An NFT That Saves Lives • Hacker News Board

Re: An NFT That Saves Lives

#211

Post by dorkwood » Wed, May 05, 2021, 10:38 PM UTC

eloff wrote: post #23

spamalot159 wrote: post #10

Earlier quoted context omitted.

Except for that it uses technology that harms the environment. I don't think this trend is "fun" compared to a normal donation drive when it has these negative side effects.

The environmental harm of a single ethereum transaction is very low. Lower than a fundraising dinner. Please take your nitpicking elsewhere. They're literally aiming at saving thousands of lives and the comments are all focused on how bad NFTs are. Give me a break, talk about missing the point.

Throwing an empty can into the river has a miniscule effect on the environment. You do more damage when you ride the bus to work.

Re: An NFT That Saves Lives

#212

Post by whateveracct » Thu, May 06, 2021, 5:36 AM UTC

_9omd wrote: post #166

bob33212 wrote: post #112

Earlier quoted context omitted.

I appreciate this as I'm also trying to keep an open mind and understand what this means for the future. So far there are only two arguments that I understand: 1. Libertarianism: The world will be better if we remove the government and other 3rd parties from interfering in transactions between individuals. 2. Decentralization of Money (Crypto), like the decentralization of information (The internet) will unlock techn…

I think the problem is you're looking at cryptocurrency with the wrong perspective, so you're missing the fundamental ways it can rewrite the entire world of finance. I imagine you're looking at this from a consumer perspective, and you trust your bank, have a stable government fiat currency to use, and a credit card to make easy transactions with, so you have little use for cryptocurrency. Yet with the internet you…

> I imagine you're looking at this from a consumer perspective, and you trust your bank, have a stable government fiat currency to use, and a credit card to make easy transactions with, so you have little use for cryptocurrency.

You're right - I do live in America :)

Re: An NFT That Saves Lives

#213

Post by geckoav » Thu, May 06, 2021, 8:22 PM UTC

Setting aside the environmental responsibility offset that Noora is planning to embark on, I still don't see why this is a viable strategy for an NGO raising funds for on ground impact. Noora operates in a country with strict financial regulation for foreign donations, but still allows funding to come in full (no tax for the NGO). In this case, assuming that the purchase is getting "cashed" out outside India, wouldn't there be quite a bit lost in fees and taxes?

Another thought that comes to mind is strategy in holding crypto assets by a non-profit - if an asset appreciates, is it profiting and subject to taxes when converted to fiat? If so, is it better to convert immediately, or take the risk in holding crypto for a chance at improving the value of the donation? If you're holding (closest equivalent I can think of for nonprofits in Inida is generating returns on an FD made on the corpus), is the donation really doing anything?