We Didn't Win, We Lost

In November 2021, Graham Novak texted his friend Austin Cain with an idea. He wanted to buy the US Constitution. Little did they know, the next week of their lives would play out like a Hollywood movie script. When we look back on the ConstitutionDAO, I think we’ll remember it as a symbolic and historically significant event in crypto. To cover that moment, I sat down with Graham Novak and Miguel Piedrafita, two core contributors to the project. We dive into the intense 96 hours leading up to the bid, how decisions were coordinated, and just how they managed to raise 40 million dollars in less than a week. This is one of the most fun episodes I can imagine. Please enjoy.

For the full show notes, transcript, and links to the best content to learn more, check out the episode page here.

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Show Notes

[00:02:27] - [First question] - What led him to text a friend about buying the Constitution

[00:04:14] - What steps they mulled over doing first to accomplish this purchase

[00:05:07] - How quickly this went from idea to reality and the chances of it succeeding

[00:06:00] - Who they called next to start bringing this DAO to life

[00:07:27] - Figuring out who would do what in order to accomplish this

[00:08:43] - When the group went from known people to bringing outsiders into the fold 

[00:10:03] - Getting in touch with Sotheby’s and proposing their idea to purchase as a DAO 

[00:11:37] - Some of the stipulations that Sotheby’s said would need to be met  

[00:12:52] - At what point they engaged lawyers to integrate legal structure 

[00:15:01] - What they were actually buying when you sent ETH in to contribute to the fund

[00:18:46] - Stepping into day two with a legal structure and how big the group became

[00:21:30] - Thinking about the security and the concept going viral on social media

[00:22:55] - The tools used to construct the DAO and secure the funds 

[00:25:46] - An example of a split decision in the group and how it was resolved

[00:28:06] - Who should have control over the funds and why they doxxed themselves

[00:31:49] - Turning JuiceBox on what percentage of possibility day three brought 

[00:32:44] - Making the contributed funds raised open to the public 

[00:34:14] - Convincing large investors and large anonymous contributors

[00:35:38] - What number was needed to enter and be competitive in the auction 

[00:36:51] - How many in the DAO attended the auction 

[00:37:35] - Who was on the phone with David and who was on the phone with Brooke

[00:38:57] - Varying tweets about the outcome of the auction about winning or losing

[00:43:17] - What it was like when Ken’s team contacted the DAO for co-governance

[00:46:19] - Plans for the document if they won and managing refunds after the loss

[00:50:39] - Introducing ideas for the We The People token and continuing the DAO

[00:54:38] - What are some of the criticisms of the movement and things they would have done differently in hindsight

[00:56:41] - How the DAO could have been more decentralized from day one 

[01:01:12] - Inspiring the masses and what they’re excited to see people try in the future

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