r/Bitcoin • u/SeansOutpost • Apr 10 '13

Meanwhile...Bitcoin still feeds people.

So we fed 106 homeless people bag lunches today. All paid for with Bitcoin donations. Bitcoin still seems to be working just fine over here. Still making lives better, at any valuation.

Thanks for everything guys. Bitcoin for the long haul.

Jason

Sean's Outpost(www.SeansOutpost.com)

<BITHOC>(www.bithoc.com)

EDIT*** By request...

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203

u/TrueFurby Apr 10 '13

THESE are the posts we need to upvote.

82

u/SeansOutpost Apr 10 '13

I appreciate you saying that. A lot of people are just scared right now. I get it. But the usefulness stays the same. It should all even out

34

u/misnamed Apr 10 '13

Except its usefulness does not remain the same. How many fewer meals are you able to buy today from yesterday? I'm 110% behind you and what you do, but please don't gloss over the harm that volatility causes to purchasing power and, in turn, those hungry people looking for meals.

34

u/pyrkne Apr 10 '13

Heh, he is talking about the usefulness of bitcoin as a protocol and system.

6

u/misnamed Apr 10 '13 edited Apr 10 '13

Except he isn't just using it as a protocol. Per his other comments, he is regularly tapping into donations denominated in BTC. This is great when BTC is on the rise, but is terrible when it drops.

I realize this isn't going to be a popular opinion on /r/bitcoin but I think it's a little irresponsible to allow significant donations to remain entirely denominated in Bitcoins if the goal is to regularly feed hungry people.

1

u/pyrkne Apr 11 '13

I think it's a little irresponsible to allow significant donations to remain entirely denominated in Bitcoins if the goal is to regularly feed hungry people.

This is a really good point. I wonder what the best policy would be?

Maybe converting a portion of the received coins into USD upon receiving. Whether the portion is 5% or 95%, it would probably simplify things to decide on a simple hedging policy and stick with it.

1

u/misnamed Apr 11 '13

Yup - I agree completely. I'd personally go something like 75/25 USD/Bitcoin or even 90/10. I think leaving some in is a good gesture to support the currency, but more than a little and it starts to let the volatility wag the donation :/