Ukraine Fundraisers Bring Out the Best, and Worst, in Crypto

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Ukraine Fundraisers Bring Out the Best, and Worst, in Crypto
Ukraine Fundraisers Bring Out the Best, and Worst, in Crypto

Cryptocurrency has played a startling role in Russia’s ongoing invasion of Ukraine, with reports this morning claiming that Russian forces have taken control of a critical nuclear power plant and other targets.

Some have speculated that crypto could be beneficial in avoiding the crippling sanctions imposed on Vladimir Putin’s administration and cronies (the answer: probably not).

More broadly, the penalties signal a politicization of global banking, confirming many of the arguments for cryptocurrency.

Crypto Donations More Useful Than U.S Funds?

With a truly extraordinary fundraising drive, the crypto community has also put its best foot forward. Coiners have donated around $40 million after Ukraine set up official wallets to receive both bitcoin (BTC) and ether (ETH).

To put this in perspective, the US Congress is presently discussing a $6 billion package of help to Ukraine, meaning crypto holders have already donated roughly 0.75 percent of what the US might, possibly, give.

And the crypto arrived almost promptly, with no strings attached, in the midst of a continuous invasion. It’s already being used to buy supplies for Ukraine’s military effort, according to reports.

As a result, cryptocurrency donations are far more valuable than U.S. funds that will arrive… eventually. It’s a win for cryptocurrency as a technology, and it won’t harm the community’s social standing.

Manipulated Fundraisers

It is being speculated that New donors hoped to make a small donation and receive airdropped tokens in return, which – who knows! – could be worth more than the donations. The creation of wholly new wallets also suggests a Sybil attack, in which users pretend to be multiple persons in order to claim the airdrop many times.

Self-described “degens,” who spend their time maximizing profits of all kinds across cryptosystems, have helped to legitimize this type of behavior.

There’s even logic in promoting borderline abusive behavior among open financial system users because it helps test the systems’ robustness while they’re still specialized and experimental.

If you were one of those who tried to sabotage a democratic nation’s fundraising efforts while it was being invaded by the armies of a brutal dictator and former spy… Let’s just ponder that for a moment.

Perhaps accept the reality that your actions will be recorded on the Ethereum blockchain for as long as Ethereum lives. Anyone who is curious and motivated enough will be able to figure out who the attempted war profiteers are. You’ve made a lasting record of your own shady dealings.

Conclusion

So kudos to you, degens – You’re a hardy bunch. Not only in terms of money, but also in terms of ethics.

The good news is that these pranks will most likely fade into the background of a larger wave of really useful crypto donations. That would be the most comprehensive endorsement of crypto and open finance.

Because there are plenty of self-centered criminals out there. However, if people are allowed to make their own decisions, the majority will pick the correct choice.

Read More: What is the Crypto Fear and Greed Index?

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