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Doge 4 Water

doge4water.org

110 pointsBarbatos30 comments

The (most?) interesting part of this was the final 14,000,000 donation came from someone going by "savethemhood". They claim...

    I take from the greedy to feed and blanket the poor. 
    I'm here today because I believe we are aligned. 
    I'm here to redistribute millions of Doge, from the 
    greedy, to you.

They appear to be (unconfirmed) responsible for theft of fiat and is converting it to dogecoin to "help" people. They also gave out 10,000 Doge to any redditor that asked for it. Here's their reddit post: http://www.reddit.com/r/dogecoin/comments/20idcv/my_name_is_...

The most likely explanation is probably that they're wealthy and want to donate some of it while having some fun. They're probably not a thief.

That reddit post says:

>Do not be concerned, friends. These are not stolen crypto. I convert the paper fiat of the wealthy into crypto for your to spread. Please help those in need.

I read that as "I didn't steal cryptocurrency, I converted fiat." - so did they steal fiat, or is it legitimately gotten wealth?

I'd guess that this is an oblique reference to working in finance.

I don't think it is anything like that.

If you read /r/bitcoin or similar forums for any amount of time, you come across people with the opinion that the existing financial systems are "banksters" or what not. People with kind of extreme views. I'm betting it is just one of those people who feels like by using a cryptocurrency they are not using the existing financial system and thus not supporting "banksters".

Kind of some false bravado if you ask me...

The 14 million Dogecoin (~$12,000) tweet:

https://twitter.com/savethemhood/status/445007386323853312

Fuck yes real life Robin Hood.

> to be converted to current value in USD

It'll be interesting to see what happens... but somehow the idea of expending huge amounts of computing power mining cryptocurrency for charity looks like an incredibly more wasteful process than just shutting off your machines when they're not in use and donating the difference in your power bill.

To put this in perspective here is some napkin calculations on how much power dogecoin currently uses:

Assuming an average kh/watt of 2.333 [1] and the total network hashrate of 68 GH/s [2] we can see the network uses about 30 Megawatts of electricity. As a comparison Microsoft uses 250 Megawatts to power for their datacenters [3]. So it is wasteful, yes, but who's to say it's any worse than running datacenters so I can play battlefield 4 with my friends on xbox live which also provides no benefit for charity.

[1]: most ATI cards use this much per kh (https://litecoin.info/Mining_hardware_comparison), this ignores the newer ASIC hardware that is orders of magnitude more efficient

[2]: http://bitinfocharts.com/dogecoin/

[3]: http://www.extremetech.com/extreme/161772-microsoft-now-has-...

At least it's less wasteful than mining gold.

Is it?

Yes, exponentially.

http://en.wikipedia.org/wiki/Open-pit_mining

http://en.wikipedia.org/wiki/Gold_cyanidation

It's still useful for fast, cheap international transactions. Miners help verify the transactions.

This is a really good point, and I hope they come up with a another proof of work algorithm that does something useful like protein folding, or switch to "proof of stake" which is not compute intensive alternative.

No financial incentive for turning off your machines. While there is a financial incentive to donate to spread the good will of Dogecoin.

The key point is that this is just another example of the Dogecoin community sharing wealth with those who have less.

Regardless of the circumstances of the final donation, 2/3 of the 40M DOGE goal had been achieved with a week to go. Considering that the demographics of the Dogecoin community are largely teenagers giving 100-1000 DOGE each, this is something to be commended.

First Jamaican bobsled now charity.

They are really trying to push dogecoin. Radeon cards for GPU mining are sold out low stock. Prices have gone up.

Coworkers of mine invested $40k into GPU mining setups. At the current rate they aren't evening mining enough to cover electricity costs.

Let alone paying off their initial investment which was a high interest loan.

Idiots to say the least...

Sorry to say I don't think dogecoin is going to skyrocket.

The future isn't dogecoin, nor bitcoin ever. I think I a newer protocol will raise from the ashes of bitcoin that's more broadly accepted.

If they aren't mining enough to cover electricity costs then they either live somewhere with really expensive electricity or have no clue what they are doing. I cover my electricity bill in 4 days of the month. The rest is profit.

Sorry to say I don't think dogecoin is going to skyrocket.

I don't think anyone is expecting it to. Hence people are actually using it rather than stockpiling it.

We are trying our best to show that cryptocurrencies such as Dogecoin can actually do quite alot of good in the world. If you have "a newer protocol" that will be "more broadly accepted" and help more people, we are all ears.

Also..."Idiots to say the least"

Pretty strange tangent on a posting which has nothing to do with miners. Most Dogecoin miners autosell to Bitcoin to make money. They assuredly weren't donaters.

Now the question is what kind of slippage the seller of all those dogecoins will experience. I'm not sure how big the market depth for dogecoins is on the buy side.

This would be around 4% of the daily exchange I think. A water drop.

I really hope Dodgecoin turns into a Ponzi scheme for philanthropic deeds. :)

This community is amazing. Not their first charitable donation and certainly not their last. It will be interesting to see in a few years what 40,000,000 Dogecoin will equate to in USD. Then looking back this will be unbelievably epic.

Congratulations to everyone who donated! Huge accomplishment!

Wow

here is information about the donation address: http://dogechain.info/address/DNfFHTUZ4kkXPnoYUvgt6BGVwonEFB...

I am rather confused, who is buying Dogecoin to actually make this happen?

I think mostly people from the Dogecoin subreddit, reddit.com/r/dogecoin . A lot of it was probably mined rather than bought also.

Why has the title been changed?

I see this here often. Usually to less understandable.

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