How does Glo generate basic income and lift people out of extreme poverty?
globalincomecoin.com
How does Glo generate basic income and lift people out of extreme poverty?
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Re: How does Glo generate basic income and lift people out of extreme poverty?
#2The biggest issue with stable coins at this time is that none of the primary stable coin providers will agree to follow GAAP and have trusted 3rd party audits. As a result, it is hard not to see the whole cryptocurrency ecosystem as a house of cards on an unstable foundation.
Will Glo allow 3rd party audits by an accredited firm? If so, THAT is how you'll get people to switch over.
Re: How does Glo generate basic income and lift people out of extreme poverty?
#3This looks like yet another cryptocurrency scam. If you want to lift people out of poverty you can just donate directly to many charities that have been doing great work for decades. You don't need to go through this extra step where a bunch of crypto grifters are taking a cut.
Re: How does Glo generate basic income and lift people out of extreme poverty?
#4This looks like yet another cryptocurrency scam. If you want to lift people out of poverty you can just donate directly to many charities that have been doing great work for decades. You don't need to go through this extra step where a bunch of crypto grifters are taking a cut.
We actually donate all the money we generate to one such a charity (GiveDirectly). If you want to donate money to GiveDirectly, that's amazing and we encourage it—donating $35/month lifts one person out of extreme poverty [1]
Glo is an additional way to contribute to GiveDirectly. Instead of (or in addition to) donating convert your USD to Glo and it will passively generate money for GiveDirectly.
Our goal is to scale up the available money for GiveDirectly to give away. We're an actual non-profit, not a scam, and no one is taking a cut. Our operations are paid from philanthropic donations; donors receive nothing; employees receive a salary.
Re: How does Glo generate basic income and lift people out of extreme poverty?
#5I recently joined Glo as Head of Partnerships. Happy to answer any questions about why I personally chose working with them over starting another company/working for FAANG.
Re: How does Glo generate basic income and lift people out of extreme poverty?
#6The biggest issue with stable coins at this time is that none of the primary stable coin providers will agree to follow GAAP and have trusted 3rd party audits. As a result, it is hard not to see the whole cryptocurrency ecosystem as a house of cards on an unstable foundation. Will Glo allow 3rd party audits by an accredited firm? If so, THAT is how you'll get people to switch over.
Yes, we will allow those. In general we'll aim to be as transparent as possible, which we believe can give us a competitive advantage over other stablecoins [1]. I personally think that being a non-profit helps with being credible in that respect.
Re: How does Glo generate basic income and lift people out of extreme poverty?
#7I recently joined Glo as Head of Partnerships. Happy to answer any questions about why I personally chose working with them over starting another company/working for FAANG.
Why did you personally chose to work for them? :)
Re: How does Glo generate basic income and lift people out of extreme poverty?
#8> The innovation of Glo is that it allows you to financially contribute without actually giving any money away.
That's a lie, you are losing out on the interest rate on the money held in escrow.
Re: How does Glo generate basic income and lift people out of extreme poverty?
#9This looks like yet another cryptocurrency scam. If you want to lift people out of poverty you can just donate directly to many charities that have been doing great work for decades. You don't need to go through this extra step where a bunch of crypto grifters are taking a cut.
We actually donate all the money we generate to one such a charity (GiveDirectly). If you want to donate money to GiveDirectly, that's amazing and we encourage it—donating $35/month lifts one person out of extreme poverty [1] Glo is an additional way to contribute to GiveDirectly. Instead of (or in addition to) donating convert your USD to Glo and it will passively generate money for GiveDirectly. Our goal is to scal…
> Instead of (or in addition to) donating convert your USD to Glo and it will passively generate money for GiveDirectly. Our goal is to scale up the available money for GiveDirectly to give away.
That GiveDirectly isn't already doing something similar indicates to me that they believe it's not an effective use of money. You, I assume, disagree. Why should I trust your judgement over theirs?
Re: How does Glo generate basic income and lift people out of extreme poverty?
#10Earlier quoted context omitted.
We actually donate all the money we generate to one such a charity (GiveDirectly). If you want to donate money to GiveDirectly, that's amazing and we encourage it—donating $35/month lifts one person out of extreme poverty [1] Glo is an additional way to contribute to GiveDirectly. Instead of (or in addition to) donating convert your USD to Glo and it will passively generate money for GiveDirectly. Our goal is to scal…
> Instead of (or in addition to) donating convert your USD to Glo and it will passively generate money for GiveDirectly. Our goal is to scale up the available money for GiveDirectly to give away. That GiveDirectly isn't already doing something similar indicates to me that they believe it's not an effective use of money. You, I assume, disagree. Why should I trust your judgement over theirs?
We're not endorsed by GiveDirectly, but in our informal chats they expressed excitement about our plans. I can't speak for them but I can imagine they want to focus on their core model. Building and issuing a stablecoin is quite a separate enterprise.
As for whether Glo is an effective use of money, if we'd capture 5% of the stablecoin market we'd generate the total amount of money GiveDirectly distributed in 2021 [1]
1. https://www.globalincomecoin.com/articles/vision-and-growth-...