![]() ![]() Some early experiments were derailed by hackers and governance disputes. But ConstitutionDAO is a particularly quixotic example of what is known as a decentralized autonomous organization, a kind of internet-native co-op that is governed with cryptocurrency tokens and blockchain-based smart contracts instead of traditional corporate boards and bylaws.ĭAOs which have been compared to chat rooms with bank accounts can be messy and confusing. Group bids for big-ticket collectibles are not new. (As of Wednesday morning, it had raised $12.8 million.) The money came in so fast that one observer compared it to a financial flash mob. Within 24 hours, the group had raised $4.5 million worth of Ether, the cryptocurrency it is using to solicit contributions. News of the groups bid set off a frenzy of memes, jokes and pledges. The document, one of only 13 surviving copies, is being auctioned Thursday by Sothebys, which estimates it will sell for $15 million to $20 million. The group, called ConstitutionDAO, is a seat-of-the-pants experiment by thousands of cryptocurrency fans who have pooled their money to make a bid on a rare original printing of the Constitution. This week, a hastily organized crypto collective is trying to buy it. In September 1787, 39 delegates gathered in Philadelphia to sign the U.S.
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