ConstitutionDAO? More like ConstitutionD’oh.  Covered: ConstitutionDAO Fails The People DAOism 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 post ConstitutionDAO Fails In Their Bid To Bring DAOs To The Mainstream appeared first on CryptosRus.

ConstitutionDAO Fails In Their Bid To Bring DAOs To The Mainstream

ConstitutionDAO? More like ConstitutionD’oh. 

Covered:

  • ConstitutionDAO Fails The People
  • DAOism
  • Reaction From Twitter

ConstitutionDAO Fails The People

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.

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 ETH-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 a brief moment, it appeared that people’s DAO had been successful due to an erroneous report that circulated earlier tonight that ConstitutionDAO won the bid.

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.

DAOism

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 run 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 would be accurately described as a slush fund if they had even bothered to make the case on how they would even 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. Tonight, for example, shows the crowdfunding potential through the technology. 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.

Reaction From Twitter

Reactions from Twitter were largely positive, compared to say when some guy claimed his bored apes were hacked.

And of course, there was the requisite complaining about Ethereum, all of it completely oblivious of 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.

And, lastly, National Treasure tweets, which I’m here for.

 

 

 

 

 

 

 

 

 

 

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