Breaking: ConstitutionDAO Loses Bid For Constitution To Anonymous Collector
ConstitutionDAO? More like ConstitutionD’oh.
Covered:
- ConstitutionDAO Fails The People
- A More Perfect DAO
- Reaction From Twitter
ConstitutionDAO Fails The People
We might have lost the Constitution, but with $41M we should have enough to buy a US Senator. Maybe two, depending on gas fees.
— Matt (@regulatorynerd) November 19, 2021
A private collector outbid ConstitutionDAO for one of the 13 surviving official copies of the Constitution on Thursday during an auction conducted by fine art broker Sotheby’s. The winning bid came in at a reported $43.2 million USD.
“We the People of the United States, in Order to form a more perfect DAO…”
Earlier this week, the autonomous grassroots collective ConstitutionDAO made quite the stir after doing the web3 equivalent of passing a hat around. Through contributions to their Ethereum-based project, the ConstitutionDAO netted over 40 million dollars USD from 17,437 different people. Out of those 17k+, over 20% were first-time ETH users.
Unfortunately, for only the briefest of moments, it appeared that people’s DAO had been successful due to an erroneous report that circulated earlier tonight that ConstitutionDAO won the bid.
This meme created so much confusion today.
Turn out Brooke was “Fiat”, David was “Crypto”, and Discord and Twitter memes are not a reasonable sources of information. https://t.co/iKOs7fVPdq
— Andrew Escobar (, ) (@andrewe) November 19, 2021
Surprisingly, spirits seem high over at the DAO’s official Twitter: “WE MEMED THIS INTO REALITY. WE MADE HISTORY. ALL OF US.”
Now that the bidding process is over, contributions will be returned to everyone who participated, thanks to the smart contract technology underlying DAOs.
We didn't get the Constitution, but we made history nonetheless.
We broke records for the largest crowdfund for a physical object and most money crowdfunded in 72h, which will of course be refunded to everyone who participated.
To all our 17,437 contributors, THANK YOU
— ConstitutionDAO (, ) (@ConstitutionDAO) November 19, 2021
A More Perfect DAO
plan b pic.twitter.com/kiPwCUqoRZ
— Dan Romero (@dwr) November 19, 2021
DAOs, which stands for Decentralized Autonomous Organization, are one of the more promising aspects of Web3. DAOs automate away decision-making making in a way that’s transparent and decentralized, and ideally, they remove power from a small group of people dressed in cloaks.
Of course, that’s not always the case. For a great example of the cloaked running amok, look no further than the “insider trading” debacle at Uniswap. A small group with vast holdings of Uniswap’s governance token pushed through what could more accurately be described as a “slush fund,” if they had even bothered to make the case on how they would spend the money on lobbying efforts.
Recommended: to read more about how millions were bamboozled away from UNI holders without a detailed proposal, click here.
Though, that’s not to say it’s all bad in the DAO world. ConstitutionDAO, for example, shows the crowdfunding potential of smart contract-based tech. And, last week’s Hic Ec Nun NFT marketplace surviving, despite the founder discontinuing the site, demonstrated how nimble communities can be. Not to mention, there is a very popular metaverse blockchain game that a DAO entirely runs.
I really can't wait to explain @ConstitutionDAO to folks here in DC.
This is Web3 at its best: thousands of passionate people coming together to fund the preservation of a historic document & make it available to the American public after decades in private hands. Truly amazing.
— Jake Chervinsky (@jchervinsky) November 18, 2021
ConstitutionDAO: Reaction From Twitter
Reactions from Twitter were largely positive, compared to, say, when some guy claimed his Bored Apes were hacked.
We're witnessing one of the coolest human experiments ever.
More than 2,000 people have contributed $3,000,000 in less than 24 hours.
Why?
We're trying to buy the Constitution.
Here's the wild story of @constitutiondao
— Alex Lieberman (@businessbarista) November 15, 2021
valiant effort @ConstitutionDAO. I think this is the beginning of something big.
— beeple (@beeple) November 19, 2021
Today's alphabet-soup slang lesson: #WAGBTC which is short for "we're all going to buy the Constitution." IRL SMH OK WOW @ConstitutionDAO @Sothebys
— Kelly Crow (@KellyCrowWSJ) November 18, 2021
And of course, there was the requisite complaining about Ethereum, all of it completely oblivious to how humble the information super highway’s beginnings were. But, I’ll take that over “Etsy Bros” and their insufferable “right click and save” jokes. I don’t have the heart to tell them that saving that Bored Ape to their desktop won’t bag them some sweet residuals from UMG.
$30 in network fees to buy $500 of ETH in a Metamask wallet to then pay $50 in gas fees to contribute that $500 to ConstitutionDAO.
Banks are broken, this is the future baby
— Alex Cohen (@anothercohen) November 17, 2021
And, lastly, National Treasure tweets, which I’m here for.
Plot twist: @ConstitutionDAO is actually the greatest viral marketing campaign for National Treasure 4
— nikilster.eth (@Nikilster) November 18, 2021
I think the 3rd national treasure should be about how the @ConstitutionDAO needed to buy the constitution to read an encryption on the back that’s actually an invisible treasure map leading to enough treasure to cancel student debt
— cancel my student debt joesph (@kianatipton) November 18, 2021
What will really make this constitutionDAO story just like National Treasure is the historic rugpull at the end
— Hunter SPX Thompson (@jaksburner) November 15, 2021
*A previous version of this story originally was published on November 18th, 2021 at 21:44pm. It has been since updated with a new headline and new details as they emerged. Last update as of 10:02am.
The post Breaking: ConstitutionDAO Loses Bid For Constitution To Anonymous Collector appeared first on CryptosRus.
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