Cyan fundraising options - What about Bitcoin?

Cyan fundraising options - What about Bitcoin?

Postby talldarkmystere » Tue Nov 19, 2013 5:55 am

After reading some heated discussion about the downsides of Paypal and other digital means of donating to Cyan, I couldn't help but wonder - Why not set up a bitcoin wallet and provide the address so people can donate that way too?
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Re: Cyan fundraising options - What about Bitcoin?

Postby ljbade » Tue Nov 19, 2013 6:27 am

The problem with bitcoin is that the exchange rate to USD is rather volatile so that by the time the project is finished the bitcoins could be worth 1000x or 0.0001x the current rate. They have to cash out every day and continuously update the required prices minute by minute which is a lot of effort considering not many people even know what a bitcoin is or where to buy one.

Plus there is quite a bit of legal uncertainty with bitcoins in the US.
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Re: Cyan fundraising options - What about Bitcoin?

Postby ljbade » Tue Nov 19, 2013 6:30 am

It might be easier for a fan to set up a bitcoin to paypal system if they know how the bitcoin system works.
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Re: Cyan fundraising options - What about Bitcoin?

Postby talldarkmystere » Tue Nov 19, 2013 6:32 am

Eh, I don't really see it as something that they'd have to monitor like crazy. Just open a wallet for people to donate btc to. If it continues to appreciate in value, all the better. Just open another avenue for people to donate with.
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Re: Cyan fundraising options - What about Bitcoin?

Postby GalvanicSpiral » Tue Nov 19, 2013 5:57 pm

ljbade wrote:Plus there is quite a bit of legal uncertainty with bitcoins in the US.


Eh, not really, at least according to the latest FinCEN guidelines. As long as you aren't a processor or money services business like Mt. Gox, just chalking up the dollar amount you end up exchanging them for on your income taxes is enough to satisfy Uncle Sam, I think. The fact that they have been used for less-than-savory activities is really no different than cash being used for the same purposes, but they're new, so the media makes it sound like they are this big scary thing when they really aren't.

EDIT: Now, do I think this is a viable option? Not really. The commodity-like volatility of Bitcoin makes it a fool's game for things like funding things that need a hard-and-fast budget. I dabble in the cryptocoin scene, but the idea of it becoming a viable currency is a long ways off, if it's even possible.
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