Let’s be honest:
A HUGE portion of the would-be “owners” of the Constitution didn’t understand they actually were would-be “donors” to an LLC - owned by 2 people - which would defacto own the artifact.
One might argue @ConstitutionDAO willfully nurtured this misunderstanding.🤔
A HUGE portion of the would-be “owners” of the Constitution didn’t understand they actually were would-be “donors” to an LLC - owned by 2 people - which would defacto own the artifact.
One might argue @ConstitutionDAO willfully nurtured this misunderstanding.🤔
Go read old Tweets from the promoters.
Rare was a Tweet that invited “gifts to get a governance token with no economic rights.”
Common was the “you can join us in buying the US Constitution - a once in a lifetime opportunity!”
These vague, incomplete tweets roped in massive $:
Rare was a Tweet that invited “gifts to get a governance token with no economic rights.”
Common was the “you can join us in buying the US Constitution - a once in a lifetime opportunity!”
These vague, incomplete tweets roped in massive $:
https://twitter.com/compound248/status/1461733358480904208
I suspect it began as a PR stunt but took on a life of its own. It’s not clear to me the organizers wanted to win - it was a terrible design to win at auction. But inertia was massive. Once $$ poured in, they had to “try.”
And at what cost: “want your $ back? Ooh - the gas fees”
And at what cost: “want your $ back? Ooh - the gas fees”
Was this a PR stunt? Yes.
Did it harm tons of its supporters? Yes.
Does it highlight the unfairness of the accredited investor system? Yes.
Should folks who want to ACTUALLY bid on & OWN a copy of the constitution be allowed to? YES!
Does that need a DAO? No - don’t be silly.
Did it harm tons of its supporters? Yes.
Does it highlight the unfairness of the accredited investor system? Yes.
Should folks who want to ACTUALLY bid on & OWN a copy of the constitution be allowed to? YES!
Does that need a DAO? No - don’t be silly.
https://twitter.com/compound248/status/1461733351883259907
It doesn’t NEED a DAO, but the growth of DAOs reflects an underlying brokenness in traditional capital formation and regulatory structures. If those legacy systems don’t remove friction, they will be replaced.
DAOs are to legacy capital formation as Napster was to CDs.
DAOs are to legacy capital formation as Napster was to CDs.
https://twitter.com/compound248/status/1462421176043683843
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