The first “Initial Troll Offering” or “ITO,” has officially hit the scene in the form of a full-page advertisement of an old comedic drawing supporting Bitcoin (BTC/USD). The organizers hope to raise $350,000 to buy a full-page color ad in the Wall Street Journal to poke fun at Bitcoin adversaries like J.P. Morgan CEO Jamie Dimon.
Originally proposed in a tweet from known artist cryptograffiti, the project quickly gained support as heavy hitters like Adam Draper, Mason Borda, and Brook Mallers came on-board to support. The tweet has now become the “whitepaper,” for the project, and it also has a privately owned domain with a splash page. Another user has already created an announcement thread on Bitcointalk, which is a common vehicle for normally announcing ICOs.
Adam Draper, Mason Borda, and Brook Mallers are the custodians of the wallet currently holding the donations.
The ITO is being advertised as a “ridiculous and fun concept” being done “in the spirit of the Bitcoin community.” The site even has a suggestion box for new troll offerings. However, unlike many ICOs, they make it very clear what will become of any contributions –
“We want your help to get this wizard into this old newspaper. If you participate, you will not get your money back. Unless we fail. Then you will get your money back. If we succeed, we’ll get the Bitcoin Wizard into the Wall Street Journal.”
The image originates from Reddit user /u/mavensbot, from a post created over 4 years ago on the main Bitcoin subreddit. At the time of writing this article, the fund has raised 0.02908 BTC of their 44.5 BTC goal to get a wizard created in MS Paint in a newspaper for a day.