đ¸đ¤ $40 Million Was Not Enough
Hey all,
Hope youâre having a great Sunday.
Earlier this week a group of crypto enthusiasts raised over $40M to buy a first-edition copy of the U.S. constitution (read more below). The group ended up losing out on the auction but whatâs interesting is the nature of the group that was able to raise millions of dollars in the span of a week.
The group, ConstitutionDAO, is a decentralized autonomous organization. You can think of a DAO as a group of individuals banding together with no central leadership. They rely on cryptocurrency technology to track participation in the group, facilitate their inner-workings as well as decide on how to distribute large amounts of cash. Everyone in the group can propose an idea or action (such as buy the constitution) and then put it up for a vote.
This type of crowdfunding using smart contracts and cryptocurrency is starting to become more common as ConstitutionDAO joins a long list of DAOs pooling together funds to buy real-world assets. Earlier in July, another DAO (PleasrDAO) bought a copy of the Wu-Tang Clan album formerly owned by Martin Shkreli.
Youâll probably hear about DAOs in the news in the future quite often, so hopefully this was a good explanation of what it is!
Also, we hit 300,000 subscribers on YouTube! You guys are crazy - thank you so much for all your support. We have some fun videos coming soon.
Enjoy this weekâs Hump Days
- Humphrey & Rickie
In the Markets
Weekly News Roundup
Crypto Investors Who Raised $40M+ to buy a copy of the Constitution Lost Their Bid (CNBC)
A group of crypto investors banded together and raised over $40 million of ether to try and buy a rare 1 of 13 first edition copy of the U.S. Constitution. However, they ended up losing their bid to Ken Griffin.
RH: Ken Griffin, CEO of Citadel, once again beats out the little guy. You might recall last January when GameStop was in a frenzy, it was rumoured that Citadel was behind RobinHoodâs infamous halt on trading. This time, Griffin outbid the group of crypto enthusiasts at $43.2 million and he intends to lend the piece to a free Arkansas art museum.
Bitcoin Drops Most Since September in Broad Retreat From Records (BBG)
Following Bitcoin hovering near all-time highs, there was significant pullback after the new infrastructure bill brought concerns over regulation and taxation.
HY: Healthy correction, always look to pick up some on a dip. Another good strategy I like to use is to see when the Fear/Greed Index is below 50, thatâs usually a decent time to pickup some crypto.
Surging Shipping Costs Will Drive Up Prices for Some Consumer Products by 10% (CNBC)
The rate for a single shipping container has skyrocketed as a result of the coronavirus pandemic disrupting supply chains and trade channels. The most impacted consumer products are computers, furniture and textiles which are all predicted to increase by >10% in price.
RH: Hope youâre not in dire need of a new TV, car, couch or rug. If you can even get your hands on some of these products, expect to pay more than what you would initially imagine.