Pineapple Fund, a Bitcoin-only charity, has reportedly accomplished its ultimate mission and donated 5104 bitcoins or $55 mln to various nonprofit organizations, the fund's creator wrote in a farewell post on Reddit May 10.In December, when the BTC price approached its record high of $20,000, an anonymous donor who goes by the nickname Pine set a goal to give away 5057 bitcoins worth around $86 mln at the time.
The amount turned out to be worth $31 mln less than they had initially anticipated due to the dramatic drop of the crypto market in early 2018.
The donor later described the market downturn in terms of a cryptocurrency "Bubble".
"Timed with the 2017 crypto bubble, 5104 BTC was turned into $55 million for charities. I'm happy and proud of the impact that will come, mostly thanks to the amazing charities and the dedicated people behind them."
As the donor reported on Pineapple Fund's website, the fund donated $55,750,000 to 60 charities around the world, supporting a variety of projects from clean water supply in sub-Saharan Africa to digital rights protection.
In January, Pineapple Fund announced the donation of $4 mln to the non-profit organization Multidisciplinary Association for Psychedelic Studies to apply MDMA as a psychotherapy treatment for PTSD patients.
In April, MAPS director Brad Burge reported the drug was showing "Promising results for treating PTSD, claiming that the new treatment"involves only 3 administrations of a drug that's been around for over 100 years.
In February, UNICEF launched a charity drive that asked PC gamers to mine Ethereum with the unused capacity of their high level graphics cards.
Gamers could turn on the UNICEF ETH mining program when they were away from their computers, and the mined proceeds would go to support humanitarian aid for Syrian children.
Pineapple Fund Writes Farewell Post, Reports That All Funds Have Been Donated
gepubliceerd op May 11, 2018
by Cointele | gepubliceerd op Coinage
Coinage
Recent nieuws
Alles zien
Blockchain Bites: Bitcoin's Run, Uniswap's Hemorrhaging Value, Anchorage's Banking Bid
Bitcoin is nearing all-time highs in price and market cap last set three years ago.
Japan's megabanks to lead experiment with digital yen
We have, in order, Cheese Bank with a $3.3 million theft, Akropolis with its $2 million loss, Value DeFi with a whopping $6 million exploit and finally Origin Protocol's loss of $7 million.
Number of new Bitcoin addresses spikes amid growing FOMO
Japan's three largest banks, as part of a group of 30 private sector actors, are set to collaborate on an experiment with a digital yen.
Not just Wall Street: Quant trader explains why Bitcoin price is going up
Sam Trabucco, a quantitative trader at Alameda Research, believes four general factors are pushing up the price of Bitcoin.