6 Questions for Pat Duffy of The Giving Block – Cointelegraph Magazine

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6 Questions for Pat Duffy of The Giving Block – Cointelegraph Magazine
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We asked builders in the blockchain and cryptocurrency space what they thought about the industry…and added some random zingers to keep them on their toes!

This week, we asked 6 questions to Pat Duffy, co-founder of The Giving Block — a crypto donation solution that provides an ecosystem for nonprofits and charities to raise bitcoin and other cryptocurrencies.

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Pat is the co-founder of The Giving Block, which raised more than $100 million in cryptocurrency for nonprofits last year. From 2020 to 2022, Pat and his co-founder Alex Wilson have grown The Giving Block from a team of four to one of the fastest growing companies in the nonprofit space, with thousands of nonprofit clients and the world The largest community of cryptocurrency donors.

1 — What are the main barriers to mass adoption of blockchain technology?

People say education, which I think is wrong. When people say “education,” I think it leads people to get on stage and explain blockchain to people who don’t even know how their microwave ovens work. To me, this feels very puritanical, and it’s been holding back adoption progress. I think people are too obsessed with decentralizing everything, including cryptocurrency adoption, which has led to a lot of people creating “educational” content instead of setting up intermediaries and encouraging beginner-level cryptocurrency ownership that doesn’t require collateral. I would like to see people stop trying to explain how a piston fires in an engine block so we can focus more on creating a level of encrypted access that requires zero technical understanding.

2 — What is the toughest challenge you have faced in our industry so far?

Teach young crypto owners about tax incentives for donating crypto. It’s hard to explain to a group of people who are hoarding at all costs that when they donate cryptocurrency instead of cash, they actually end up with a larger cryptocurrency position (they donate cryptocurrency and then use them today Donated dollars buy cryptocurrency on a cost basis. See – they don’t owe taxes on the appreciation cryptocurrency donated to charity, and the new cryptocurrency they buy today resets their tax liability). It’s a real uphill battle because these people are not as educated in it as older people who donate stock every year for the same reasons.

3 – Do we know who Satoshi Nakamoto is or was? Why or why not?

I don’t care, but a lot of people seem bent on figuring it out. I don’t see the utility of it and think it just gets people to be tricked into investing or not investing based on their personal moral pros and cons. Those ideas are no longer right or wrong no matter who developed them. I worry that the same thing we see in politics will happen, where people support ideas based on the merits of the speaker rather than the ideas themselves.

4 — Why do those closest to you blame you? Feel free to provide multiple answers.

This is a crazy question, but I love it. I would say that when I risk a wild joke, the main thing I hear is “it’s not funny”. This of course makes it more interesting. I’ve never smoked heroin, but I think the closest I’ve ever had to stimulants was telling jokes that made my mom a little pissed off while everyone else laughed.

5 – What makes you angry and what happens when you are angry?

I’d say the main driver of anger these days is seeing people I care about having heated discussions about things they’re not actively working on (and will never be). Seeing friends and family upset about political situations or cultural changes they don’t want to affect the individual is a weird self-mutilating obsession that makes me rage at the dinner table every now and then. Whenever someone complains about something, I like to ask them “What are you going to do about it?” If the answer is that there is nothing they can do or will do about it, I think we all have an obligation to implore them to stop reading it.

There are far fewer hours of the day than one might think. All the time people spend “staying informed” directly deprives them of time spent improving their own lives or the lives of those they care about. Would love to see more people obsessed with learning topics they actually use to make things better.

6 – What’s the dumbest conspiracy theory, and which one gives you a pause?

The Flat Earth theory is by far the most interesting theory. Right at that perfect crossroads, where enough people have been bought off to make you feel like the end of the world is coming. If there are some NBA players who can’t get enough of it, “Birds Are’t Real” would be my favorite. It’s not the stuff that’s out of the box that stops me – usually suicide or assassination, which is very risky. You don’t need a leap of faith to start thinking there might be more to the story when someone might want you dead for obvious reasons.

The aspirations of the young, ambitious blockchain community:

I hope you all use what you learn to improve the lives of those you care about. This can be done by earning transformative money, solving important problems, building important companies, or forging important connections. Whatever it is, you can do something important, so take advantage of the opportunity.

Bybit

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