Crypto bid to buy US constitution

Crypto bid to buy US constitution

ConstitutionDAO, says it plans “to put the constitution in the hands of the people for Crypto bid to buy US constitution“. Auctioneers Sothebys had estimated a sale price of up to $20m, at the auction to be held on 18 November.

But it is not clear how ownership will be arranged if the bid succeeds.

The BBC has approached the group for comment.

Published in 1787, there are 13 known copies to have survived from a run of 500 originally printed after the text was settled at the Constitutional Convention in Philadelphia, Pennsylvania.

A crowd-funded effort to buy a rare 1787 copy of the US constitution at auction claims to have received more than $40m (£29.6m) worth of cryptocurrency donations.”

The idea is to enable individuals to come together to make purchases and share ownership, with their transactions and operating rules recorded on the blockchain – the same underlying technology on which cryptocurrencies like Bitcoin and Ethereum run.

ConstitutionDAO launched just a week before the auction, and is soliciting money with which to buy the constitution document in Ethereum.

On its website, the group says it is “pooling together money to win this auction”.

At first, the website told contributors they were buying “fractional ownership and governance. You will own a piece of the constitution based on how much you contribute”.

That has since been changed to say those who contribute will not get a share in owning the constitution.

Source: BBC NEWS 

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