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Public Contributions to Bitcoin 2 years 8 months ago #181

  • Jacobs
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I have been following the bitcoin improvement space for five years and found proposals to the consensus layer of the network to be most valuable. The underlying architecture of consensus is proof of work mining where asic circuits are constantly running to artificially validate the network. Achieving network synchronization is key to an overall great netowork health. Circuits that do this are computational inefficient thus exhausting greater energy My contribution is to propose a bip that would recircuit the electrical usage in the transistor layer hidden under silicon.

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Public Contributions to Bitcoin 2 years 8 months ago #182

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A committee can receive bitcoins as contributions. The Act defines a “contribution” to include “any gift, subscription, loan, advance, or deposit of money or anything of value made by any person for the purpose of influencing any election for Federal office.” In Advisory Opinion 2014-02, the Commission concluded that bitcoins are "money or anything of value" within the meaning of the Act.

Bitcoins may be received into and held in a bitcoin wallet until the committee liquidates them. Holding bitcoins in a bitcoin wallet does not relieve the committee of its obligations to return or refund a bitcoin contribution that is from a prohibited source, exceeds the contributor's contribution limit, or is otherwise not legal.

A political committee that receives a contribution in bitcoins should value that contribution based on the market value of bitcoins at the time the contribution is received.

Reporting on candidate forms
House and Senate committees report receiving bitcoin contributions on Form 3 and itemized on Schedule A when necessary. The line number used to report a bitcoin contribution depends on who is giving the contribution. Use Line 11(a) if the contribution is from an individual, Line 11(b) if it comes from a party committee, and Line 11(c) if it comes from another type of political committee, such as a political action committee (PAC).

The initial receipt of bitcoins as contributions should be reported like in-kind contributions. The committee will disclose the receipt of the contribution and also report the bitcoins as a disbursement. These offsetting entries allow the committee's reported cash on hand to remain unchanged while holding the bitcoins outside of a campaign depository. The FEC recommends to include a notation or memo text indicating the number of bitcoins that the committee received and that the bitcoins were not liquidated.

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Public Contributions to Bitcoin 2 years 8 months ago #183

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How Cryptocurrency Public Ledgers Work
A cryptocurrency is an encrypted, decentralized digital currency that facilitates the exchange of value by transfer of cryptotokens between network participants. The public ledger is used as a record-keeping system that maintains participants’ identities in secure and (pseudo-)anonymous form, their respective cryptocurrency balances, and a record book of all the genuine transactions executed between network participants.


To draw a parallel, think about writing a check to a friend, or making an online transfer to their bank account for $200. In both cases, the details of the transaction will be updated in the bank's records—the sender’s account is debited by $200 while the receiver’s account is credited by the same amount. The bank’s accounting systems maintain the record of balances and ensure that the sender’s account has sufficient funds; otherwise, the check bounces or the online transfer will not be allowed. If the sender has only $200 in their account, and they issue two $100 checks, the order in which the checks are presented determines who will receive the money and whose check will bounce.

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Public Contributions to Bitcoin 2 years 8 months ago #184

GiveWell started accepting crypto in December 2017 in response to growing interest from donors. They set up cryptocurrency wallets, software connected to the blockchain, where the donations appear. Once GiveWell receives a donation, the organization immediately sells, converting the crypto into dollars.

“It’s a very particular type of asset, and it doesn’t make sense for us to build out the in-house expertise to manage an asset like that,” Dr. Neil Buddy Shah said. “It makes sense for us to convert that and get it out the door for organizations to put it to use.”

Many nonprofits take the same approach.

But donors giving in these digital assets like to see nonprofits holding those gifts as crypto, as part of an effort to see crypto go mainstream, said Pat Duffy, a co-founder of crypto donation platform The Giving Block.

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