ConstitutionDAO Gets A Great Pool Of Money And No Constitution

Image of the Crypto-Fueled Plan to Buy the US Constitution Will End With Big Money And No Constitution

Picture: Yuki Iwamura (Getty Images)

After raising nearly $ 49 million in ether in just a few days, ConstitutionDAO claims that the blockchain idealists did not win the US Constitution book on Sotheby’s. Last night, the document, one of the 13 remaining copies, was published $ 43.2 million (to_to sigh—hedge fund billionaire Ken Griffin, CEO of Citadel, nemesis wa retailers). We were surprised earlier this week if this is hypocrisy or a demonstration of similar blockchain capabilities; when he delivers the promised return, we will find out soon.

Endaoment, a cryptocurrency donor platform that replaced bids instead of ConstitutionDAO, told Gizmodo that it was unable to call for higher because Sotheby’s $ 6 to $ 7 million fine was added to the purchase price. He would remain in possession for some time after the purchase and said he would be transferred to 501 (c) (3) established by ConstitutionDAO.

Mu words on Twitter, ConstitutionDAO said it violated the record for most money received in 72 hours, from 17,437 donors who contributed an average of $ 206. It added that this was the first time Sotheby had worked with DAO. (Sotheby’s was not available for comment.)

“We have trained a whole bunch of people around the world – from museums and artisans to our grandparents to ask us what eth is when they read about us in the news – about the potential of web3,” he said.

For those new to DAOs (NGOs), they often work as public funds. People buy tokens to receive voting power and choose whatever they buy (say, stink or Wu-Tang Album) and time to donate; people who buy a lot of tokens have a lot of power in making decisions.

In the case of the ConstitutionDAO, donors would not have had a single piece of legislation governing the country if the party had offered a chance to win; they received “authorized signs” that would allow them to decide together what to do with the document and interpret the work of DAO. Donors can recoup their costs by reducing gas bills (ConstitutionDAO states that this will eliminate potential sleep deprivers). Those who choose to leave their money in a savings account have a legal code that allows them to vote on what they can do with it. There were some issues that needed to be resolved (such as which agency would agree to adhere to the DAO regime permanently), but it continued three days ago. If the job in question is getting ready-good! The format is much more democratic than the rich people keep the art on the couch, waiting for it to turn.

The kind of ownership of the Constitution book smelled well — Nic Cage’s descriptions inside National Treasure, nasal congestion is confirmed by viruses. Then a vague statement of ConstitutionDAO concerning its owner. One of the main contributors told Gizmodo that, after the purchase, “the community would be able to redesign the ownership to better reflect the DAO’s wishes” but did not provide an indication of what might be the ownership of the table. They have openly stated that they hope to associate with an organization that will show up and pay for its care. In most cases, ConstitutionDAO’s 501 (c) (3) will respect the interests of DAO providers, but the project is built on trust, so you have to have confidence in the signatories’ Twitter profile.

What would happen with the money, initially, raised a red flag, as skeptic of blockchain-utopianism David Gerard he said when this started. ConstitutionDAO promises that Juicebox, another DAO that regulates the payment, will reimburse ether for the removal of gas bills. The maker of Juicebox “Jango” is one of the signatories to the ConstitutionDAO, and Juicebox usually takes 5% of the real money flowing through Juicebox, which means that Juicebox would cut $ 978,000. ConstitutionDAO maker guaranteed followers on Twitter that Juicebox removed the fine in this case. If Juicebox had not done so, it would have greatly benefited from issuing ConstitutionDAO Juicebox (JBX) tokens in exchange for fines; those tokens are useless unless more people grab JBX.

ConstitutionDAO also says we should trust it because the signatories have announced the public, but Jango is a well-known Twitter tool. They are facing a $ 49 million campaign to live up to their promises, and I hope they do.

Neither Jango nor the ConstitutionDAO were available for comment.

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