“Internet friends” who raised millions of dollars lose their candidacy for the US constitution
UPDATE 11/18, 8:55 p.m. ET: The offer to purchase ConstitutionDAO a first edition of the Constitution of the United States failed.
According to At Fortune, the collective bid for $ 40 million but ultimately lost a piece of history after an unidentified bidder put in $ 41 million. The money that was raised for the offering will now be refunded to investors.
The group released a statement in the aftermath of the Sotheby’s auction, writing: “While not the outcome we hoped for, we still made history tonight with ConstitutionDAO. This is the largest crowdfunding for a physical object that we are aware of: crypto or fiat. We are incredibly grateful to have done this with all of you and are still in shock that we even made it this far. “
See the original story below.
A group of so-called “Internet friends” have pooled millions of dollars in cryptocurrency in an attempt to buy a rare piece of history.
According to CNBC, ConstitutionDAO (Decentralized Autonomous Organization) surpassed their original fundraising goal of $ 20 million to bid on a copy of the First Edition of the U.S. Constitution. The document, said to be one of 13 surviving copies worldwide, will be auctioned at Sotheby’s later this week. The auction house had previously predicted the item would bring in between $ 15 million and $ 20 million.
“We intend to put the Constitution in the hands of the people,” read the ConstitutionDAO website.
ConstitutionDAO reportedly started with just 10 friends and quickly evolved into an 8,000-person Discord channel. The group, mostly made up of cryptocurrency investors, has raised $ 26,897,214 in ether at the time of publication. An ether, worth around $ 4,600, buys 1 million governance tokens, effectively giving the donor a say in how the property is run.
On the group’s website:
ConstitutionDAO is seeking a valued partner to publicly display the Constitution. The eventual domicile must have the necessary expertise to properly house, store and maintain the artefact. Additionally, the community has expressed strong preferences for institutions that are free to the public and willing to cover the costs associated with hosting the document.
If the group is successful in purchasing the document, its members will then vote on where and how to post it. According to CNBC, the group will likely return the funds to donors if they fail to secure the winning bid.
“We have a long way to go, but we feel really optimistic,” said Adrienne Young, member of ConstitutionDAO. “If we lose the auction, our main plan is to pay back the contributions. We have mechanisms in place for this – we are receiving contributions through Juicebox right now, and they are able to issue refunds if we lose. We are also a DAO, so this will be put to the community vote, and there is a possibility that another route will be chosen, such as bidding on another historical artifact or donating money to a charity.
The first edition of the United States Constitution will be auctioned at 6:30 p.m. EST Thursday. You can find out more about the lot here.