SpiceDAO’s $3 Million Dune Book Purchase Shows How Naive ‘Crypto Bros’ Really Are

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CoinGeek has covered many crazy stories about this industry and its participants over the past few years, but today’s story is perhaps the craziest of them all. It all started with a Decentralized Autonomous Organization (DAO) called Spice DAO. As with most DAOs, SPICE token holders have the right to vote on what happens to the Spice DAO funds, and excitedly bid on a rare copy of Dune by Mexican director Alejandro Jodorowsky.

To be clear, this isn’t the original Dune story, but rather a legendary book about the unmade film that Alejandro had planned before studios canceled it due to its insane budget. It contains the script, concept art, and other materials, and previously sold copies of the book for up to $42,500.

Enter Spice DAO.

Seeing that a copy of the rare book was up for auction, SPICE token holders went to town, bidding €2.66 million ($3.01 million) and winning the auction hosted by Christie’s. They soon announced their intention to release the book to the public and commission an anime series based on it to sell to a streaming service.

We won the auction for 2.66 million euros. Now our mission is to:

1. Make the book public (to the extent permitted by law)

2. Produce an original animated limited series inspired by the book and sell it to a streaming service

3. Support community spinoff projects pic.twitter.com/g4QnF6YZBp

— Spice DAO (🏜,🏜) (@TheSpiceDAO) January 15, 2022

There is just one small problem.

Like many legal and economic illiterates operating in the digital currency and blockchain industries, Spice DAO fundamentally misunderstood what they were buying. As a Financial Times article on the subject points out, Spice DAO had bought a copy of this rare book, but somehow they thought they now owned the script and the intellectual property that it contained.

Oh ! Threads quickly popped up all over the internet, including Twitter, mocking Spice DAO’s gaffe. This one, in Spanish, referred to “crypto bros” as “cryptolais”, which roughly means someone who is easily tricked or is a dunce.

Some cryptolai bought a rare copy of Dune at auction and now think they have the rights to Dune. These people indeed have galactic brains (because it’s almost all empty space). pic.twitter.com/xkRSwEH0FK

— Andrés Diplotti (vaccinated💉💉) (@adiplotti) January 16, 2022

Satoshi’s warnings are always ignored

The Spice DAO saga is an all-too-familiar tale in the industry; naïve people, often young and without much experience in the real world, believe that the law, like the rules concerning intellectual property rights, do not apply in the digital domain or they fundamentally misunderstand it.

Satoshi Nakamoto himself has been trying to correct this misconception for years and is in the process of legally asserting his rights to Bitcoin and associated intellectual property. Yet, still, many don’t believe this or think that real-world laws don’t apply.

For those who don’t know yet, Satoshi Nakamoto’s identity isn’t the big mystery it’s made out to be. He is none other than the Australian inventor and polymath Dr. Craig Steven Wright. Dr. Wright painstakingly explained how Bitcoin is not a community-owned project designed to bring down banks and overthrow the law, but is actually pure conservative capitalism, the exact opposite of what the “crypto bros” believe. to be. He urged anyone who will listen to wake up and realize that things like DAOs are subject to the same laws as all other entities and that the laws of the real world apply to the digital realm as well.

Dr. Wright has explained for years that laws related not only to money laundering and other financial matters, but also those related to intellectual property rights and ownership, also apply to the projects of the digital asset industry. He has repeatedly pointed out how the recent NFT craze will lead to a series of lawsuits and how Bitcoin itself will be subject to an increasing number of legal battles as it attempts to reclaim its rights.

Yet very few pay attention, thanks in part to a large-scale smear campaign against Dr. Wright. As a result, disasters such as buying a copy of a book and believing that it confers the right to monetize the intellectual property it contains persist.

If only Spice DAO members had listened to Satoshi’s in-depth lectures on these topics, they might have sensed something wrong with their plan and saved millions.

BSV is not crypto, it is a business blockchain

Luckily, Dr. Wright and other members of BSV have a plan to steer him away from the overzealous madness and legal/economic ignorance of today’s digital currency and blockchain spaces. As the crypto people continue to build sand castles in the sky in an attempt to make the world a place where we all share everything as a community, most BSVers have embraced the truth: there is no Bitcoin without property rights, capitalism and law. As a result, real use cases with utility and longevity can be built on the BSV blockchain.

Let Spice DAO’s harsh lesson teach everyone else an important point: most people in this industry have no idea what they’re doing and are hopelessly naive and ignorant of reality. Take everything they say and do it with a pinch of salt.

Watch: CoinGeek New York Panel, Bitcoin & Blockchain – Can Real Value Come From Real Utility?

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