Discussion

• @jason_koebler Jason Koebler on x

  I followed WTF is happening in the aftermath of the failed Buy the Constitution crypto project this weekend and I am here to report it is not good https://www.vice.com/...

• @vice @vice on x

  The community of crypto investors who tried and failed to buy a copy of the U.S. Constitution last week has descended into chaos. https://www.vice.com/...

• @scottmelker @scottmelker on x

  DAOs are amazing. They're the future. But they're also an organization of people. I find that people usually don't like each other very much or agree on things. https://www.vice.com/...

• @richlightshed Rich Greenfield on x

  The #ConstitutionDAO mess is no different than meme stocks — consumers are not investing in something they believe has real value/undervalued, they are simply trying to find community and be part of a movement — sadly many losing money cannot afford to https://www.vice.com/...

• @davelevitan Dave Levitan on x

  I'm sorry but this is all extremely funny https://www.vice.com/... https://twitter.com/...

• @packym Packy McCormick on x

  CynTwit https://twitter.com/...

• @jason_koebler Jason Koebler on x

  (current) user unfriendliness/impractical nature of Ethereum. We donated $200 to see how this played out in practice - here's how it actually looked. To get our money back we would lose ~90% of what we put in to fees. 50% of the people who donated are in same boat https://twitter…

• @bethelderkin @bethelderkin on x

  Damn the National Treasure franchise really went downhill in the third film... https://twitter.com/...

• @timmarchman Tim Marchman on x

  Crypto will liberate the people from onerous banking and finance regulations only to recreate the conditions that led to onerous banking and finance regulations in the first place https://twitter.com/...

• @fredbenenson @fredbenenson on x

  if you lost money in the ConstitutionDAO debacle, I feel bad for you son, but I got 99 problems and a worthless governance token ain't one https://www.vice.com/...

• @domdelport Dominique Delport on x

  From @ConstitutionDAO to #ConstitutionWTF... the complicated journey to a crowdfunded crypto future .. great reporting as always by @jason_koebler @motherboard https://twitter.com/...

• @jamespmcleod @jamespmcleod on x

  lmao charging into a plan with no consideration for the mess it might create if reality doesn't conform to your most optimistic expectations is ... uh ... yeah that tracks https://www.vice.com/...

• @erratarob @erratarob on x

  There are things more stupid than NFT. https://twitter.com/...

• @joshsternberg Josh Sternberg on x

  If ConstitutionDAO was supposed to be the template of the new society being built, well... https://www.vice.com/...

• @tonyajoriley Tonya Riley on x

  Someone find a happy medium between Silicon Valley and Succession and make it about the cryptocurrency world https://www.vice.com/...

• @jyarow Jay Yarow on x

  Web3 still has some wrinkles to smooth out. “Of the initial $200 we bought in ETH, $90 was eaten up in fees simply to donate to ConstitutionDAO.” https://www.vice.com/...

• @cooperlund Cooper Lund on x

  Crypto Entusiasts: Crypto will free us from predatory banking fees Crypto usage: https://twitter.com/... https://twitter.com/...

• @blowdart Barry Dorrans on x

  Not good or hilarious? I'm leaning towards hilarious. https://twitter.com/...

• @jerkob Jacob Terry on x

  Behold the future https://www.vice.com/... https://twitter.com/...

• @alex @alex on x

  VICE put a little $ into the Buy The Constitution semi-DAO/meme thing and wrote about it https://www.vice.com/...

• @tempusrob Robert Paul on x

  Can't help but think of that evergreen “no way to prevent this” Onion headline. https://twitter.com/...

• @rstephens Robert Stephens on x

  ConstitutionDOH! https://twitter.com/...

• @jason_koebler Jason Koebler on x

  This ConstitutionDAO story is actually a pretty good entry point for people who have no idea WTF is going on because it shows that cryptofying everything is not necessary and that a lot of “decentralized” projects are not decentralized at all

• @johnkoetsier John Koetsier on x

  SHOCKINGLY ... - setting up an org is hard - reconciling multiple viewpoints is hard - real-world is hard - Ethereum gas fees suck - doing things quickly is a recipe for disaster AND ... - crypto is hard - “web3” & “decentralized” are unrealized promises https://www.vice.com/...

• @parismarx Paris Marx on x

  🚫 Tech does not guarantee decentralization 🤑 Crypto has exorbitant fees 🤪 This stuff is a likely scam anyway If this Constitution fiasco is really a sign of what's to come, we're in for a pretty terrible future. https://www.vice.com/...

• @armchairdude Jonathan Wong on x

  The Ethereum blockchain in its current state is a great proving ground for Proof-of-Concepts like ConstitutionDAO, but far from being ready for mainstream adoption. https://www.techmeme.com/...

• @motherboard @motherboard on x

  The vibes in ConstituionDAO's Discord server are very bad. https://www.vice.com/...

• @eevee @eevee on x

  Shocked. Shocked! that a huge chunk of the money ends up in the hands of financial middlemen and ETH miners (who are just more expensive financial middlemen) Well, not that shocked https://twitter.com/...

• @carnage4life Dare Obasanjo on x

  The idea that instead of forming a co-op with bylaws you can just replace it with a chat room and some stored procedures on the block chain (aka smart contracts) only works when everything is going up and to the right 📈. Once that isn't the case, people will pine for regulation.

• @jason_koebler Jason Koebler on x

  This project, for example, would have actually been much easier (and MUCH cheaper) to administer if they had used, like, venmo or gofundme. But that's not cool and not web3 so they didn't do it. In this story you can see the current limitations of Ethereum and the

• @jason_koebler Jason Koebler on x

  I have learned a lot more about crypto and web3 over the last few months and think it's difficult to paint with a broad brush - there are some exciting things happening and we will see “web3” and crypto happen in some form. I think that ...

• @jason_koebler Jason Koebler on x

  - $40 million organization trying to invent a reason for itself to exist on the fly - plans being announced, changed, previous announcements are getting deleted - many wondering whether this is a scam or just mass chaos

• @gerritd Gerrit De Vynck on x

  so the $40 million raised to buy the constitution is either staying with a core group of the project's organizers, or getting eaten up by fees.. https://www.vice.com/...

• @alexisgoldstein Alexis Goldstein on x

  Motherboard paid a $75 Ether gas fee to contribute ~$75 to ConstitutionDAO. Of the initial $200 of ETH they bought, $90 was eaten up in fees. To get a refund, they'd have to pay gas fees AGAIN, wiping out their entire investment. Many are in the same boat: https://www.vice.com/..…