Home / Blog / Infographic: The Pineapple Fund’s Unparalleled Impact

Infographic: The Pineapple Fund’s Unparalleled Impact

Infographic: The Pineapple Fund’s Unparalleled Impact

Bitcoiners have a giving streak.

It’s true. No matter what narrative the mainstream media might hammer dwelling about medicine, greed or wanton hedonism, Bitcoin’s neighborhood has a long-standing custom of charitable motion.

Perhaps the earliest instance of that is the Bitcoin100 charity drive. Bootstrapped in 2011 on the Bitcointalk discussion board, the group raised at the very least 1,600 bitcoin earlier than it went inactive. It initially meant to dole these donations out in lumps of 100 bitcoin, however as bitcoin’s worth bucked upward from 2011 to 2013, the organizers determined to make donations in $1,000 sums.

But Bitcoin100 had extra bitcoin to donate than causes that would settle for it. In 2011, Bitcoin was both too arcane or tainted by affiliation with the darkish internet for folks to not really feel sketched out by the fund’s promise.

“It’s like you beg people: Please take my $1,000. It’ll be very quick and easy,” Bitcoin100’s treasurer, Michael Tozoni, previously Dmitry Murashchik, informed CoinDesk in a 2013 interview.

Luckily, it’s gotten simpler since 2011 to donate bitcoin to varied causes. Founded in 2015, BitGive, for instance, has enabled tons of of hundreds of in philanthropic bitcoin donations and stays one of many house’s most impactful charity success tales. Bitcoin fundraising platform Helperbit, based in 2016, has additionally facilitated tons of of hundreds of throughout tons of of donations.

But in 2017, an nameless fund sprung up that might have far and away the biggest monetary influence of any Bitcoin-focused charitable effort. The Pineapple Fund — and it’s semi-eponymous founder, Pine — put what could be price greater than $100 million at bitcoin’s all-time excessive worth to charitable work.

Ten thousand or so functions vying for the cash got here pouring in, via which Pine and his mates patiently sifted to seek out these most worthy of the staggering wealth bitcoin had generated for the pseudonymous philanthropist.

“I’m very happy that I have held on to most of my bitcoins until today,” Pine informed Bitcoin Magazine in 2017. “Most early adopters of bitcoin actually don’t have much. They’ve sold to pay bills and expenses.”

“Sometime around the early days of bitcoin, I saw the promise of decentralized money and decided to mine/buy/trade some magical internet tokens,” Pine continued. “The expectation-shattering returns of bitcoin over many years has [led] to an amount far more than I can spend. What do you do when you have more money than you can ever possibly spend? Donating most of it to charity is what I’m doing.”

Since the Pineapple Fund has arrived and gone, BitGive and Helperbit proceed to assist these in want, as does bitcoin donating platform The Giving Block, based in 2018.

But, because the graph under makes clear, the Pineapple Fund’s degree of charitable giving was extraordinary, even in direct comparability to those different notable bitcoin-based philanthropy efforts. Where information was accessible, it exhibits the overall greenback worth of donations powered by every of those organizations, based mostly on the worth of bitcoin when these donations have been made, in addition to the overall greenback worth if these donations have been made at bitcoin’s approximate all-time worth excessive of $20,000.

Some of those figures are tough estimates based mostly on accessible information and knowledge shared with Bitcoin Magazine by sources from the listed organizations.

While every charitable participant deserves credit score for his or her work to benefit from BTC, the Pineapple Fund stays an amazing instance of bitcoin’s energy to do good.

Bitcoin100, BitGive, Helperbit and The Giving Block have all proven the power of Bitcoin giving. But the Pineapple Fund’s impact is unparalleled.

Bitcoin100, BitGive, Helperbit and The Giving Block have all proven the power of Bitcoin giving. But the Pineapple Fund’s impact is unparalleled.

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