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Glo, a nonprofit stablecoin that generates revenue for GiveDirectly
Noak2y1
0
0

Interesting development. This changes the nature of the project completely...   I have some threaded questions, mostly related to the new "problem" of high initial donations that's mismatched with a low initial pool of recipients:

  1. So, are you looking to convert the entire initial value ($3M?) into GLO on day 1 and then give away slowly? If so...
    1. How fast would you plan on donating it? What's the limiting factor? How to ensure you're not creating a dependency on UBI that then creates new problems once it is reduced or removed (supposedly after 5 years?)
    2. W
... (read more)
Reply
1
Seth Ariel Green
2y
Hi Noak, thanks for the thoughtful questions!   * our initial donation  is to fund the operations of the GLO foundation rather than the treasury, and the 3M number we discuss in the comments here is a hypothetical at the moment. When we've actually set up the treasury, we'll provide an update on the specifics. * We're not giving away GLO -- the GLO is invested in T-bills, which create a regular yield (in dollars), which we give away.  As to creating dependency past the receipt date, we don't think there's any evidence of this happening to date with GiveDirectly's programs.  If we did see evidence of it, we'd evaluate our options. * GiveDirectly's Financials page provides more details on where your dollar goes. In 2020, 94.2% of every dollar donated went right to a recipient.   * We intend to for the GLO stablecoin to be 100%-collateralized . If yields go down, we'll consider other investments, or changing some other aspect of our implementation.  * We'd be glad to discuss collaboration opportunities with GoodDollar! We love what y'all are doing. I'm seth at globalincomecoin dot com if you'd like to set up a call! * RE: "Or would you treat all monies the same (yield is reinvested into the stake) and so just start with an insanely high over-collateralisation?" I'm not sure I fully understand this, but our plan is not to re-invest yield, but rather to give it away.  Hope that helps!
Global Income Coin: a UBI-generating currency
Noak2y1
0
0

Interesting development. This changes the nature of the project completely...   I have some threaded questions, mostly related to the new "problem" of high initial donations that's mismatched with a low initial pool of recipients:

  1. So, are you looking to convert the entire initial value ($3M?) into GLO on day 1 and then give away slowly? If so...
    1. How fast would you plan on donating it? What's the limiting factor? How to ensure you're not creating a dependency on UBI that then creates new problems once it is reduced or removed (supposedly after 5 years?)
    2. W
... (read more)
Reply
1
Seth Ariel Green
2y
Yep, we donate our proceeds to GiveDirectly! More details here:  https://forum.effectivealtruism.org/posts/EAiwxZN4Jiyup8d9G/glo-an-ethical-stablecoin-model-potential-impact-and-roadmap
Announcing the Future Fund
Noak2y5
0
0

Ugh! I wrote my application the very week this was announced. Was very excited. I'm now reading these comments about getting a confirmation response and... can't find any confirmation in my inbox. Second guessing myself now if I really ended up pressing the final submit button. Would be heartbroken if I missed for that reason only. 

-quietly sobbing over here-

Reply
1
Alex Kaplan
2y
I found the auto-conformation from the google form submission in my spam with the subject "Future Fund: Application for Funding."