Episode 9 The Week Crypto Bid for The Constitution

Episode 9: The Week Crypto Bid for The Constitution

Episode 9

The Week Crypto Bid for The Constitution

Graham Novak and Miguel Piedrafita were two core contributors to Constitution DAO. We cover the intense 96 hours leading up to the bid, how decisions were coordinated, and just how they managed to raise 40 million dollars in less than a week.

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[00:02:27] - [First question] - What led him to text a friend about buying the Constitution

[00:04:14] - What steps they mulled over doing first to accomplish this purchase

[00:05:07] - How quickly this went from idea to reality and the chances of it succeeding

[00:06:00] - Who they called next to start bringing this DAO to life

[00:07:27] - Figuring out who would do what in order to accomplish this in a timely manner

[00:08:43] - When the group went from known people to bringing outsiders into the fold 

[00:09:32] - The first big action item that needed to be resolved 

[00:10:03] - Getting in touch with Sotheby’s and proposing their idea to purchase as a DAO 

[00:11:37] - Some of the stipulations that Sotheby’s said would need to be met  

[00:12:52] - At what point they engaged lawyers to integrate legal structure 

[00:15:01] - What they were actually buying when you sent ETH in to contribute to the fund

[00:16:36] - Who would be owning the Constitution and voting governance decisions 

[00:18:46] - Stepping into day two with a legal structure and how big the group became

[00:19:35] - Whether there was ever any moments of doubt and how real it was by day two

[00:21:30] - Thinking about the security and the concept going viral on social media

[00:22:55] - The tools used to construct the DAO and secure the funds 

[00:23:55] - How the decision happened to use JuiceBox

[00:25:46] - An example of a split decision in the group and how it was resolved

[00:28:06] - Who should have control over the funds and why they doxxed themselves

[00:31:49] - Turning JuiceBox on; what percentage of possibility day three brought with it

[00:32:44] - Making the contributed funds raised open to the public 

[00:34:14] - Convincing larger investors and large anonymous contributors

[00:35:38] - What number was needed to enter and be competitive in the auction 

[00:36:51] - How many in the DAO attended the auction 

[00:37:35] - Who was on the phone with David and who was on the phone with Brooke

[00:38:57] - Varying tweets about the outcome of the auction about winning or losing

[00:40:57] - Finding out they were against Ken Griffin and if anyone spoke to him or his team

[00:43:17] - What it was like when Ken’s team contacted the DAO for co-governance

[00:44:44] - Auction house fees and what else is required to secure a historical document

[00:46:19] - Plans for the document if they won and managing refunds after the loss

[00:50:39] - Introducing ideas for the We The People token and continuing the DAO

[00:51:41] - We The People token going parabolic and being traded by Chinese traders

[00:54:38] - What are some of the criticisms of the movement and things they would have done differently in hindsight

[00:56:41] - How the DAO could have been more decentralized from day one 

[00:59:00] - Whether or not doing this on a centralized fundraising platform would be wise

[01:01:12] - Inspiring the masses and what they’re excited to see people try in the future

The Week Crypto Bid for The Constitution

Introduction

Eric
In November 2021, Graham Novak texted his friend, Austin Cain, an idea. He wanted to buy the U.S. Constitution. Little did they know, the next week of their lives would play out like a Hollywood movie script. When we look back on the ConstitutionDAO, I think it will be remembered as a symbolic and historically significant event in crypto. To cover that moment, I sat down with Graham Novak and Miguel Piedrafita, two core contributors to the project. We dive into the intense 96 hours leading up to the bid, how decisions were coordinated and just how they managed to raise $40 million in less than a week. This is one of the most fun episodes I can imagine. Please enjoy.

Genesis and First Steps

Eric
So I'm so excited to have Graham and Miguel from the ConstitutionDAO today. I think the ConstitutionDAO was by far the highlight or pinnacle of the 2021 Web3 year. I think someday we'll look back on it with an even greater magnitude to what happened. So I think a great place to start, Graham, would be this famous text that you sent to Austin that you had an idea to buy the Constitution. I don't know your friendship with Austin or what you were thinking when you sent that, but maybe just walk us through what led you to type this famous text.

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