Quote from: audenx on July 26, 2013, 06:00:16 PM

Many of you have suggested that I post a BTC address where you can send me thank-you tips after you receive your Bitfloor refunds. For those of you who were thinking of doing this, I would really appreciate it if you showed your gratitude by tipping IAFCU. Please read on for details of how to do this.

(If you already tipped me on reddit or elsewhere thanks! I'll be forwarding your tip on to IAFCU.)

When I spoke to Jordan Modell recently, I learned that IAFCU incurred a lot of expenses (legal, software, and personnel) beyond what they were expecting as they worked to set up Bitfloor users' new accounts and process refunds. They will continue to incur expenses as Bitfloor users start transferring their money to other financial institutions.

I asked Jordan if he could provide me a rough breakdown of the expenses they've incurred so far. He checked his records and emailed me the following:

New software to handle Office of Foreign Assets Control checks for those without accounts: $3,500
Call center: $1,000 and climbing
New hires: $1,500
Manpower: $4,000 - $5,000 (Their whole team worked double shifts on weekends, and no one took a day off in 16 days and counting.)

Because IAFCU is a small non-profit, these expenses are significant for them. I'd really love to see them at least break even for all the help they've given us (and hopefully even better than break even).

I am hoping we can raise $15,000 for IAFCU from within the Bitcoin community as a show of goodwill. I spoke to Jordan about whether they can receive donations, and he said that they can. The best way to do it is by making a contribution to the Internet Archive.

Here's what I'm proposing we do to make the fundraiser a bit public:

If you'd like to participate, visit http://archive.org/donate/index.php and select your donation method of choice (they welcome BTC, but other USD payment options are there, too)
(This is important) send an email to donations@archive.org. In it, include the amount you donated and request that your donation be used to cover IAFCU expenses. Brewster Kahle's assistant will be on the lookout for these messages to make sure the funds get where you want them to go.
If you'd like me to count your contribution in a public tally showing how much we've raised for IAFCU, BCC me on your email to donations@archive.org so I know how much you gave.

And thanks!

Set against a M$ 2.8 project, this comes to a prorated share of about $3.92 / $1,000. Plus another 50%, $5.88 / $1,000 total, to ameliorate the responses of some. With a debit card included to allow access to the money, it is a significantly better deal than a wire transfer fee.