Ireland launches world first scheme to provide basic income for artists https://t.co/4zCXirCAHf ...

Core Insights - The pilot program by GiveDirectly aims to provide financial aid to low-income residents using USDC, a stablecoin designed to maintain a value of $1, funded by Coinbase [4][5][6] - The program offers participants a total of $12,000, including an $8,000 lump-sum payment and five monthly payments of $800, with no spending restrictions [5][6] - The initiative has sparked discussions about the implications of crypto-based income, with some experts warning about potential risks and volatility associated with cryptocurrencies [2][3][23] Group 1: Program Structure and Funding - The pilot program is structured to allow recipients flexibility for meaningful investments, such as education or housing [5] - It is funded by Coinbase, highlighting the involvement of cryptocurrency exchanges in social initiatives [5][6] - The use of USDC aims to mitigate volatility typically associated with cryptocurrencies, although concerns remain about its stability during market shocks [2][4] Group 2: Market Reactions and Concerns - The program has generated mixed reactions online, with some viewing it as a necessary response to job displacement due to artificial intelligence [7] - Critics express concerns that crypto-based basic income could lead to increased speculation in volatile assets like Bitcoin [2][23] - There are debates about the potential inflationary effects of universal basic income, even though this program is targeted rather than universal [8]

🗽 NEW: A new basic income pilot is giving low-income New Yorkers $12K in cryptocurrency to study how to alleviate poverty and improve quality of life.This initiative is funded by Coinbase. https://t.co/1gF5tpTz0i ...

A new basic income pilot will give low-income New Yorkers $12,000 — this time in cryptocurrency https://t.co/jad9kD4nu2 ...