Here's one of our big ideas from last week's overview. I take the helm here and dive in to alternative currencies, like the crazy new kid on the block -- bitcoin. Is bitcoin a key to unlocking social currency?
The earlier attempts all were centralized startups, each proposing a competing faux-currency to ease online (providing simplicity and improving trust) transactions and slowly build a virtual currency of sorts. Their business plans generally involved taking margins from the transactions or cost differentials. The early Internet currency attempts ran into regulatory problems (most countries frown upon private companies setting up alternate currencies, it turns out), and had to evolve their offerings to avoid getting shut out. Bitcoin provides something different. Instead of a currency that has evolved from being backed by precious metals into fiat currencies, Bitcoin is backed by cryptographic algorithms, and has no company--or even an identifiable person--behind it. This shared system provides an amazing openness for a currency: Every transaction is part of a public, collaborative log. However, the people behind those transactions are known only by their account numbers, in a world where you can create as many accounts as you like.Read the full article at Fast Co.Exist
Over at FastCoExist, my colleague and I are rolling out a series of big changes and ideas in economy - from bitcoin to DIY job creation to well-being, starting here: http://www.fastcoexist.com/1679221/5-big-ideas-for-a-new-economy (You can guess who's the primary author behind the bitcoin piece)
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A rant on the tight hold "overhead" has on nonprofit financials and giving decisions I wrote with my colleague is up on Co.Exist. An excerpt:
When considering donations, people often make harsh assumptions about nonprofits that spend on marketing and overhead. But maybe those expenses means the organization is doing a good job? Every year around this time, a batch of articles comes out talking about how to maximize your year-end giving by focusing on nonprofits with super-low overhead, so you can rest assured that every cent you donate goes directly to the cause. But I’ve spent the better part of my career as a nonprofit tech warrior, from volunteering in the Peace Corps to a variety of domestic and internationally focused NGOs and nonprofits--small and large. I’ve had contract, full-time, pro-bono, and board positions, and have been on both the grant-requesting and grant-reviewing/giving sides of the equation, and I can tell you that this isn’t entirely fair. The problem is this overhead supports the cause, and zeroing it out means that the 99% non-overhead may be spent poorly or non-strategically, especially in smaller organizations. Programmatic costs may pay for the work, but overhead pays for the tools to do the work well.read more. As a follow-on, if I ever hit the jackpot, I want to build a foundation that only invests in the most boring line-items. Toilet repair? Computer upgrades? Then, pair the information about what's not getting funding with social innovators looking for unmet needs, and you create something interesting.