Imperfect Union: How ConstitutionDAO didn't raise enough money

Re:Imperfect Union: How ConstitutionDAO didn't raise enough ... by raesene9 on Sunday January 23, 2022 @11:04AM (#30047181)

The only reason they should have spent $2.6m at auction is, if there was another bidder taking them that high.

Short of someone literally bidding against them with the foreknowledge of their maximum bid, it seems very unlikely that anyone else would have gone close to that number from the $35k expected price.

A more sane approach if they realised that someone was bidding the up would be to duck out of that auction and by any of the other copies of the book that exist, likely for faaar less than $2.6m

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Re:Imperfect Union: How ConstitutionDAO didn't raise enough ... by Cederfjard on Sunday January 23, 2022 @11:21AM (#30047366)

Due to the nature of the DAO, their maximum bid was known beforehand, and I don’t know if there was a mechanism to bail out at that point, and with short notice.

Edit: Except the person/people tasked with doing the actual bidding making an executive decision to, but would that have been within their mandate?

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