of reasons we all agreed are the following:

1 they are not really anonymous (it is stated also on their official website)

2 we pay our services in Euro or in Dollar, not in Bitcoin, for this reason we should then convert them anyway. To convert them we should be using one of these Bitcoins exchange sites which are not that transparent and who control a big amount of the total Bitcoin traffic and it’s not proven that they are any better than normal banks.

3 we feel a general hatred for Bitcoins and their financial speculations which at the moment are holding the Bitcoin market. We all have seen the trend over time of this new coin and it looked pretty much like the typical behavior of an investment subject to speculative bubbles and we do not consider this a behavior of a ‘comunitarian’ coin.

To summarize even more: bitcoins do not give us any specific advantage compared to a normal bank account and we are lazy. the real anonymous donations are made in a sealed envelope using latex gloves.

Also at this point it seems pretty clear to us that to consider Bitcoin as a “currency”  is ‘a little’ improper: Bitcoin are an investment fund pump & dump done to dupe the ultra-libertarian anarco-capitalists.

In short, we find ourselves with a certain unease to participate actively in this financial game.