Techmeme Ride Home Fri. 11/19 – ConstitutionDAO Lost The Auction For The Constitution.
Nov 19, 2021
ConstitutionDAO makes a valiant but ultimately unsuccessful bid for the U.S. Constitution, raising intriguing questions about auction dynamics. Apple is making bold strides toward a fully autonomous electric car, targeting a 2025 launch amidst technical challenges. The gaming world heats up as Xbox scrutinizes its ties with Activision Blizzard. Meanwhile, crypto exchanges are attracting massive investment, with Gemini pulling in $400 million for a metaverse project. Lastly, cities hustle to capitalize on a U.S. semiconductor manufacturing revival.
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ConstitutionDAO's Failed Bid
- ConstitutionDAO crowdfunded $40 million to bid on a copy of the U.S. Constitution.
- They lost to an undisclosed bidder who paid $43.2 million.
Auction Strategy
- Revealing fundraising totals may have been a strategic error in the auction.
- It tipped off competitors about ConstitutionDAO's spending limit.
Personal Non-Investment
- Brian McCullough did not invest in ConstitutionDAO due to high gas fees.
- He notes the potential for taxable events for participants.
