Erebus crowdfunding push gathers momentum

  • Friday 30th May, 2014 4:00am
  • Author: Stefan Bartholomaeus ©
Dogecoin V8 Supercar Erebus1 Erebus crowdfunding push gathers momentum

A concept design of what the Dogecoin Mercedes could look by Reddit member ‘WidowmakerXLS’

A crowdfunding effort to see United States-based cryptocurrency Dogecoin sponsor Erebus Motorsport at July’s Townsville 500 is moving closer to reality.

Members of global news sharing community Reddit.com, which reportedly attracts over 100 million unique visitors every month, are rallying to raise the funding for Erebus’ Lee Holdsworth-driven Mercedes-AMG to carry the branding at the event.

The move follows similar Dogecoin public funding pushes in a number of fields including NASCAR, where the previously unheralded Josh Wise raced his Phil Parsons Racing Ford in the company’s colours at Talladega early last month.

The power of the online community was subsequently underlined to the motorsport fraternity two weeks ago when Wise beat Danica Patrick to the fan vote for entry into NASCAR’s All-Star race.

Recent days have seen sales of Dogecoin NASCAR team merchandise raise enough money for Dogecoin to again back Wise’s Ford for the year’s second Talladega race in October.

Erebus, which has been campaigning its two V8 Supercars without primary commercial sponsors during the season to date, contacted a Melbourne-based Dogecoin representative following the debut of the NASCAR program at Talladega.

The idea of bringing the backing to the V8 Supercars team was soon promoted through Reddit, aiming to source US$50,000 worth of the currency in order to run a full Dogecoin livery on Holdsworth’s entry in Townsville.

Fundraising officially started last week, with fans donating annonymously either in Dogecoins or traditional cash currencies.

CLICK HERE to visit the Dogeraiser page

Like other cryptocurrencies, Dogecoins are purchased or earned online by members of the public, whose computers can be used to process Dogecoin transactions in exchange for more of the coins in a system called ‘mining’.

The coins are then able to be utilised in a variety of online environments, including tipping content creators via social media and supporting larger causes, such as sporting teams.

As cryptocurrencies involve peer-to-peer dealings, they do not incur transaction fees in the same way that bank-held currencies do and are therefore well suited to projects that require a high volume of donations.

Dogecoin is a relatively new player in the cryptocurrency market but is quickly gaining awareness through the public-driven sponsorships.

Erebus Dogecoin 2 Erebus crowdfunding push gathers momentum

The Dogecoin symbol is based off of a popular internet meme

The growing popularity of Dogecoin has undoubtedly also been assisted by its distinctive branding, which features a Shiba Inu dog named Doge from a widely circulated internet meme.

Erebus Motorsport commercial manager Jeff Reibel told Speedcafe.com that the pledged donations have already reached that necessary to ensure minor branding on the #4 E63 AMG in Townsville.

“There’s no hiding the fact that the market we’re working in is throwing up a big challenge, not just for our team or our sport, but for all sports,” he said of the decision to pursue the somewhat left-field Dogecoin idea.

“As a way to throw the net a bit wider, this is something that we’re running with and so far, we’re comfortable with the way it’s progressing.

“If the pledges that have come through turn into the US dollars that we’re dealing with, we’ll break new ground with having Dogecoin appear on the rear-quarters of Lee’s car in Townsville.

“From there there are other levels of funding that go onto the bonnet and other major inventory on the car that can be achieved (through more donations), all the way up to the major branding package (the full livery).

“The key point for us is that this is in the public market and it needs to hit our inventory values to work for both parties,” he added.

“We need to make sure we protect our current investors and are charging at the market rate. That’s something we’ve been very insistent on from day one.”

The fundraiser officially has 20 days remaining, with Erebus needing a firm understanding of the Dogecoin signage requirements in advance of the July 4-6 Townsville event.

Erebus is hopeful that a successful debut with the team in Townsville would then see the association continue into the future, as it has done with Wise.

“Townsville is what we’re calling their toe-in-the-water and if we can get that right, it gives us the opportunity to expand on the deal,” said Reibel.

Having attracted many new fans to NASCAR, Reibel believes the connection of Dogecoin and Reddit to V8 Supercars can be a major boost for the Australian category as a whole.

“This is an opportunity to engage a whole new fan base online,” he said.

“We saw what happened with Josh Wise, who is a guy that doesn’t race full-time, beating Danica Patrick in the All-Star vote.

“More eyeballs to our sport and more interest in our sport can only lead to better outcomes for everyone.”

Exposure for V8 Supercars through the US-based Dogecoin and Reddit networks comes at a time when series organisers are continuing to negotiate the championship’s return to the country in 2015.

Erebus Dogecoin1 Erebus crowdfunding push gathers momentum

The level of Dogecoin branding seen on Holdsworth’s car in Townsville is yet to be determined

  • Andrew

    TO THE MOON.

  • Hugh G. Rection

    My nephew is a regular reddit visitor, i’ll see if he can put out the call to his mates.

  • Twenty10

    It’s amazing the power of the internet! It’s a shame they couldn’t get more branding on the car like they did with the NASCAR. It just doesn’t look like it fits with the blue lines on the current livery.

  • Guest

    wow.

  • Twenty10

    Wow.

  • Paul

    Awesome stuff! Many aspects of Dogecoin are powered by the computers and donations of ordinary people worldwide. Calling it a company or saying it’s US-based doesn’t explain the full picture.

  • Fulvio Gerardi

    We were somewhat limited in what we could do, in deference to other sponsors already on the car. Remember Josh started with a clean slate, and we could do with it as we pleased.

  • Fulvio Gerardi

    It wouldn’t have hurt to include the donation address: DTcwAWdVu4ekbVxH39jYkThsEBzV6X6iwZ

    Its also worth noting that the total reported on the fundraiser page is inaccurate, as it can’t track cold wallets or cash donations.

  • Fulvio Gerardi

    Yes, there are lots of inaccuracies in the article, but that’s standard in the media nowadays. I’d give this a B+ for effort. :)

  • Fulvio Gerardi

    Be sure to tell him we have a private sub where we’re organising things. Always happy to invite supporters in.

  • Optional

    I love this. Power of the people and everyone gets to feel involved. Go reddit!

  • biggles crashed

    When will the Motor Racing Community realise that they can, have and will get burnt by flyby night companies that only hurt them in the long run. Opus Prime, Westpoint, Marcus Marshall’s old saviour who ended up robbing the casino’s of $$, and so on. There is no long term benefit and it shows other potential sponsors that teams are desperate and take things on face value. Why doesn’t channel 7 ans 7mate sponsor 2 cars when channel 10 take over. That’d be just like the 9 sports camaro

  • Dave Zimmer

    So let me understand… crowdfunding is basically charity, and to this point about 650,000 Dogecoins has been donated to Erebus through a page created buy a guy named Kim Jong Skill?

  • Ljo Engann

    The guy who coordinated the NASCAR Doge sponsporship was called unicorn_butt_sex, for your information :)

  • Dave Zimmer

    So Mercedes Australia, who did not want to get into V8 supercars in the first place because they did not see the value in competing against Holden and Ford..now has their cars looking for spnsorship from Kim Jong Skill and unicorn_butt_sex? So how many fights, hotels and tyres does 650000 dogecoins get you?

  • Scott Cushman

    Indeed. We aren’t a company. We are a community. Also, Dogecoin is international, like most cryptocurrencies. The US and Europe have a large presence in the community with other markets growing (such as the lively Australians). China contributes significantly as well, making up roughly half of all trading volume in the currency.

  • Scott Long

    SHUT UP AND TAKE MY MONEY!!!

  • RandomJerk

    Crowdfunding isn’t “basically charity”. That’s a common misconception. Crowdfunding typically involves exchanging value for value. In this case, the people who are invested in Dogecoin have an interest in seeing their cryptocurrency get advertised, which would increase the value of it. Just as companies who sponsor a car do so, not as charity, but as advertising which increases the value of their business.

  • RandomJerk

    At current exchange rates, Ð650,000 = approx $220.

  • Dave Zimmer

    Yes I see, looks like you can’t exchange dogecoins directly for a conventional currency. At the moment, you need to exchange them for Bitcoins then the Bitcoins can be exchanged for US dollars or Euros.

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