Decoder with Nilay Patel From a meme to $47 million: ConstitutionDAO, crypto, and the future of crowdfunding
5 snips
Dec 7, 2021 
Jonah Ehrlich, a software engineer and core contributor to ConstitutionDAO, shares the thrilling tale of raising $47 million to bid on an original U.S. Constitution copy. He discusses the spontaneous birth of the project from a meme and its governance challenges in decentralized crowdfunding. Ehrlich explores the emotional rollercoaster of the auction, the complexities of token investments, and what accountability means in crypto fundraising. The conversation highlights the potential future impact of decentralized organizations and how community engagement shapes their success.
AI Snips
Chapters
Transcript
Episode notes
DAOs Explained
- A DAO is a group of people united by a shared community and resource, described as a "group chat with a bank account".
- It provides a lightweight organizational structure for managing assets and interacting with the world.
Decentralization's Necessity
- Traditional corporate structures already exist for shared governance.
- Nilay Patel questions the need for a decentralized network for ConstitutionDAO's goals.
ConstitutionDAO's Origin
- ConstitutionDAO began as a meme on Twitter, joking about crypto enthusiasts buying the Constitution.
- This evolved into a serious Zoom call, inspired by PleasrDAO's purchase of a Wu-Tang Clan album.