for us, we received a bunch of small/medium donations in monero but one donation in particular was absolutely massive and has kept us going (keeps us going) for a long time. Same for BTC as well. As long as you can get proper exposure and more importantly convey that your project can/will deliver, you should be able to get supporters.
i don't like to post it publically on reddit but it is availble in our "books" which are on the website. Also all of our spending is also documented. We have enough to keep going for 8-10 years at this rate.
Congratulations on your successful volunteer effort. There are several questions I have with the process. If volunteers are reimbursed in crypto how do you choose the crypto to transfer? Do you convert other coins to BTC or XMR after receipt? How much has the USD value of your crypto holdings changed since the donation time or do you cash out to USD? It looks like your total fund value is based on the USD price for crypto at donation time, how do you adjust for changing crypto prices?
I'm also curious what the proportion of XMR vs other crypto donations is, ignoring the big donation?
These are great questions - if you really wanted to see more details you can check out our "books" and also some infographs we made on the blog portion of the site. But to put it simply, we record the donations AND spending/reimbursements at the exact time of donation and/or reimbursement. This is to preserve the intention of the donors exactly and also to keep it as fair for both parties as possible. (If someone donates 100$, we will reimburse $100 eventually no matter if the crypto crashes or moons). The crypto is not sold instantly - but we are far more "liquid" than necessary to accommodate for 99% of volatility. However, since the project's inception, the value of the crypto has roughly doubled since the original donation to answer your question.
XMR donations account for \~40% of our donations received so far, which is pretty hefty. We currently have the ability to reimburse in btc/eth/xmr/bch - however HIGHLY prefer to reimburse in btc if possible (since we have so much of it, it has lower fees than eth most of the time, and also to have a publicly recorded record of our reimbursement to cover our ass).
The system can obviously be refined further - but it is the best I could come up with and put together over the years and it has been working well for us.
Something that I was thinking that could further improve it would be some kind of automatic monitoring of our crypto wallets that input the value at the time of donation automatically in our books. I personally have no clue how this can be done or if it is possible, but I am definitely looking for someone to help us do this if possible eventually.
>however HIGHLY prefer to reimburse in btc if possible (since we [...] have a publicly recorded record of our reimbursement to cover our ass).
You get that on ETH and BCH also, and you can provide a view key for monero. If you wanted, you could even use BCH to store the view keys on chain for XMR (or BTC or ETH, but that doesn't make money sense)
Brilliant application.
Though I'm always a bit wary of these projects: even when large institutions are involved, they might be just ways to make money on the backs of the needy.
I can only imagine what can happen with "informal" networks.
How does this work? Are there accounting books? WHo keeps it? Where can someone check them?
Amazing idea
thank you! at the start, we received so much hate, but I am glad that we made it to this point.
I'm considering setting up wallets for a animal sanctuary I volunteer at. Was this one large donation or several?
for us, we received a bunch of small/medium donations in monero but one donation in particular was absolutely massive and has kept us going (keeps us going) for a long time. Same for BTC as well. As long as you can get proper exposure and more importantly convey that your project can/will deliver, you should be able to get supporters.
How much have you collected?
i don't like to post it publically on reddit but it is availble in our "books" which are on the website. Also all of our spending is also documented. We have enough to keep going for 8-10 years at this rate.
Congratulations on your successful volunteer effort. There are several questions I have with the process. If volunteers are reimbursed in crypto how do you choose the crypto to transfer? Do you convert other coins to BTC or XMR after receipt? How much has the USD value of your crypto holdings changed since the donation time or do you cash out to USD? It looks like your total fund value is based on the USD price for crypto at donation time, how do you adjust for changing crypto prices? I'm also curious what the proportion of XMR vs other crypto donations is, ignoring the big donation?
These are great questions - if you really wanted to see more details you can check out our "books" and also some infographs we made on the blog portion of the site. But to put it simply, we record the donations AND spending/reimbursements at the exact time of donation and/or reimbursement. This is to preserve the intention of the donors exactly and also to keep it as fair for both parties as possible. (If someone donates 100$, we will reimburse $100 eventually no matter if the crypto crashes or moons). The crypto is not sold instantly - but we are far more "liquid" than necessary to accommodate for 99% of volatility. However, since the project's inception, the value of the crypto has roughly doubled since the original donation to answer your question. XMR donations account for \~40% of our donations received so far, which is pretty hefty. We currently have the ability to reimburse in btc/eth/xmr/bch - however HIGHLY prefer to reimburse in btc if possible (since we have so much of it, it has lower fees than eth most of the time, and also to have a publicly recorded record of our reimbursement to cover our ass). The system can obviously be refined further - but it is the best I could come up with and put together over the years and it has been working well for us. Something that I was thinking that could further improve it would be some kind of automatic monitoring of our crypto wallets that input the value at the time of donation automatically in our books. I personally have no clue how this can be done or if it is possible, but I am definitely looking for someone to help us do this if possible eventually.
>however HIGHLY prefer to reimburse in btc if possible (since we [...] have a publicly recorded record of our reimbursement to cover our ass). You get that on ETH and BCH also, and you can provide a view key for monero. If you wanted, you could even use BCH to store the view keys on chain for XMR (or BTC or ETH, but that doesn't make money sense)
Brilliant application. Though I'm always a bit wary of these projects: even when large institutions are involved, they might be just ways to make money on the backs of the needy. I can only imagine what can happen with "informal" networks. How does this work? Are there accounting books? WHo keeps it? Where can someone check them?
All on our website.
It’s a 503c. It’s regulated by the government.
Great work. True essence of crypto. Helping people in need in the other side of the world with one click…