The digital currency dogecoin has become popular for its use in tipping on reddit and its community's willingness to contribute to worthy causes.
Now, however, an anonymous character known only as 'Hood' is highlighting the altruistic side of the dogecoin community even further by giving away thousands of dollars-worth of the altcoin to address social injustice.
In one tweet, he (if indeed Hood is a he) said:
— Hood (@savethemhood) March 25, 2014
Hood, whose Twitter slogan is "I dabble in street art and cryptocurrency. Question everything", has been posting Banksy-style flyers around San Francisco, California, complete with pull-off tabs printed with a QR code that links to a dogecoin tip. Anyone can take one and, using a digital wallet on a cell phone or computer, receive the funds.
Tipping for change
In addition to his flyer campaign, Hood is making significant online dogecoin donations to influential and presumably well-off people – such as actor Ashton Kutcher, New York Times journalist Nick Bilton, and television host Jimmy Fallon – and announcing the tips on Twitter.
However, the tips are not destined to stay with the recipients, but are to be passed on to people more in need:
of the Dogecoin Foundation told CoinDesk:
Hood's is an interesting campaign – giving money to notable citizens for redistribution to the needy and raising awareness in the process – but what's to stop people from just keeping the money?
It seems Hood is just trusting that his judgement is correct when he tips someone. Many tweets follow the formula:
He added that so far, Hood has donated around $20,000, or 45 million DOGE, as part of his campaign.
Giving with cryptocurrencies
One of the advantages of digital currencies is that they can be transferred across the world almost instantly and at almost no cost, which makes them ideal for use in making charitable donations or to provide funds for relief aid.
The dogecoin community has notably raised funds for Indian and Jamaican athletes to attend the Winter Olympics in Sochi, as well as a well-building project in a drought-hit region of Kenya.
While bitcoiners are less known for charity giving, Sean's Outpost, founded by Jason King, is a homeless outreach project that is funded by bitcoin donations.
Furthermore, after Japanese-American Dorian Satoshi Nakamoto was, possibly falsely, 'outed' as the founder of bitcoin by Newsweek, an online campaign raised over $20,000 in bitcoin to support him.
The tragic mudslide in Washington State recently also saw 13 bitcoins raised via the sympathetic reddit community to help victims and their families.
This story was first reported on Business Insider.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is an award-winning media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. In November 2023, CoinDesk was acquired by Bullish group, owner of Bullish, a regulated, institutional digital assets exchange. Bullish group is majority owned by Block.one; both groups have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary, and an editorial committee, chaired by a former editor-in-chief of The Wall Street Journal, is being formed to support journalistic integrity.