I have $12M in Bitcoin I want to give away • Hacker News Board

throwaway91111 wrote: post #5

bgia wrote: post #4

Shouldn't that person start by provisioning for their taxes? The tax liability of such a position is probably around 6 to 8 millions depending on the country the person lives in.

I thought you had to pay on cash out, not distribution.

From what I know, in the US, you're responsible for tax when using cryptocurrency as an actual currency for transactions. But I don't think you have to do anything if you're just giving it away.

Re: I have $12M in Bitcoin I want to give away

#15

Post by hackuser7 » Wed, Jun 07, 2017, 1:05 PM UTC

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Re: I have $12M in Bitcoin I want to give away

#16

Post by sasper » Wed, Jun 07, 2017, 1:05 PM UTC

I co-founded a 501c3 non-profit foundation that works with chronically malnourished children, single and pregnant women, and the elderly in nutrition, education, and women's empowerment projects in rural Guatemala. It's called the Konojel Community Center http://www.konojel.org, a project of the All Together Foundation.

We've received a bit of support through Bitcoin and would love to receive more funding for our projects, including covering the costs of a free community internet center that gives students access to the internet and printing services for no cost.

1Pw67exa4SuPA5Wkc9jFbn11UKhSGuzDox

Re: I have $12M in Bitcoin I want to give away

#17

Post by anotherturn » Wed, Jun 07, 2017, 1:06 PM UTC

Kudos to you.

My recommendation - https://supporters.eff.org/donate - they seem to be the only organization fighting to keep the internet open and accessible allowing technologies and services like bitcoin to exist and grow.

Re: I have $12M in Bitcoin I want to give away

#18

Post by hive_mind » Wed, Jun 07, 2017, 1:08 PM UTC

1ERzmPQtJw9kGYHznzFsPNDZcUo3qFM3Sv

Do the thing you fear -- Ralph Waldo Emerson

We don’t make movies to make money; we make money to make more movies. -- Walt Disney

Re: I have $12M in Bitcoin I want to give away

#19

Post by hakanito » Wed, Jun 07, 2017, 1:08 PM UTC

15UZqmqhe7CiWMHt5n1euTfQUWrD97ATAk

Re: I have $12M in Bitcoin I want to give away

#20

Post by ithought » Wed, Jun 07, 2017, 1:09 PM UTC

davidcollantes wrote: post #6

arvinjoar wrote: post #2

Why give it away? Could be spent on some pretty amazing projects that would otherwise not happen, with enough imagination.

I understand your reasoning, but (assuming this is true, and the person indeed owns such amount) it is the person's bitcoins to do with them as pleases, no?

Major corporations, pop culture and human nature all vying to get an individual to spend recklessly and in gratuitous ways, but let's not allow any force of good to use similar tactics.

We can't suggest to someone how to spend their money despite every facet of society doing exactly that.