Thursday, November 18, 2021

So, the crypto crowdfunders didn't buy the Constitution at auction, but news reports said they did, and they might have lost because they relied on crypto?


For 20 minutes following the auction, a host of crypto investors celebrated ConstitutionDAO "winning" the Constitution in a cringeworthy Twitter Space to 6,000 people including reporters from every major outlet.... CoinDesk also erroneously posted that ConstitutionDAO won.

Action Network:
It is not clear why the group lost. It is believed that it raised more than $47 million in cryptocurrency, but the value of ether dropped five percent on Thursday, which might have resulted in them bowing out.
One organizer said in the group’s Discord channel that it lost because it had not raised enough money to establish a reserve required to maintain and care for the document on an ongoing basis.
The slew of fresh users may be exciting, but it also means that someone has the responsibility to educate the crypto-new on where their money is going — and if it’s even going to come back.
It sounds like those seeking refunds might face onerous gas fees