We cryptos are looking for a constitution

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A dozen Internet friends recently met at Sotheby’s in Manhattan to buy a first edition of the American Constitution (estimated value: fifteen to twenty million dollars). The group, which called itself ConstitutionDAO, had just spent a week raising millions of dollars on Twitter, TikTok and Discord from anonymous screen names: recent immigrants, college dropouts, the great-great-great-great- great-great-great-grandson of someone who fought in the American Revolution. (The “DAO” in “ConstitutionDAO” stands for “Decentralized Autonomous Organization” – a leaderless business structure that looks like an online chat room with a bank account.) They raised four million in the first twenty-four. time. Then someone put in another four million, in Ethereum currency. The next evening, the project had gone viral: seventeen thousand donors had given more than thirty-three million (median contribution: $ 206.26). “I feel like I’m part of an organization! a twenty-eight-year-old contributor wearing a green fur coat and leather sandals said, excitedly, in the lobby of Sotheby’s. “This is fucking awesome.” Nearby, a man named Sean Murray, dressed in a military jacket, white breeches and a tricorn, held up a homemade sign that read “I AM BUYING THE CONSTITUTION”.

Another man approached Murray and introduced himself: “I was wondering if anyone else would show up! Murray looked down at his outfit and said, “I must be different, right?” He’s laughing. “I’m glad it’s a real life thing. You don’t want to come here and find out that these were Twitter bots all the time.

The article the DAO planned to bid on that evening was one of the first thirteen surviving prints of the United States Constitution. It belonged to Dorothy Goldman, whose late husband bought it in 1988 for one hundred and sixty-five thousand dollars. The document, Sotheby’s Lot 1787, was composed by David Claypoole and John Dunlap, in Philadelphia, September 17, 1787. (Dunlap also composed the first impressions of the Declaration of Independence.) “It was a process very laborious, ”said a representative of Sotheby’s, in a film distributed to potential bidders.

On the third floor, several of the group’s “main contributors” – the leaders of the leaderless organization, who promised to return everyone’s money if the group didn’t win – had gathered in an air-conditioned gallery to inspect the document, which was enclosed in glass.

“It doesn’t sound like the million dollars he’s going to make. It’s just a piece of parchment! said a software developer from Brooklyn. He was wearing a Fat Albert shirt and Rainbow Pumas.

“The letter ‘S’— it looks like an’ F ‘,” said a man in a beige hoodie. “” Blessings “sounds like” Bluffings! ” “”

Across the room, Liliana Pinochet, a 75-year-old woman who had just completed cancer treatment at a nearby hospital, asked the group what they would do with the Constitution.

“We are discussing with the museums where it would be best to house it,” said Nicole Ruiz, who wore a long checked coat. She explained that donors would not actually own the document, but would help determine its future. “The whole group has the right to vote! ” she said.

“I’m glad this is not falling into private hands,” Pinochet said. “It’s a shame when things go to the banks.”

Upstairs, the group showed up in the auction room, where, in a few hours, a Sotheby’s representative was bidding on their behalf over the phone. “Having access like this is insane,” said MacKenzie Burnett, twenty-eight-year-old technology CEO.

“It’s really fun to think about it,” said Theo Bleier, a high school student. “None of us are independently extremely wealthy, like the wealthy at auction. “

At six o’clock, about thirteen thousand aliases had gathered online to watch the auction; About sixty others gathered in a co-working space in the city center for an IRL evening. Robbie Heeger, the group’s designated representative, who had never been to a large auction before, scribbled “WGBTC” – “We’re going to buy the Constitution” – on a whiteboard. “Hello Hello?” he barked into his iPhone. The call with the representative of Sotheby’s had just fallen. “What?” someone shouted. ” Are you kidding me ? “

Two minutes later, Heeger’s phone rang. “Let’s fucking do this! ” he said. “Huzzah! “

The auctioneer launched the auction at ten million; within seconds, a Sotheby’s employee holding a black telephone handset, which represented hedge fund billionaire Kenneth Griffin, raised it to thirty million. (Griffin is said to hate cryptocurrency.)

“Wait a minute,” Heeger moaned, bewildered. “OK, do thirty-one! “

Griffin responded with thirty-two million. A bidding war ensues: thirty-four million dollars. . . thirty-seven million dollars. . . thirty-eight million. . .

” Get out of here ! Heeger shouted. “OK, let’s pretend we’re thinking about it. At the last minute, go for thirty-nine. He stopped himself. “No, forty! He looked around the room apologetically. “I think we’re totally at the peak.”

The auctioneer said, “We can lift the hammer! Heeger said, “Forget it! Another fifty seconds passed before Griffin placed the highest bid ever for a landmark document: forty-one million dollars, or about one-fifth of one percent of his net worth.

Heeger hung up. Downstairs, a security guard asked what had happened. Someone said their offer ran out by a million dollars. “Next time you have to call me,” the guard said. – I could have lent you that. ??

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