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Ironically, ConstitutionDAO's $PEOPLE token has soared in value and many folks made exits at 30x.
by doopy1 5y ago
Ironically, ConstitutionDAO's $PEOPLE token has soared in value and many folks made exits at 30x.
- jimkleiber 5y agoSo, a company (DAO) says it's going to use investment money (token contributions) to buy an asset (copy of the Constitution) and fails to buy the asset...and then the stock (token) goes up 30x in price?
- cobookman 5y agoWelcome to (a large number of) cryptocurrencies in a nutshell.
- jimkleiber 5y agoYea, the other day I had the thought that many cryptocurrencies are basically just the stock without the business. So much easier to sell a stock when there's no business behind it, potentially contradicting the hype story.
- bobsmooth 5y agoScammers are having a renaissance in rebranding old schemes.
- CryptoPunk 5y agoThere is no deception behind the marketing for the ConstitutionDAO. No one has made any claims of it being a profitable venture. It was explicitly marketed as a non-profit venture to democratize ownership of important cultural pieces. The PEOPLE tokens appear to be going up in value solely due to the sentimental value attached to them.
- keithwhor 5y agoHow can you be sure this isn’t wash-trading organized by the largest owners so they can attempt to profit at the expense of individual retail investors?
- doopy1 5y agoSeems like wash trading in this way would cannibalize your gains if you don't withdraw before too long. I actually don't think that's what's happening. I think it's the memecoin effect. The constitution DAO got a lot of media attention and that's driving speculation on their $PEOPLE token.
- CryptoPunk 5y agoThat's a different allegation, which would need to be proven.
- notreallyserio 5y agoBut then didn't they say that the democracy part, the votes, was going to be dropped on the floor as "advisory"?
- pbaka 5y agoFirst time in crypto ?