Tis the season...
Coinbase CEO gives most of his wealth away.
Tis the season for giving right?
Well that is exactly what the CEO of Coinbase, Brian Armstrong has decided to do.
A few months back he started the givecrypto.org site as a way to give crypto directly to people living in poverty.
"This year, I started my first philanthropic effort, GiveCrypto.org, which makes direct cash transfers to people living in poverty. I’m excited about the potential for this organization to help people, but I’m still early on my journey of discovering how to have the most impact via philanthropy.”
(Source: https://www.ccn.com/coinbase-ceo-brian-armstrong-commits-bulk-of-crypto-fortune-to-charity/)
More recently, he signed the Giving Pledge.
A pledge, created in 2010 by Bill Gates and Warren Buffett, for people with excess wealth to give back for the greater good of the planet.
Armstrong becomes the first crypto heavyweight to sign the pledge.
Why is he doing this you might be wondering?
In his words:
“Once a certain level of wealth is reached, there is little additional utility from spending more on yourself. One’s ambition begins to move outwards. I’ve always admired founders and leaders whose ambition to improve the world supersedes any goal related to personal wealth."
(Source: https://www.ccn.com/coinbase-ceo-brian-armstrong-commits-bulk-of-crypto-fortune-to-charity/)
Can't say I disagree with him one bit.
Once a person has enough money for himself and his family to never have to worry about money again, generating more money tends to not improve one's life at all.
That being said, it sure would be nice to get to that level of wealth. :)
Stay informed my friends.
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I wish I get some money from him!
Look into how and to who he is giving to!
I believe they want to list more cryptocurrencies as it seems!
that's cool
I thought that was pretty cool as well. Especially since most label crypto folks as greedy scammers.
Blockchain technology also has a great application for charities as the use of it can help add transparency to how the organizations use their funds to ensure that most goes to the efforts and not the administration of the funds. It will be a great crossover!
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Yep that is one of many potential applications.
Very good! Any way we can see where that money is going and how it's going to be spent?
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It seems there are some good people in crypto.
The giving pledge by billionaires is almost always to fund their own 'philanthropic' efforts, essentially as a way to have a tax-free haven for their pet projects. I'm hoping Armstrong is doing something different, but color me skeptical.
In some cases yes, but not all. Even if that is the case. Even donating what amounts to pennies to them is still something they don't technically have to do. If they are able to take advantage of current laws while also helping others, so be it. I have no problem with that. However, in Armstrong's case I think he is legitimately trying to help people.
another bald headed rich guy.
is that a trend?
Should we try cutting off our hair and see how it works for us?
Normally it's rather stupid to just give people money as money is not the root cause of the problem but the consequence of other root causes, like: addiction, bad government, laziness, stupidity, etc. And even if it's given to a fairly normal person, most people cannot handle money. It is quite wellknown that >80% of lottery winners loose all of it within a relatively short period of time. Giving people money is extremely inefficient.
I think you are mostly thinking of poverty within the United States. In other parts of the world there are many places where there are literally no jobs.
No I wasn't referring to the USA or any other developed nation. As a former development worker I can assure you that simply giving money does not change much for the better. I understand the sadness of the situation, but that doesn't change the fact that giving money is pretty usseless. Better to start a business.
It matters to the ones getting it that may be forced into crime in order to feed their families, or risk starving to death.