The BlockbusterDAO wants to raise at least $5 million to buy the iconic video rental brand from Dish Network and turn it into a streaming film studio.
Tag: Constitutiondao
New Altcoin Built on Ethereum Soars After Receiving Burst of Support From Two Major Crypto Exchanges
An altcoin that helps holders optimize their yields is surging after two top cryptocurrency exchanges gave it the green light.
Convex Finance (CVX) is a decentralized finance (DeFi) protocol built on top of stablecoin exchange Curve Finance (CRV). Its native token is used for staking, liquidity mining, and voting.
Both Binance and Huobi Global have added CVX to their roster, causing the altcoin to surge. CVX is trading for $40.61 at time of writing, a 19.2% increase on the day.
The token will appear in Binance’s Innovation Zone and Huobi’s Pioneer Zone which are dedicated trading spaces offering investors crypto assets that are susceptible to price volatility.
Huobi says that spot trading on the CVX/USDT trading pair will start once appropriate liquidity conditions are met.
Binance also announced that it is adding ConstitutionDAO (PEOPLE), a patriotic decentralized autonomous organization (DAO) that crowdfunded roughly $47 million worth of Ethereum (ETH) in order to purchase one of the few remaining first-edition copies of the U.S. Constitution at an auction. The effort was unsuccessful due to the group being outbid by an unknown buyer.
Binance says of the project,
“The PEOPLE token is now representing a DAO movement with historical significance.
[The] token has no explicit use cases as the founding team has chosen to close the project and burned their multi-sig that controlled the raised fund.”
PEOPLE is rallying in the wake of the new listing, jumping over 10% to $0.15 at time of writing.
Binance says that both CVX and PEOPLE will be available for Bitcoin (BTC), Binance USD (BUSD) and USDT trading pairs.
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Four Altcoins Are Soaring As Bitcoin, Ethereum and Majority of Crypto Markets Retreat
Several under-the-radar crypto assets are exploding in price despite a lingering downtrend across the markets.
Patriotic ConstitutionDAO has seen its native token PEOPLE leap by 61% this week. The project initially arose to crowdfund the purchase of a rare original copy of the United States Constitution but was ultimately unsuccessful during a Sotheby’s auction in November.
The PEOPLE altcoin has seen unexpected strength despite the project’s founders offering to refund the $47 million raised, minus gas fees. At time of writing the token is priced at $0.13.
Also shining this week is Decentralized Social (DESO), which aims to solve the scalability needs of social media platforms. The project has previously received funding from billionaire investor and crypto advocate Chamath Palihapitiya’s Social Capital and just this week was listed on the Coinbase Pro trading platform.
DESO has blasted higher, gaining 61% to trade at $153.54 as news of the Coinbase announcement spread.
Climate-neutral developer platform Near (NEAR) is up an impressive 30% this week, including a 10% rise today to $10.18.
The project’s website says that Near provides scaling solutions to help increase Web 3.0 adoption.
“The Creator Economy requires robust infrastructure including a set of intuitive developer tools, and an engaged, decentralized community.”
The final notable altcoin on the move this week is the cloud computing project FLUX (FLUX), which offers a comprehensive suite of developer-friendly tools for Web 3.0 and decentralized applications (DApps).
Native token FLUX can be used to buy resources, collateralize nodes, and fuel network transactions.
FLUX recently got a boost when popular crypto marketplace Binance announced the token would be available on its trading platform.
The creator of the Zelcore digital wallet and formerly known as Zelcash, FLUX has jumped by 37% over the past week to $1.78.
In contrast to these trending altcoins, leading crypto Bitcoin (BTC) has retraced by 7% over the same time frame to $47,311.
Second-ranked Ethereum (ETH) has also declined by 14% to $3,708, at time of writing.
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Patriotic Altcoin Manages 330% Rally in Seven Days While Rest of Crypto Markets Turn Red
A unique crypto asset has been soaring like an eagle even as the broader crypto markets struggle to hold the line.
The altcoin PEOPLE represents the ConstitutionDAO (decentralized autonomous organization) project, which crowdfunded roughly $47 million dollars worth of Ethereum (ETH) in an attempt to purchase one of the few remaining first-edition copies of the U.S. Constitution at auction.
Ultimately, the group’s representatives pulled out of the Sotheby’s auction when the bidding exceeded $43 million due to concerns that they would not have sufficient funds left over to properly maintain the document. Billionaire Ken Griffin, CEO of hedge fund and financial services firm Citadel, ended up winning the November 18th auction.
In the weeks since ConstitutionDAO’s governance token has been on a wild ride.
PEOPLE shot out of a cannon from a fraction of a penny on November 24th to over $0.15 by November 27th, before slowly correcting back down to under $0.04 on December 6th.
However, the patriotic altcoin found new wings and worked its way to a fresh all-time high above $0.17 this past Sunday.
The group says that holders of PEOPLE can either exchange the altcoin for a refund minus applicable gas fees or keep their tokens for potential future projects.
According to the ConstitutionDAO website,
“[This] was a beautiful experiment in a single-purpose DAO. We now believe this project has run its course.
Having lost the auction and following the core team’s choice to wind down, we would like to remind you that the tokens possess no rights, governance, or utility other than redeeming them for Ethereum from the smart contract held in Juicebox…
It is also an option to keep your PEOPLE tokens and do with them as you please – it is clear that there are parts of the community who wish to incorporate them into future projects.”
PEOPLE has witnessed a sharp selloff since yesterday’s peak, and is currently down nearly 33% and priced at $0.11.
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ConstitutionDAO: PEOPLE price pumps 200% as new ‘We The People’ token unveiled
PEOPLE, the governance token of ConstitutionDAO, soared in value by near 200% in just 24 hours despite its trading volumes falling through the cliff in the same period, data on CoinMarketCap shows.
The cost to purchase one PEOPLE token surged to $0.0321 compared to $0.0110 24 hours ago. In contrast, its trading volumes across the crypto exchanges dropped by almost 100% to over $181,000, reflecting that the ongoing bullish move had very little support behind it.
The story so far
The massive upside momentum in the PEOPLE market came at a time when users must have been dumping it for the Ethereum blockchain’s native token, Ether (ETH).
That is primarily because ConstitutionDAO, a decentralized autonomous organization (DAO), crowdsourced over $47 million in Ether via the sale of PEOPLE. It wanted to use the proceeds to buy a rare copy of the U.S. constitution but lost its bids to billionaire Citadel CEO Ken Griffin at a recent Sotheby auction.
Left with no Constitution and $47 million worth of ETH funds in its multi-signature wallets, ConstitutionDAO decided to refund the entire amount to its donors. But many in the DAO’s Discord community stressed that they did not want to pay the high refund gas fees.
In response, the ConstitutionDAO team provided two choices to its donors: either they could return their PEOPLE tokens for ETH (minus gas fees), or they can choose to receive a new governance token, dubbed We the People (WTP), without having to pay a gas fee, at the rate of 1 PEOPLE per WTP.
For everyone who wants to continue riding with us, you’ll also be able to sign a message (without paying for gas) committing your funds to the DAO’s treasury and get our governance token $WTP (We The People) back.
Of course, you can also do nothing and see how things play out
— ConstitutionDAO (, ) (@ConstitutionDAO) November 20, 2021
Meanwhile, in the event of donors not choosing to demand refunds, ConstitutionDAO will retain the capital.
As a result, the DAO will be able to keep a portion of ETH in its vaults as long as donors convert their PEOPLE to WTP or ignore any reimbursements. So if the value of Ether rises, the price of WTP will likely increase in tandem.
Therefore, the ongoing PEOPLE price rally hints that traders have been either choosing to hold it or buy it from the secondary markets to get hold of the WTP token at a later stage.
so, in my medium thoughtboi post, is it more impactful that @ConstitutionDAO raised $40m+ or that it pumped 4x as a memecoin after dissolving? https://t.co/ohX8SafyST
— Mike DAOdas (@mdudas) November 25, 2021
Juicebox a clear winner
ConstitutionDAO has not released any specific reason why it wants donors to reimburse their PEOPLE tokens via a new governance asset, given it has already announced that it would shut down after failing to win the U.S. constitution’s rare copy.
David Gerard, the author of the book ‘Attack of the 50 Foot Blockchain’ and a news blog of the same name, noted that Juicebox.money, another DAO that processes payments for ConstitutionDAO, typically collects 5% of all the money made by the project.
Related: Layer-two and multichain DeFi platforms see record inflows as Ethereum fees soar
Therefore, Juicebox might have already made at least $2.35 million through the ConstitutionDAO crowdfund and may make more from the upcoming WTP-funded ventures, if there are any.
“Not too bad a payday,” wrote Gerard.
Auction is lost. $40 million worth of $PEOPLE is now essentially worthless after the people who minted it say it no longer has a purpose. They talk about starting a new token, $WTP, with a new, nebulous purpose.
— Sam Rose (@samwhoo) November 24, 2021
For now, the outgoing ConstitutionDAO team has announced core contributor Brian Wagner and Web 3 expert Liminal Warmth as the project’s new leaders.
Meanwhile, the community has been voting on how they could deploy their Ether-backed WTP reserves on other projects, with their ideas ranging from pursuing a copy of the Bill of Rights to making a new Web 3 constitution from scratch.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.
Crypto Group ConstitutionDAO Plans to Refund Money and Shutdown, after Failing the Bidding
After failing to outbid billionaire Ken Griffin in auction for a copy of the US Constitution, the decentralized autonomous organization ConstitutionDAO is planning to shut down after refunding the money it raised.
According to a Tweet by the organization, the group believes it is not feasible to carry on without the “unifying mission” of trying to buy the copy of the first printing of the US Constitution. If the group had won the bid, they would have to set up more official governance.
A notice on ConstitutionDAO’s website said, “we have determined that building and maintaining an ongoing project is not something that we as a core team are able to support, given the technical and administrative requirements of doing it properly. Given this, we believe this project has run its course.”
Had the group won, a governance token would be introduced with which they could have voted on where the Constitution would be displayed.
The artefact had carried a presale estimate of $15 million to $20 million, while ConstitutionDAO had raised more than $40 million to purchase the document.
After losing the bid, ConstitutionDAO had also stated that it had 17,437 donors, with a median donation size of $206.26. Donations were made in Ethereum through Juicebox.money, a platform for community-owned Ethereum-based projects.
The DAO group said on its website that there is no time limit on claiming the refunds, but it must return the funds to users, minus fees for transactions on the Ethereum blockchain.
Ken Griffin, a founder of US multinational hedge fund and financial services company Citadel LLC, shattered the hopes of ConstitutionDAO by outbidding them with a record-setting $43.2 million at a Sotheby’s auction.
Griffin announced that he would loan the document to Billionaire Alice Walton’s Crystal Bridges Museum of American Art in Bentonville, Arkansas.
Prior to Griffin’s winning bid, the artefact belonged to collector Dorothy Goldman whose husband, S Howard Goldman, had purchased it for $165,000 in 1988.
The document holds significant value since it is one of 13 surviving copies of the Official Edition of the Constitution printed in 1787 for the delegates to the Constitutional Convention and for the Continental Congress.
Although ConstitutionDAO failed to achieve its goal, it showcased the potential of DAO to go mainstream. Their effort also highlighted how the idea can change the way people buy things, build companies, share resources, and run nonprofits.
As reported by Blockchain.News on November 19, digital decentralized autonomous organization (DAO) serves as a form of investor-directed venture capital fund that seeks to provide the enterprise with new decentralized business models built on the Ethereum blockchain.
Image source: Shutterstock
Hedge Fund Billionaire Ken Griffins Manages to Outbid for Copy of US Constitution
Ken Griffin, the founder and CEO of hedge fund company Citadel LLC, acquired a first-edition copy of the US Constitution at a Sotheby’s auction house on Thursday, November 18.
The billionaire investor paid $43.2 million to secure the document, beating an outbidded group of crypto investors- ConstitutionDAO who also had the same interest of acquiring the extremely rare first-run printing.
Griffin, who is also an art collector, plans to loan the piece to the Crystal Bridges Museum of American Art in Bentonville, Ark, a free museum founded by Philanthropist and Walmart heiress Alice Walton.
Citadel confirmed that Griffin made the winning bid that beat out thousands of crypto investors who worked together to secure the document at Sotheby’s auction.
Sotheby’s stated that the sale set a world auction record for any manuscript, book, historical document, or printed text, as the amount was more than double its $20 million high estimates.
Meanwhile, Griffin talked about the development and said: “The U.S. Constitution is a sacred document that enshrines the rights of every American and all those who aspire to be. That is why I intend to ensure that this copy of our Constitution will be available for all Americans and visitors to view and appreciate in our museums and other public spaces.”
The document was in private hands in the past, having last auctioned in 1988 for $165,000 by Dorothy Tapper Goldman’s late husband, S. Howard Goldman.
Griffin’s triumph over the group was interesting because he has been a vocal sceptic of the use and value of crypto assets.
Crypto Crowdfunding Fell Short
As reported by Blockchain.News, the auction drew widespread attention last week because of an attempt by the crypto coalition “ConstitutionDAO” to crowdfund a winning bid.
“ConstitutionDAO,” a group of more than 17,000 crypto investors, popularly as recognized as pulled together more than $40 million worth of Ether via a decentralized autonomous organization – a kind of computer protocol –earlier last week in a bid to win the auction.
The crypto group planned to seek a partner to publicly display the document (the printing of the constitution).
The group clarified based on frequently asked questions that the funds would be redeemable (providing anyone with an option for a refund) minus a transaction fee.
Since the group has lost the bid, it is now upon them to decide what will happen to all the cash they raised. However, some members shared plans to potentially allocate the funds towards future auctions.
Unlike an ordinary pool of investors, DAOs rely on crypto technology to track and validate participation in the group and to facilitate the inner workings of how to raise and distribute large amounts of cash.
Image source: CNBC
ConstitutionDAO Fails to Win the U.S. Constitution Copy on Sotheby’s Auction, after Raising Crowdfund $47M
On Thursday, the decentralised autonomous organisation ConstitutionDAO lost ownership by failing to win the bid for the printed copy of the U.S. Constitution at a Sotheby’s public auction. The Lot finally sold for $43.2 million by an autonomous bidder.
The unique U.S. Constitution at this auction is the first edition printed copy of one of the 13 remaining constitutions copies.
Prior to the Sotheby’s public auction, the ConstitutionDAO community, a decentralised autonomous organisation, raised more than $40 million in Ethereum in a week through the discord social platform. Precisely, the organisation has raised a total of $47 million worth of Ether from more than 17,000 Ethereum wallets. The organisation claimed they “broke records for the most money crowdfunded in less than 72 hours.”
source: ConstitutionDAO
However, ConstitutionDAO failed to win the Lot and stopped the pace of additional funding when an unidentified bidder won the Lot with an estimated $41 million.
According to an organiser in the Discord server of the organisation, the main reason for losing the bid is that the organisation do not have enough capital to pay for the “proper maintenance and upkeep” required to keep the constitution.
In the official Discord announcement, a leader of the organisation, Julian Weisser, pointed out that although this is not the result they hope, this is “we still made history tonight with ConstitutionDAO. This is the largest crowdfund for a physical object that we are aware of — crypto or fiat.”
DAO is known as the digital decentralised autonomous organisation (DAO). The DAO served as a form of investor-directed venture capital fund that seeks to provide the enterprise with new decentralised business models built on the Ethereum blockchain.
This auction is the best example of the first crypto community to demonstrate its purchasing power in the real world. Although it was unsuccessful, it also allowed more people to see the potential of cryptocurrency in real life.
FTX.US crypto exchange President Brett Harrison expressed his thoughts on this auction:
“I think seeing how powerful a DAO can become in a real-world transaction such as this, I think will show people that there’s a lot of potentials that people have only dreamed of for these kinds of organizations to be a model for future governance. “
At present, there is no specific plan on how the funds will be used or returned, possibly could be used as the funding for future auctions. DAO is managed by smart contracts that exist on the blockchain to execute agreements with no centralised authority automatically.
Image source: Yahoo.finance
BREAKING: ConstitutionDAO fails to win Sotheby’s auction
The online group, ConstitutionDAO, has failed in its bid to purchase the last privately owned, 1st edition print copy of the U.S. Constitution at public auction at Sotheby’s on Thursday.
“The ‘Official Edition’ of The United States Constitution” was instead won by an unknown bidder for $41M (or $43.2 million after auction fees), meaning the DAO failed in its historic attempt to put it “in the hands of The People.”
The news broke in an announcement on the official Discord. “While this was not the outcome we hoped for we still made history tonight,” the post read.
This specific copy is one of just thirteen copies of the Official Edition of the Constitution from the Constitutional Convention. It was first purchased from Sotheby’s by the late real estate developer S. Howard Goldman in 1988 for $165,000. His widow Dorothy Goldman put it up for sale this year and decided that the proceeds will go to the Dorothy Tapper Goldman Foundation.
Project participants began to band together just a week ago as a decentralized autonomous organization, or DAO, to pool funds for the auction. In the hours leading up to the sale, ConstitutionDAO had raised over $49 million in Ethereum donations collected via Juicebox, a platform for community-owned Ethereum-based projects.
In exchange for donations, the 17,437 backers were issued governance tokens called PEOPLE. These do not provide fractionalized ownership, rather give token owners the ability to vote on proposals around structure, governance and operational direction.
Participants will now be able to get a refund of their contribution via Juicebox.
