Hacker News Board Hacker News, browsed like a classic message board
Live data from Hacker News

Ask HN: How to give cryptocurrency to people in need?

news.ycombinator.com

Post reply on HN
Print view View original

1–10 of 34 posts

Ask HN: How to give cryptocurrency to people in need?

#1

Post by joewaltman »

My name is Joe Waltman and I a recently started working with GiveCrypto.org (https://www.givecrypto.org/), a non-profit that was started by Brian Armstrong. I somewhat stumbled into this job after my previous company (VetPronto) went out of business. I am far from an expert on cryptocurrency and have zero experience working with non-profits.

GiveCrypto.org aims to help by making direct transfers of cryptocurrency. There is a growing body of evidence suggesting that the best way to help poor people is to give them cash, rather than traditional support like food, medicine or training.

One of the big challenges for GiveCrypto.org is finding people that are both in need and can use cryptocurrency. I've done some experimentation (https://medium.com/givecrypto/givecrypto-work-trial-a-new-fi...) and it is a quite a brain teaser. There is a sad irony wrapped around this problem; the poorer you are, the more 'expensive' it is for you to make use of cryptocurrency. I'd love to tap into the HN network to help brainstorm clever ways to get cryptocurrency into the hands of people that need it.

Thanks in advance.

Re: Ask HN: How to give cryptocurrency to people in need?

#3

Post by joewaltman »

Finnucane wrote: post #2

>There is a growing body of evidence suggesting that the best way to help poor people is to give them cash Then why not just do that, then?

I agree that fiat currency would be more useful if the recipient lives in a place with a functional financial system and/or a competent government. However, in places where money is broken (i.e. venezuela) or government is broken (i.e. refugee camps), it is possible that a crypto-currency might be more useful than fiat.

Re: Ask HN: How to give cryptocurrency to people in need?

#4

Post by Finnucane »

joewaltman wrote: post #3
Finnucane wrote: post #2

>There is a growing body of evidence suggesting that the best way to help poor people is to give them cash Then why not just do that, then?

I agree that fiat currency would be more useful if the recipient lives in a place with a functional financial system and/or a competent government. However, in places where money is broken (i.e. venezuela) or government is broken (i.e. refugee camps), it is possible that a crypto-currency might be more useful than fiat.

In Venezuela, only the local currency is a problem. You could still send dollars. And refugee camps, might be better off getting food and medicine directly.

Re: Ask HN: How to give cryptocurrency to people in need?

#5

Post by gamblor956 »

joewaltman wrote: post #3
Finnucane wrote: post #2

>There is a growing body of evidence suggesting that the best way to help poor people is to give them cash Then why not just do that, then?

I agree that fiat currency would be more useful if the recipient lives in a place with a functional financial system and/or a competent government. However, in places where money is broken (i.e. venezuela) or government is broken (i.e. refugee camps), it is possible that a crypto-currency might be more useful than fiat.

There is no situation in which you have a broken government (i.e., refugee camps) where it is possible that crypto-currency will be useful. In refugee camps, even the doctors and aid workers have minimal access to the internet, and certainly not the type of stable connection you would need to transact crypto. Moreover, you would have extreme difficulty finding counterparties for the crypto-fiat exchange that don't charge usurious rates.

In situations where you just have broken governments, like Syria or Somalia, you generally also have broken utilities and private services, and internet is definitely low down on the list of priorities when you're worried about basic survival.

Re: Ask HN: How to give cryptocurrency to people in need?

#6

Post by masukomi »

joewaltman wrote: post #3
Finnucane wrote: post #2

>There is a growing body of evidence suggesting that the best way to help poor people is to give them cash Then why not just do that, then?

I agree that fiat currency would be more useful if the recipient lives in a place with a functional financial system and/or a competent government. However, in places where money is broken (i.e. venezuela) or government is broken (i.e. refugee camps), it is possible that a crypto-currency might be more useful than fiat.

It's common knowledge that refugees streaming across border regularly bring computers, cell phones, solar panels, and large batteries to keep all those things going. Plus unlike most people in first world countries, most refugees are well versed in cryptocurrency wallets, trading, and the relative value of those coins to the daily needs of life like bread, and vegetables.

.... end sarcasm.

Re: Ask HN: How to give cryptocurrency to people in need?

#7

Post by joewaltman »

gamblor956 wrote: post #5
joewaltman wrote: post #3

Earlier quoted context omitted.

I agree that fiat currency would be more useful if the recipient lives in a place with a functional financial system and/or a competent government. However, in places where money is broken (i.e. venezuela) or government is broken (i.e. refugee camps), it is possible that a crypto-currency might be more useful than fiat.

There is no situation in which you have a broken government (i.e., refugee camps) where it is possible that crypto-currency will be useful. In refugee camps, even the doctors and aid workers have minimal access to the internet, and certainly not the type of stable connection you would need to transact crypto. Moreover, you would have extreme difficulty finding counterparties for the crypto-fiat exchange that don't ch…

While I agree that there are a number of challenges around actually utilizing crypto in places like this, you must also agree that some of crypto's unique characteristics are actually very compelling in these situations. For example, it is very expensive to get supplies or money into these 'camps'. The (relatively) immediate and peer-to-peer nature of cryptocurrency is perfect for this kind of help.

Re: Ask HN: How to give cryptocurrency to people in need?

#8

Post by joewaltman »

masukomi wrote: post #6
joewaltman wrote: post #3

Earlier quoted context omitted.

I agree that fiat currency would be more useful if the recipient lives in a place with a functional financial system and/or a competent government. However, in places where money is broken (i.e. venezuela) or government is broken (i.e. refugee camps), it is possible that a crypto-currency might be more useful than fiat.

It's common knowledge that refugees streaming across border regularly bring computers, cell phones, solar panels, and large batteries to keep all those things going. Plus unlike most people in first world countries, most refugees are well versed in cryptocurrency wallets, trading, and the relative value of those coins to the daily needs of life like bread, and vegetables. .... end sarcasm.

I have been surprised by the technical fluency and sophistication of refugees.

And, I appreciate sarcasm as much as anybody. :)

Re: Ask HN: How to give cryptocurrency to people in need?

#9

Post by X6S1x6Okd1st »

Finnucane wrote: post #4
joewaltman wrote: post #3

Earlier quoted context omitted.

I agree that fiat currency would be more useful if the recipient lives in a place with a functional financial system and/or a competent government. However, in places where money is broken (i.e. venezuela) or government is broken (i.e. refugee camps), it is possible that a crypto-currency might be more useful than fiat.

In Venezuela, only the local currency is a problem. You could still send dollars. And refugee camps, might be better off getting food and medicine directly.

Sending money long distances especially crossing borders is a non-trivial problem.
Post reply on HN