1) What happens if the BBP/BTC pair rises? Is there be a mechanism for giving at steady accelerated rate versus giving spending the entire amount? Spending each month becomes a feast or famine approach. If there's a surplus, I'd be for a steady rise in giving like 5% more each month... It's a way for all organized structure to adapt to growth slowly from BBP side and charities. If the BBP/BTC price drops, I think a similar approach of reducing payments slowly could also occur.
2) @jappgvk "is have some fixed BBP address for every charity that we are partnered with, so that people can send BBP to those addresses if they want, knowing that their BBP will go to the right place."
I agree with the idea but I also see some issues with potential fraud. Third party could advertise addresses not authorized or slightly different from the charity to siphon donations. Once you open this up, there's a lot of potential for fraud. Centralized giving in some ways is more secure.
3) I don't know what country each charity manager lives, so I'm curious what income tax reporting looks like for all three of you (compassion, cameroon, and bloom). For example, Rob A. gives to Compassion on his AmEx. Does he have to report this as personal charity giving on his income tax because he pays with his American Express. And his American Express, I'm assuming, is a personal credit card?
4) Is the BBP Foundation already a non-profit, LLC, or some sort of business entity? Is all the giving already recorded under the umbrella organization of BBP Foundation?
5) I just worry if wallets or Rob or jaap dies, the charities may miss a payment... are there recovery plans for disasters like this?
Hi LifeThruGrace,
I haven't seen you here before, so first of all: welcome and thank you for your feedback
1) Currently there is kind of a buffer. I think that you could say that we'd like to see at least a buffer of six months for charities. I think that - in the current climate - such a buffer would be pretty safe to market fluctuations.
2) I agree on the window for fraud. Someone could hack biblepay.org and change the addresses. I was thinking about
https://www.mannabase.com/ They have a similar system where you can donate to specific causes. I guess that voting via proposals is the way to go, but apart from that, I think that donating FIAT is also a worthwhile goal to pursue for BiblePay.
3) I don't know the answer to this question, but as far as my knowledge goes Compassion, CameroonONE and BLOOM are all based in the U.S.
4) Presently BiblePay isn't any kind of business entity, although experienced people have come forward and volunteered to help BiblePay with becoming such an entity. I think that part of BiblePay will inevitably structure like such an entity in the future.
5) I can only speak for myself in this case. Concerning charities I transfer the crypto to the charity I'm helping as fast as I can (I don't like keeping funds on exchanges). Concerning my function as treasurer: people I trust have the knowledge to access my funds. Although I see that my function in BiblePay is not decentralized in any way, I would like it to be that way as fast as possible.