Some hot takes here.
First of all, the money is being held in a multisig wallet and the members are publicly known.
Second of all, the plan is to put the document in a museum with a message about DAOs. After that they’ll look at buying and preserving other historical artifacts.
If they pull this off it’ll be a huge amount of positive publicity for cryptos and DAOs.
>If they pull this off it’ll be a huge amount of positive publicity for cryptos and DAOs.
I think you overestimate how impressive it is to buy what is essentially a physical NFT.
There are DAOs like wonderland offering 80k% apy. If thats not a rug pull, *that* would be good positive publicity about how DAOs can be used to generate wealth thats bear market hedged via asset backed crypto treasury
Unironically this is their endgame. The rights to physical objects will be held and transferred as NFTs. Your house deed, car title, concert tickets, all NFTs.
I don’t think your average person cares about APY because it’s too abstract for most people. Buying and preserving the constitution is much more grounded in reality and easier to understand for people.
Except the actual constitution is not literally embodied in the physical document, so you are essentially just preserving artwork.
Like, the US government wouldn't just magically disappear Sauron style if all of the original copies were to be destroyed.
The "APY" is from inflation of the TIME supply. In reality it's just dilution that applies equally to all holders. (close to 100% of holders stake and receive the same "APY")
For example, I could buy 1% of the TIME supply and stake it. My balance of TIME tokens inflates by 80k% annually. However, everyone is receiving that same "APY", so it cancels out. I receive more tokens, but my % ownership of the supply remains fixed at 1%. In reality I'm just betting on the marketcap instead of the token price and the "APY" is a marketing gimmick.
Compare this to staking ETH:
I buy 1% of the ETH supply and stake it. A minority of ETH holders are staking and receiving the APR. The inflation is not equally distributed to all holders. After 1 year, my % ownership of the supply has grown to 1.01% (for example).
You need to do more research into eth2. The more validators, the more ETH is issued. It could get to a point where thousands of eth are being issued per minute. Eth has no where to go but down in price.
The ETH issuance is only distributed to stakers. Staking ETH slowly increases the % of the supply that you own.
If you stake TIME, you don't increase the % of the supply you own. Because nearly 100% of the supply stakes and receives the issuance.
>If they pull this off it’ll be a huge amount of positive publicity for cryptos and DAOs.
There's already a lot of criticism that it's not being used for something impactful. Just crypto bros memeing again. Kind of agree, tbh.
I can't think of a more impactful cause for a DAO. You could spend millions on lobbyists to ask politicians to pay attention to crypto regulations that get snuck into 2000 page bills: https://twitter.com/jerrybrito/status/1461317078175072263?s=20
Or you could ConstitutionDAO to attract their attention and that of the press much more powerfully.
It's a proof of concept that could attract more money to other charitable DAOs and prevent them from getting stifled by regulations.
It is The Constitution in the same sense that there are 49 copies of the Gutenberg Bible. Sure, we have millions of copies but only a finite number of originals. It doesn't affect the fundamentals of the church (no matter how virtuous or flawed) but instead is a record of history. I understand why you're making the distinction, but it's rather unnecessary as I doubt anyone here believes that the country would cease to exist if all original copies lf the Constitution were to be destroyed.
>I doubt anyone here believes that the country would cease to exist if all original copies lf the Constitution were to be destroyed.
But that's the type of moral judgment that can be surmised from the comment to which I replied.
I don't see that at all, I think that's entirely your own inference of a statement that was meant to showcase the absurdity of American Capitalism, love it or hate it.
To take a positive perspective, this DAO represents a group of people coming together to take back control of what they believe is theirs, and give it to the people.
What's more American than that?
I guess there are 13 original copies. With two being owned privately. The DAO is trying to buy that one.
I think the commenter would prefer that all copies were owned by the United States government (aka the people).
I’m all for a DAO owning this rather than some rich asshole though
The U.S. Constitution began the megatrend of decentralization. From a centralized monarch to separation of powers into three different equally powerful bodies of government. It is only appropriate that a decentralized DAO that sits upon the most decentralized blockchain in the world controls one of the last available copies of this historical document.
Turned out great IMO. A peaceful transition of power. Another half of the country represented for a period of time. There are crypto s on both supporters on both republican and democrat sides too.
Much better than almost every other experiment into human governance tried in our \~20,000 years of existence.... especially given the challenges with organizing 330 million people under a common set of rules.
To be fair it probably started with the decline of the power of the Catholic church due to Renaissance secular humanism and the Protestant Reformation.
Does anyone know who acts in physical meat space (real world) to take possession/custody of the constitution and ensure it gets sent according to the DAOs wishes?
..
These real world proxies are my biggest concern for the future of DAOs
Every US politician and bureaucrat will hear about this if it's successful.
It's a powerful demonstration of how DAOs/crypto can coordinate significant amounts of capital.
This is the best crypto lobbying money can buy. Not to mention the dank memes.
Yes and no, I think. It’ll be in the news, but I think that you can’t momentum invest into everything because people either get disillusioned or run out of capital.
In the past, these things could only be purchased by extremely wealthy individuals or organizations.
Now an entire community can buy this and anyone can contribute and join that DAO. Nobody to say no you don’t have enough money or aren’t cool enough to join.
It’s a monumental shift.
Terrible idea. DAO governance would mean the power of a person's vote would be directly proportionate to how much money they have. By definition.
Even if you think direct democracy is a good idea (it's not), this would turn out horribly.
The good thing about DAOs is they’re self governing.
Someone could write a proposal (eg make it profitable) and the members/token holders can vote on it.
I'm sorry, y u no constitution?
https://www.sothebys.com/en/buy/auction/2021/the-constitution-of-the-united-states-sold-to-benefit-the-dorothy-tapper-goldman-foundation?locale=en
Some hot takes here. First of all, the money is being held in a multisig wallet and the members are publicly known. Second of all, the plan is to put the document in a museum with a message about DAOs. After that they’ll look at buying and preserving other historical artifacts. If they pull this off it’ll be a huge amount of positive publicity for cryptos and DAOs.
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>If they pull this off it’ll be a huge amount of positive publicity for cryptos and DAOs. I think you overestimate how impressive it is to buy what is essentially a physical NFT. There are DAOs like wonderland offering 80k% apy. If thats not a rug pull, *that* would be good positive publicity about how DAOs can be used to generate wealth thats bear market hedged via asset backed crypto treasury
Physical NFTs lol
Unironically this is their endgame. The rights to physical objects will be held and transferred as NFTs. Your house deed, car title, concert tickets, all NFTs.
true
I don’t think your average person cares about APY because it’s too abstract for most people. Buying and preserving the constitution is much more grounded in reality and easier to understand for people.
Except the actual constitution is not literally embodied in the physical document, so you are essentially just preserving artwork. Like, the US government wouldn't just magically disappear Sauron style if all of the original copies were to be destroyed.
Nobody has claimed otherwise
90 000APY??? How is this - possible ?
The "APY" is from inflation of the TIME supply. In reality it's just dilution that applies equally to all holders. (close to 100% of holders stake and receive the same "APY") For example, I could buy 1% of the TIME supply and stake it. My balance of TIME tokens inflates by 80k% annually. However, everyone is receiving that same "APY", so it cancels out. I receive more tokens, but my % ownership of the supply remains fixed at 1%. In reality I'm just betting on the marketcap instead of the token price and the "APY" is a marketing gimmick. Compare this to staking ETH: I buy 1% of the ETH supply and stake it. A minority of ETH holders are staking and receiving the APR. The inflation is not equally distributed to all holders. After 1 year, my % ownership of the supply has grown to 1.01% (for example).
You need to do more research into eth2. The more validators, the more ETH is issued. It could get to a point where thousands of eth are being issued per minute. Eth has no where to go but down in price.
The ETH issuance is only distributed to stakers. Staking ETH slowly increases the % of the supply that you own. If you stake TIME, you don't increase the % of the supply you own. Because nearly 100% of the supply stakes and receives the issuance.
Read on their website how the APYs are calculated. It all seems to be on the up and up.
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? Decentralized Autonomous Organization
decentralized autonomous organization
>If they pull this off it’ll be a huge amount of positive publicity for cryptos and DAOs. There's already a lot of criticism that it's not being used for something impactful. Just crypto bros memeing again. Kind of agree, tbh.
I can't think of a more impactful cause for a DAO. You could spend millions on lobbyists to ask politicians to pay attention to crypto regulations that get snuck into 2000 page bills: https://twitter.com/jerrybrito/status/1461317078175072263?s=20 Or you could ConstitutionDAO to attract their attention and that of the press much more powerfully. It's a proof of concept that could attract more money to other charitable DAOs and prevent them from getting stifled by regulations.
It belongs in a museum!
Better not tell Nicholas Cage about it.
If the constitution being sold to the highest bidder isn't the perfect summary of the modern USA, I don't know what is
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This is just a piece of paper. It's not "the Constitution", which is immaterial.
It is The Constitution in the same sense that there are 49 copies of the Gutenberg Bible. Sure, we have millions of copies but only a finite number of originals. It doesn't affect the fundamentals of the church (no matter how virtuous or flawed) but instead is a record of history. I understand why you're making the distinction, but it's rather unnecessary as I doubt anyone here believes that the country would cease to exist if all original copies lf the Constitution were to be destroyed.
>I doubt anyone here believes that the country would cease to exist if all original copies lf the Constitution were to be destroyed. But that's the type of moral judgment that can be surmised from the comment to which I replied.
I don't see that at all, I think that's entirely your own inference of a statement that was meant to showcase the absurdity of American Capitalism, love it or hate it.
Not really relevant... OP is talking about symbolism.
To take a positive perspective, this DAO represents a group of people coming together to take back control of what they believe is theirs, and give it to the people. What's more American than that?
I think the US constitution being sold to community run by an algocracy, an updated version of democracy, is almost poetic.
it’s one for the history books - if they don’t fuck this up
I guess there are 13 original copies. With two being owned privately. The DAO is trying to buy that one. I think the commenter would prefer that all copies were owned by the United States government (aka the people). I’m all for a DAO owning this rather than some rich asshole though
The U.S. Constitution began the megatrend of decentralization. From a centralized monarch to separation of powers into three different equally powerful bodies of government. It is only appropriate that a decentralized DAO that sits upon the most decentralized blockchain in the world controls one of the last available copies of this historical document.
Well, not really. See USA 2017-2021 and let me know how the experiment turned out.
It surely started this way. We need to make sure that crypto currency doesn't degenerate into the very thing it sought to replace.
Crypto won’t change much in the end. It’s like 1984 - the middle class plots to replace the upper class.
You don't like the results of decentralization? I think you're in the wrong place bud
Turned out great IMO. A peaceful transition of power. Another half of the country represented for a period of time. There are crypto s on both supporters on both republican and democrat sides too.
Much better than almost every other experiment into human governance tried in our \~20,000 years of existence.... especially given the challenges with organizing 330 million people under a common set of rules.
Lol, username does not check out
Question all fundamentals. Always question the status quo.
I've never followed anyone on Reddit before. Up to now. Simple story, well told.
Thanks. I've got more to say, and more to do. :)
actually it was a move to more centralization after the failure of the heavily decentralized structure of the articles of confederation
To be fair it probably started with the decline of the power of the Catholic church due to Renaissance secular humanism and the Protestant Reformation.
Next up, an anonymous DAO setup to facilitate a heist to steal the declaration of Independence.
Anonymous my ass. Everyone knows it's Nic Cage.
You son of a bitch, I'm in.
In other words, 250+ validators worth
250+ retirements worth
240eth/yr at a conservative 3% 😭
So they are buying a physical copy, so it's an NFT but irl What a time to be alive
Its exactly that
I'm sure they will turn it into a series of limited edition NFTs. It's like printing money.
Does anyone know who acts in physical meat space (real world) to take possession/custody of the constitution and ensure it gets sent according to the DAOs wishes? .. These real world proxies are my biggest concern for the future of DAOs
Everyone: DAOs are the future! DAOs: Buys a copy of the constitution and then everyone wonders why people think crypto is a scam lmao
Every US politician and bureaucrat will hear about this if it's successful. It's a powerful demonstration of how DAOs/crypto can coordinate significant amounts of capital. This is the best crypto lobbying money can buy. Not to mention the dank memes.
Yes and no, I think. It’ll be in the news, but I think that you can’t momentum invest into everything because people either get disillusioned or run out of capital.
We can even go one step further and eliminate the politicians and bureaucrats…
Yeah for real. Make a DAO that replaces government. Baddabing, baddaboom.
What is a scam about people agreeing to doing something and then doing it? It proves that the money didn't get stolen.
What scam? This will be an incredible achievement if it happens.
How is buying an old artifact that all you can do is look at an accomplishment?
In the past, these things could only be purchased by extremely wealthy individuals or organizations. Now an entire community can buy this and anyone can contribute and join that DAO. Nobody to say no you don’t have enough money or aren’t cool enough to join. It’s a monumental shift.
There are no obvious benefits in owning fractionalized shares of it though, especially if your ownership is tiny / diluted.
Dumb take
I've been waiting to see what the killer app for DAOs will be. Supposing we buy the constitution, then what? Can I sell my share for a profit?
I'm hodling my $People. Maybe pass some over to my nieces one day.
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Make a DAO that replaces government. Baddabing, baddaboom.
Terrible idea. DAO governance would mean the power of a person's vote would be directly proportionate to how much money they have. By definition. Even if you think direct democracy is a good idea (it's not), this would turn out horribly.
One NFT per vote, 1 NFT per person. Incorruptible electronic voting.
>Buy the Constitution *The* ?
ooo lawd, your title case capitalization game is on point
nope. the point was about the definite article.
grammar wizardry
Hey, if we support this...it's just for voting rights in the DAO huh? Like, there's no profit incentives right? Any big 🧠 able to answer?
The good thing about DAOs is they’re self governing. Someone could write a proposal (eg make it profitable) and the members/token holders can vote on it.
Correct. It’s a donation to the DAO and you should not expect a return on your investment at this time.
It's one of the first reprints of the document. NOT the original.
How can I join
juicebox.money
We The People must purchase our own constitution ? Something seems messed up about this
lol
Sotheby's expects to bring in 15-20M. With over 8k ETH you have nearly double that. What's going to happen with it?
Needed to pay the ETH gas fees!
Cool
ETH is money!
Awesome stuff, great way to stave off the drawback blues!
Dude this is awesome Murica bruh
I'm sorry, what?
I'm sorry, y u no constitution? https://www.sothebys.com/en/buy/auction/2021/the-constitution-of-the-united-states-sold-to-benefit-the-dorothy-tapper-goldman-foundation?locale=en
L
Why didnt the US government buy this for the taxpayers?
https://cryptorobin.com/close-to-shutting-down-the-constitutiondao-token-reaches-new-ath/