But ConstitutionDAO is a particularly quixotic example of what’s 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 aren’t 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 group’s bid set off a frenzy of memes, jokes and pledges. The document, one of only 13 surviving copies, is being auctioned on Thursday by Sotheby’s, 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, a group of delegates gathered in Philadelphia to sign the U.S.
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