CRYPTOCURRENCY

Neovim have a ~$800k Bitcoin donation sitting untouched since 2023

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2 days ago 5 min read 1 0 0

What happened

And I saw this massive 10 Bitcoin donation from back in 2023 (worth $800,000 now. . . )From the activity history, neovim last sent bitcoin out of the address in 2019 so it's been max 7 years since they've definitely had access. They would have to either pay the tax on gains or write off losses. replymikeocool 40 minutes ago | parent | next [–] Neovim’s current donation page says that funds are managed by OpenCollective — a 501c6 organization in the US. So then you need an investment; you're going to have to return a multiple of the deflation rate since the risk of your supermarket shutting down is probably higher than the currency changing course. replytshaddox 23 minutes ago | root | parent | prev | next [–] Surely most of the people putting their money under the mattress would still need to use a little of that money to buy food. reply_s_a_m_ 1 hour ago | root | parent | prev | next [–] Yep, exactly why Bitcoin people dont understand their own system. replyFeepingCreature 1 hour ago | root | parent | prev | next [–] The point of money is not to reward delayed gratification.

Thought I'd check how much in donations they've gotten. Does anyone from the neovim project know about this? Seems like a pretty significant amount of funding to have sitting there. Hope it can come to good use as I use neovim daily. https://www. blockchain. com/explorer/addresses/btc/1Evu6wPrzjsjrNPdCYbHy3HT6ry2EzXFyQ DataDive 51 minutes ago | next [–] What happens if some of those tax the unrealized gains bills pass in some country where they have obligations?

The wider picture

So assuming they are the holders of the bitcoin as well, there would be no tax liability. replyphilipallstar 43 minutes ago | parent | prev | next [–] Surely only an absolute lunatic would pass that sort of law. As others have mentioned Neovim is in the US is likely mostly tax exempt so this hypothetical doesn't even apply to them. replywiseowise 36 minutes ago | root | parent | next [–] Theft is good? Consensus on that type of thinking seems to be hard to come by. replyashkankiani 11 minutes ago | prev | next [–] For a reference point, when I was unemployed and between jobs, I got involved with Neovim for fun, and after some contributions, and eventually tried some full(ish)-time paid work.

I wrote the native lua LSP client (:h vim. lsp, and the nvim-lspconfig repo) for Neovim in a few weeks for about $3k USD (circa 2019)? This amount could fund quite a lot of work to be sure. replymatesz 1 hour ago | prev | next [–] I’ve read so many news stories of people gone missing who had been know to have sole access to bitcoin wallets with large amount of bitcoins in them. If they do not, it goes nowherereplyslipwalker 1 hour ago | root | parent | next [–] but what sort of people keep their bitcoins on the exchange? the whole point is about not being seizable by dirty governments. . . replyplopilop 1 hour ago | root | parent | next [–] Pretty much everyone.

But in practice nobody has the time to set up their own MX servers. replypjc50 1 hour ago | root | parent | prev | next [–] Traders; low information investors; people who are not 100% confident in their personal infosec and not willing to lose their bitcoins on their own. "Not being seizable" hasn't really worked out for bitcoiners who've been arrested.

What has been reported

Run this simulation long enough and there will be very few active Bitcoins remaining. replybryanlarsen 49 minutes ago | root | parent | next [–] 21M is the theoretical cap. Miners have to convert bitcoin into real currency to pay for their electricity both for mining and transaction fees. This means that there is always a supply of bitcoin for sale. Which is fine if there is still demand for new bitcoin, but who's buying bitcoin these days? I expect bitcoin inflation to continue. (AKA the bitcoin price to continue to go down). replyjackb4040 1 hour ago | root | parent | prev | next [–] Worth pointing out that the monetary policy of bitcoin is not written in stone; all you need to change it is a majority of hashpower.

The current chain of bitcoin mainnet includes hard forks, like this one due to miners' manual intervention over a software bug that was exploited: https://en. bitcoin. it/wiki/Common_Vulnerabilities_and_Exposu. . . replyRoark66 1 hour ago | root | parent | prev | next [–] Seems pretty silly to build in deflation into a currency.

What happens next

If sitting on the money has better returns than running a supermarket, why run a supermarket? In fact maybe I should fire everyone to hold on to more capital and spend as little as possible. . . replydarkwater 49 minutes ago | root | parent | next [–] > If sitting on the money has better returns than running a supermarket, why run a supermarket? Bitcoin is rotten to its core and every excuse you make for it proves the point. >For most of human history the money was stable.

And by then it's too late, because it's Socialism with extra steps. replysebzim4500 40 minutes ago | root | parent | next [–] Doesn't Switzerland do this instead of capital gains? Makes sense IMO, much better to tax wealth than discourage transactions. replyspacebanana7 2 minutes ago | root | parent | next [–] Taxing capital assets by taking large portions of their value destroys value by forcing liquidity events. Think forcing sales of farms, factories and domain names. I much prefer land value taxes (and similar taxes on non capital wealth like jewellery) and leisure taxes (ideally taxing people for every hour they don't work).

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Neovim have a ~$800k Bitcoin donation sitting untouched since 2023

What happened

The wider picture

What has been reported

What happens next

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