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Closed due to lack of interest. October 15, 2011, 05:16:35 PM

Last edit: October 15, 2011, 07:54:11 PM by Immanuel Go #1 http://www.kiva.org/team/bitcoinmutualfund



https://glbse.com/assets/ (KIVA)



Kiva is a non-profit organization that helps alleviate poverty by microlending. An individual can lend an amount as low as $25 to needy small businesses and individuals around the globe. (More here: http://www.kiva.org/about) I want to lower that to as low as .1 BTC.



I have setup a Bitcoin-based Kiva mutual fund powered by assets on the Global Bitcoin Stock Exchange. All assets purchased will eventually go towards loans on the Kiva Bitcoin Mutual Fund team. However, 10% of the Bitcoin holdings will be held over a long-term period of two years from this date to be loaned with the capital gains earned over that period. We should all expect Bitcoin to have greater and notable adoption by then and thus more US dollars to go towards Kiva.



Here are the main objectives of the KIVA asset:



1: To achieve greater value for the Kiva charity.



2. Spread the Bitcoin name through a charitable effort.



So, if you're interested in helping, log into the http://glbse.com exchange and purchase an asset or two at a Bitcoin a piece.



You can also by being a volunteer. I need a reputable volunteer to act as a CFO in holding, converting and sending the finances to Kiva; preferably a notable Bitcoin institution. Contact me at my email below or PM me here if you're interested in helping me directly.



I will be posting updates within the following week, when I add earned funds towards our KIVA team.



Thanks guys!

k



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Sr. MemberActivity: 451Merit: 250 Re: The Bitcoin Kiva Mutual Fund - GLBSE Ticker: KIVA October 15, 2011, 05:42:51 PM #7 Quote from: Jalum on October 15, 2011, 05:36:32 PM

So I purchase a share of the KIVA asset for 1 bitcoin. That bitcoin is deposited into the KIVA account. Someone then has to cash it out on an exchange and deposit the real money into a KIVA account so it can be lent out to people in need? How does this do anything other than add a middleman step?



I think the idea is it reduces the minimum donation to 1 bitcoin from the current $25 if I understood correctly.



Quote Could you explain the 10% rake? Why are you setting aside 10% of the funds for two years? Is that long enough in your estimation for people to have forgotten about them and not ask how they were spent?

I don't believe that this is meant to be a rake but rather holding off converting the BTC to $ for 2 years in the believe the the exchange rate will be more favorable at that time.





I think the idea is it reduces the minimum donation to 1 bitcoin from the current $25 if I understood correctly.I don't believe that this is meant to be a rake but rather holding off converting the BTC to $ for 2 years in the believe the the exchange rate will be more favorable at that time.

rainingbitcoins



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Sr. MemberActivity: 616Merit: 250BOUNTY MANAGER Re: The Bitcoin Kiva Mutual Fund - GLBSE Ticker: KIVA October 15, 2011, 05:53:51 PM #14 Quote from: Immanuel Go on October 15, 2011, 05:47:57 PM Quote from: rainingbitcoins on October 15, 2011, 05:46:51 PM Microloans? Isn't that that predatory lending thing with the collection tactics so aggressive that dozens of people in India killed themselves over them?

No.



http://www.kiva.org/about/how

No.

Looks like that's exactly what it is?



http://www.npr.org/2010/12/31/132497267/indias-poor-reel-under-microfinance-debt-burden



Quote But microcredit in India doesn't come cheap.



The cost may be shocking to anyone in the United States who's ever borrowed for a car or a house.



"Just so your audience can brace themselves, the typical interest rates are in a range of 24 to 30 percent per annum," says Vijay Mahajan, president of the Microfinance Institutions Network, a trade group. "Most people find it very hard that this interest rate does any good to poor people who are the recipients."



One reason interest rates are so high, Mahajan says, is that microlending is both time and labor intensive.



Microfinance lenders do their business on the client's doorstep, meaning that representatives have to travel to slums or rural villages to make the loans and then come back weekly to collect the payments. But microfinance was also very profitable. So much so, says Shubhankar Sengupta, director of a Kolkata-based microfinance company called Arohan Financial Services, that it made sense to run it as a commercial venture, tapping into investment banks for the vast amounts of money needed to fuel the growing number of microloans.



It was so profitable that one company, SKS Microfinance, raised $357 million when it went public on the Mumbai stock exchange in August.



One Woman's Story



Rama is an example of microfinance gone wrong. She makes her living rolling bidis, the cheap little cigars smoked by India's poorest people. She lives in the town of Warangal, a farming center in Andhra Pradesh, one of the poorest states in southern India.



One woman cuts the leaves into shape, while Rama and others roll the smokes and bundle them into baskets. A quick, persistent worker can earn between 30 and 40 rupees rolling bidis, less than $1 a day.



Rama says microfinance representatives offered her a loan, with almost no questions asked. She took it, though she didn't have a plan to invest the money or pay it back. She used the money for household expenses, for medical treatment for family members, and to celebrate a birthday. A second company offered her another loan, which she used to make payments on the first.



Kurapati Venkatanarayana, who teaches economics at Kakatiya University in Warangal, says Rama began a downward spiral that's common among debtors in Warangal.



"They get loans from the second company, and pay to the first company. They take the third loan from third company, and pay to the first and second company," he said.



Before long, Rama had five loans from different companies, and no way to pay.



She says the collectors from the finance companies hounded her day and night, shaming her in front of her neighbors. They told her to get the money any way she could, by stealing if necessary, she says, and they told her she'd be better off dead.



Venkatanarayana says that's because, unbeknownst to her, Rama's loan payments had included a life-insurance premium.



"If the people who borrow die, the microfinance companies get the insurance amount," he said.



Rama says her 17-year-old daughter, Mounika, took the threats to heart. Mounika believed that if anyone in the family committed suicide, the debts would somehow be erased: She doused herself with kerosene from the stove. It took two days for her to die from the burns.



That's some fucked up shit for you to be into, Atlas. I don't know about this. Looks like that's exactly what it is?That's some fucked up shit for you to be into, Atlas. I don't know about this.

bitleaker



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NewbieActivity: 42Merit: 0 Re: The Bitcoin Kiva Mutual Fund - GLBSE Ticker: KIVA October 15, 2011, 05:57:12 PM #17 Quote from: Immanuel Go on October 15, 2011, 05:54:44 PM

Project Mainstream is coming along just fine. I got on Alex Jones and I am working with institutions to get ads up. You do not know my true record.

Wow, you spoke for a couple of minutes on his show along with all the other crazies before being quickly cut off?



Will your 'adverts' with 'institutions' go the same way as your other advertising ideas? (i.e. nowhere)

Quote I am the first person you want to go to when it comes to accomplishing a project I truly believe in and that includes this one.



How is the Woolong prototype going? Wow, you spoke for a couple of minutes on his show along with all the other crazies before being quickly cut off?Will your 'adverts' with 'institutions' go the same way as your other advertising ideas? (i.e. nowhere)How is the Woolong prototype going?