ConstitutionDAO loses $43 million auction of rare US Constitution copy

A quickly assembled group of crypto enthusiasts who crowdfunded an astonishing $47 million in funds to bid for a rare copy of the US Constitution lost out to a bidder with deeper pockets.

The group, ConstitutionDAO, said in an update on Discord that they did not win the auction at Sotheby’s tonight, which sold for a total of $43.2 million. The DAO’s organizers believed they would not have enough money to “insure, store, and transport the document” if they had made a higher bid.

The group assembled over the past week, mostly, it seems, because it seemed like a bunch of randos on the internet buying an important historical document would be a funny thing to do. Somehow, they managed to get enough interest to raise a huge sum in Ether. The...

Continue reading…