A community of people who love cryptocurrencies are now called the Big Mad after failing to purchase a copy of the US Constitution.
Vice reported that the group, known as ConstitutionDAO, set out to purchase a copy of the founding document in an auction held by British fine arts brokers. It was your classic meme investment, inspired by the classic Nic Cage action-adventure vehicle "National Treasure", where he stole the Constitution.
Despite attracting more than 8,000 investors and raising more than $3 million to bid on the document, the group lost out to a hedge fund CEO. Vice reports that the community's Discord has fallen into a mess of disarray and anger, with much of the fury directed at the community's organizers.
The anger seems to stem from the community donating one token to purchase the copy of the Constitution, which was only given to people who donated one token. If the group won the auction, the owner of the token would have the right to vote on what happens to the copy.
You are receiving a governance token instead of fractionalized ownership. The website said that your contribution to ConstitutionDAO was a donation with no expectation of profit. Some examples of this would be voting on how the Constitution should be displayed, and how long it should last.
Vice reported that the organizers of ConsitutionDAO decided to replace the $PEOPLE token with a new one called $WTP. The owners of the new token would be able to vote on the direction the group would take in the future.
The price of $PEOPLE crashed like the box office returns of Nic Cage movies. The many owners of the token were furious at the move, but were able to push ConstitutionDAO to abandon the $WTP effort and issue refunds to investors.
Vice reported that an outrageous $90 was eaten up by various transaction costs when they tried to contribute $200 to the project.
This is a lesson that will stay with you. There is a chance that a project will go nowhere and leave behind a lot of angry and US Constitution-less investors.
Everyone Very Mad, Confused, Losing Lots of Money, Fighting, Crying, etc. are some of the things that were said in the Aftermath.
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