ConstitutionDAO statement on Sotheby's auction

Pretty telling that the ETH gas fees probably contributed to this failure.

It was a cool project. And I'm glad the cryptocurrency space is constantly trying new things. I do think eventually they're going to win in a major way, somewhere.

But hopefully this will lead to some innovations in the way fees are handled.

I offered up roughly the median, 0.05 ETH, as well as a gas fee of 0.017 ETH, totalling 0.067 ETH. I imagine there will be another 0.017 in gas fees taken off to convert back, making back 0.033 in the end. My total return on the investment ends up as a 55% loss, or at the current ETH price, -$136.

Assuming gas fees are the same per person, that $ loss should be roughly the same. Probably not a great assumption, but using that we come to an estimated total loss across all donars at -$136 * 17,437 donars = -$2,371,432.

I wonder how many donations didn't happen because of the huge gas fees? DAOs will likely need a network with much smaller fees to properly raise and allocate funds.

They have to return funds to 17000+ contributors. Not sure what their plan is to cover the gas fees.

Well it was a laugh. The internet is great.