Former Goldman Engineer Wants To Airdrop $300M Into Venezuela With Bitcoin

Jonathan Wheeler quit his job as a software engineer at Goldman Sachs earlier this year to start a non-profit foundation with a unique mission: Air drop $300 million worth of bitcoin into economically-depressed Venezuela.

As the official (unpublished) inflation rate has skyrocketed to 14,000%, Venezuelans' affinity for bitcoin has intensified. Thousands of Venezuelans are reportedly mining crypto, benefiting from cheap, government-subsidized electricity. This fact isn't lost on the government, which has arrested cryptocurrency miners and users, even as the country's Treasury has launched the petro, Venezuela's "oil-backed" cryptocurrency, which it has touted as the country's financial salvation.

Venezuela

However, as CoinDesk pointed out in a recent profile, Wheeler is afraid to say too much about his project - which recently became involved with a handful of Venezuelans on the ground.

The former bank employee turned developer doesn't want to say too much about his newest project, an effort he believes could soon help people living under one of the world's most oppressive monetary regimes. That's because he needs others to help him with his mission – getting bitcoin in the hands of Venezuelan citizens by way of a massive mobile airdrop.

The problem is that spilling too much intel could put those he's working with in danger.

The Venezuela government routinely arrests people with deviating political opinions and has even gone as far as to ban technologies citizens have used to circumvent its censorship. That's not to mention the fact that Venezuela's government has already launched its own cryptocurrency, the petro, which it's painted as key to its economic revival.

Wheeler has put together a team that's developing a mobile app, called Azul, which he hopes will help him solicit the millions in donations the company will need to make its project successful. So far, Wheeler's pitches to investors have elicited some interesting replies.

Wheeler's original pitch, presented at the BitDev meetup in New York City in February, was to raise millions of dollars from venture capitalists. But as he and Crena have pitched investors, several have pressured them to launch a crypto token of their own through an initial coin offering (ICO).

According to Wheeler, the VCs said that with the market for crypto tokens so hot right now, he and his team would be able to raise much more money.

But Wheeler and his partner decided against the ICO route. Given that Venezuelans have  limited access to technology, he's hoping to make claiming the money as simple as possible. Bitcoin is probably the best choice, Wheeler and his team believe - particularly since developers added the lightning network, which is intended to speed up transactions by moving some data off of the bitcoin blockchain.

"We're focused on bitcoin because we think it's the most viable solution with the most worldwide potential," Wheeler said.

Wheeler is seeking a partnership with the Human Rights Foundation and the United Nations, and has discussed the consequences of injecting a pile of money into a country with a damaged economy. Asked why Venezuela, Wheeler shrugged, and replied "you've got to start somewhere." But Venezuela is probably as good a candidate as any: Many Venezuelans are already familiar with bitcoin, thanks to the speed with which the country's economy has collapsed. And the people are in dire need: Thanks to food shortages, 75% of Venezuelans lost at least 10 kilos last year, according to one study.

VZ

Can Wheeler save Venezuela from "the Maduro diet" with his bitcoin injection? Or will the Venezuelan government find a way to seize the money?

Comments

JoJo Kracko Cryptopithicus Homme Thu, 06/28/2018 - 18:57 Permalink

Oops, I just 'air dropped' $300 billion worth of BitCoin on the floor.    I need better glasses.   I can't seem to see it.

 

 

Jordan Belfort : *Fugayzi*, it's a fake.

Mark Hanna : *Fugayzi*, fugazi. It's a whazy. It's a woozie. It's fairy dust. it doesn't exist. It's never landed. It is no matter. It's not on the elemental chart. It's not fucking real.

In reply to by Cryptopithicus Homme

Coinista Cryptopithicus Homme Thu, 06/28/2018 - 19:20 Permalink

The jealous loser anti-science no-coiners of the paradise known as Venezuela would have, and SHOULD HAVE, bought Bitcoin a long time ago.  Instead of being wealthy socialist peeegs, jetting around the globe, hanging with the hot young Puerto Rican women, they always have to be busy rounding up dogs and cats for dinner.  Yum!...

You didn't BUY BITCOIN!!! Losers.

In reply to by Cryptopithicus Homme

inhibi Pernicious Gol… Thu, 06/28/2018 - 20:10 Permalink

My take: he has a lot of bitcoin he bought at the high like a bunch of other idiots like him.

What better way to promote bitcoin than the usual 'charity' con? He needs it to go up. But how to make it a currency? Create an app of course to dump bitcoins into the hands of poor in venezuela, who cant even afford a computer let alone the transaction fee. 

 

 

In reply to by Pernicious Gol…

lookslikecraptome Coinista Thu, 06/28/2018 - 19:44 Permalink

https://bitcoinwisdom.com/markets/bitfinex/btcusd

u better hope the Crypto PPT wake up soon. Only they will stop this continued meltdown. and then only temporarily. There are no new wallets OR NEW BUYERS. Google it with the spare time you have from not going to the lambo dealership.

What does the SCIENCE of this chart tell u moron?

By the time they get the 300mil it will be 150 mil or less. And the they can buy just a ton of life essentials with it and withdraw it at the atms

In reply to by Coinista

Yen Cross Thu, 06/28/2018 - 18:49 Permalink

  I'm sure those "airdrops" will land right where they're intended.

 * Lions cage at the Caracas Zoo for a good time. 

   look below  v

  I think I see where this triggered former Squid is going with this.

 The crypto can't be accessed without the wallet sequence.

TheABaum Thu, 06/28/2018 - 18:54 Permalink

Venezuela isn't "economically depressed". Venezuela is a victim of the socialist war on human enterprise.

 

And sure, this Goldman Sachs alum is just trying to alleviate misery, sure I believe that, wink, wink nod nod