Donations to the Un-organisation of Ethereum Magicians

Hello, all!

Even I was not able to take part in Meta-Magicians and EIP & Interoperability Discussions, I have listened to it some minutes. As far I could understand, the is an opinion, we need some kind of organization in order to accept donations given to Ethereum Magicians.

I am a big supporter of an idea of personal membership and would avoid any formal organization so much as possible. Money and payments will make the organization even more problematic in my eyes.
So I would make a proposal how to accept donations without becoming an organization at all.

If would introduce magicians token (MEM - Magic Ethereum Mana? :wink: ), which should be publicly tradeable. The token could be minted for people for their activities inside FEM. Donators targeting the community as whole should not pay to FEM directly, they should buy and burn some amount of tokens and present an proof-of-burn. FEM can publicly maintain of the list of the biggest burners (sponsors). Buy and Burn actions will create a price for the token.

May be, we could introduce sub-tokens for particular Rings for the case if the sponsor would like to support particular Ring (f.e. MEM.Wallet). In this case a he could buy and burn a mix of MEM token and MEM.Wallet token in some proportion.

This is a rough idea. Many aspects have to be defined yet. Nevertheless it solves the main problem: we don’t need a organization to accept donations.

@boris, I hope the idea could be valuable for your talk tomorrow.

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Thanks for your thoughts!

There are notes and I need to start a thread here to further summarize.

We didn’t really talk about needing an organization.

There is a problem we identified where sending an invoice and receiving fiat on behalf of FEM or a ring (shared by myself and @fubuloubu) AND dealing with the associated taxes.

This is (partially) solved with Host Organizations.

The other problem is governance of the funds.

I’ll write more in the follow up notes.

in my model nobody holds FEM’s funds because there is no any. But most are holding own FEM token, which becomes valuable as result of FEM activities.

Then it’s governance of those tokens. Anyway – not actually a problem that we raised. We do need to continue the discussion of which problems someone wants to tackle.

We can’t get around governance of funds – aka what do decide to spend the funds on. This will be more clear when I share the notes.

governance of everybody’s own token is not an problem of Magicians as organization. My point was more about preventing organization holding any funds. But the challenge of funds governance AKA spending funds (even privately held) remains.

will move for discussion there.