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But ConstutionDAO had little in common with those. In reality, the project was fatally flawed from day one, by virtue of the simple fact that it had to interact with the real world.

When your DAO is DOA

What the thousands of people who crowdfunded the attempt to buy the constitution were actually buying with their money is unclear: minority ownership of an organisation that would not in fact own the constitution, but was controlled by some people who also owned a limited company that hoped to buy the constitution at auction.

That is, if it had managed to buy the document in the first case. What actually happened is that the group learned that going into an auction with a clear and obvious budget that you are functionally unable to exceed is probably bad strategy: they were outbid by Ken Griffen, the chief executive of old-school stockbroker Citadel, who went into the auction knowing to the dollar the amount he had to spend to gain a victory over the upstarts.

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