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  • Marc Egeth

Tzedekah project - more origin story

Here's another piece of where this project came from.


I bought 1 Bitcoin. For curiosity. To think about what it would be like to live on cryptocurrency. To think about international currency. To think about what Bitcoin means, and how to make a better version without all the wasted electricity. I thought about Bitcoin and learned about cryptocurrency ... a lot. A lot of thinking. It's so interesting!


And then ... the value went up. I had bought it for about $6k, and then it went up to $28k.


All of a sudden, I didn't want to be risking $28k in what seemed like a volatile investment now. I hadn't bought Bitcoin to try to make a profit. So I sold my Bitcoin! And I decided to put 15% of my profit to charity as a "tzedekah project."


I thought about turning the profit $ back into Bitcoin and giving it away anonymously to anyone who indicated a need.


And then, I started coming up with the GC concept, and decided to put the approximately $4k into starting up GC.


I registered the domain, wrote up the idea in a Google Doc, bought a Wix subscription, consulted a crypto consultants on Fiverr, hired another crypto consultant on Upwork, hired a web designer on Fiverr, paid for the logo from Wix ... and here we are! To date I've spent about $2k on the activities described in this paragraph.


I'm not looking to profit from GC, not that I'd complain if money somehow came into my pocket ... I'm building it on the random volatility of a Bitcoin profit so I don't mind spending the money. It's been fun and freeing spending this money, I'll say. Sending hundreds of dollars to folks I never otherwise would have met ... getting things done ...


I can't code SmartWallets myself, though I could almost organize GC in a Google Sheet. Receive receipts from nonprofits satisfied they have received a loan, list the public key the donor provides with a prefix in the amount of the loan, only delete and put up a new public key (with the same prefix) when the public key signature arrives listing a new public key for the new owner of the currency. I don't know that I can commission a SmartWallet system within the remaining 2k. And people really like the distributed network thing, not just a Google Sheet. For good reasons. Let transactions only be final when 51% of coins in SmartWallets in the system have seen and acknowledged the transaction, because only 1 transaction can ever receive a majority vote.


So now is when I'm hoping it'll start to take off, with volunteers or people willing to get paid in GC.


And also I'm kind of hoping I'll get to give some of that remaining $2k as a long-term zero-interest loan to a nonprofit ....






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