we put care into designing bitwise’s bitcoin etf donation mechanism
features:
- *no strings attached* donations
- to established non profit orgs rather than individuals to be further arm’s length from devs
- three orgs (open sats, brink, hrf) rather than one to reduce bias and increase reach
- recurring annual donation tied to 10% of profit of the etf to increase transparency and predictability
-long term commitment (10 years)
yes you can dunk on it as “wall street money” but not all wall street money is the same and we put effort into reducing potential for harm while still funding devs
my view is that every actor benefiting from bitcoin should bias towards funding devs while being mindful of harm donors can create (lmk if bitwise can be doing better here! open to feedback for sure but disagree with the idea that etf profits as a funding source is fundamentally corrupt or bad)
hong / Hong Kim
npub1jp…uqgsz
2024-04-11 03:38:06
Author Public Key
npub1jpvsahpy0vgq7gu8nfqjkeskce0gwjk8jpss590xkvjh5xxe4epsruqgszPublished at
2024-04-11 03:38:06Event JSON
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"created_at": 1712806686,
"kind": 1,
"tags": [],
"content": "we put care into designing bitwise’s bitcoin etf donation mechanism\n\nfeatures:\n- *no strings attached* donations\n- to established non profit orgs rather than individuals to be further arm’s length from devs\n- three orgs (open sats, brink, hrf) rather than one to reduce bias and increase reach\n- recurring annual donation tied to 10% of profit of the etf to increase transparency and predictability\n-long term commitment (10 years)\n\nyes you can dunk on it as “wall street money” but not all wall street money is the same and we put effort into reducing potential for harm while still funding devs\n\nmy view is that every actor benefiting from bitcoin should bias towards funding devs while being mindful of harm donors can create (lmk if bitwise can be doing better here! open to feedback for sure but disagree with the idea that etf profits as a funding source is fundamentally corrupt or bad)",
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}