By Eyeview

CHARBONNEAU: Can blockchain save Robin Hood?

Feb 21, 2019 | 9:30 AM

THE ROBIN HOOD CO-OP was started by a group of artists at the University of Aalto outside Helsinki in Finland. It’s a hedge fund like no other, formed as a piece of “economic performance art”.

Problems started when the artists began to raise money and invest in the stock market. The university administration took issue with the concept and forced the co-op to shut down.

Instead of shutting down, the artists left the university to venture out on their own.

Since then they focused on building a global network of countercultural investors from Helsinki to California.

The Robin Hood Co-op doesn’t exactly steal from the rich to give to the poor. The goal is to distribute profits to worthwhile causes globally. “Part of the profit generated by the fund is invested into projects building the commons,” according to their website.

Boogie The Bridge

Boogie The Bridge Event Information

15h ago

Two and Out

PETERS: The Loop's eviction will show us what happens when a bandage is ripped off a gaping wound

12h ago

One Man's Opinion

COLLINS: 'Fairness' is not a word I would use to describe the federal budget

19h ago

They have no regular offices and meet in different places, often abandoned buildings, to hold workshops in conjunction with a local host group.

Reporter Brett Scott went to one of these places in a graffiti-strewn former slaughterhouse in Milan occupied by a radical arts group called Macao. He writes:

“In the hall is a naked woman painted blue, wearing a gas mask, dancing to the sonic violence of industrial death metal music. Next door is a punk street-theatre collective manufacturing artificial vomit in buckets to throw at a protest (CCPA Monitor, Nov/Dec, 2018).” Among the assembled were hackers, coders, designers and artists. The meeting had the feeling of the blend of an intellectual salon, a hackathon and a political campaign meeting.

Not your average corporate boardroom.

Portuguese artist Ana Fradique, who co-manages the fund, describes Robin Hood as “artivism”— a mix of arts and activism.

Robin Hood has its critics like Serbian activist Branko Popovic. “I understand you’re trying to be like a vampire on the market,” he says, “but why be a vampire on vampires? They have nothing to give us.”

That’s an ongoing tension among activists: do you work within the system to build a more equitable world or tear down the system and rebuild it from scratch?

I many respects, Robin Hood Co-op is conventional. They invest in the Wall Street stock exchange using an algorithm they invented called “The Parasite”. Assets in the co-op are called Robyns. In the first year of investment, they made double-digit returns.

Some of its first distributions went to the autonomous arts space Casa Nuvem in Rio de Janeiro (€5,000) and the activist broadcaster Radio Schizoanalytique in Greece (€6,000).

However, Robin Hood Co-op members are impatient to grow. They plan to expand the model beyond the Parasite algorithm to implementing blockchain. “Robin Hood 2.0” will be “even more monstrous” than the first incarnation, said one of the co-founders.

Rather than being based in Finland, they wants to transform Robin Hood into a decentralized global cryptofund using blockchain — the underlying technology of cryptocurrencies such as Bitcoin and Ethereum.

While Bitcoins are turning out to be a bit of a dud, the technology of blockchain is promising. It’s an indelible ledger in which anything can be permanently recorded, including shares in an activist hedge fund. The advantage of blockchain is that it’s decentralized and global.

It’s a big leap. Implementation of blockchain will require a change in the culture of the co-op and paid staff.

Time will tell whether this chimera of art and capitalism will prosper.

——

Editor’s Note: This opinion piece reflects the views of its author, and does not necessarily represent the views of CFJC Today or the Jim Pattison Broadcast Group.