BREAKDOWN: Can DAOs Be a 10X Improvement for Fundraising?
CoinDesk Podcast Network
CoinDesk
4.8 • 689 Ratings
🗓️ 12 December 2021
⏱️ 11 minutes
🧾️ Download transcript
Summary
A reading of two recent essays.
This episode is sponsored by NYDIG.
On this week’s “Long Read’s Sunday,” NLW looks at DAOs and their benefits over traditional fundraising, reading:
“DAOs and the Next Crowdfunding Gold Rush” by Will Gottsegen
“What Kickstarter Going Decentralized Means for Web 3” by Daniel Kuhn
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NYDIG, the institutional-grade platform for bitcoin, is making it possible for thousands of banks who have trusted relationships with hundreds of millions of customers, to offer Bitcoin. Learn more at NYDIG.com/NLW.
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“The Breakdown” is written, produced by and features Nathaniel Whittemore aka NLW, with editing by Rob Mitchell, research by Scott Hill and additional production support by Eleanor Pahl. Adam B. Levine is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsor is “Dark Crazed Cap” by Isaac Joel. Image credit: mathisworks/DigitalVision Vectors/Getty Images, modified by CoinDesk.
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Transcript
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| 0:00.0 | Welcome back to The Breakdown with me, NLW. |
| 0:09.2 | It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world. |
| 0:16.3 | The breakdown is sponsored by Nidig and produced and distributed by CoinDesk. |
| 0:22.7 | What's going on, guys? It is Sunday, December 12th, and that means it's time for Long Reads Sunday. |
| 0:28.8 | And today, we are going to talk about DOWs. I'm actually going to be reading two pieces from |
| 0:34.2 | Coin Desk this week. The first is called Dow's in the next crowdfunding gold rush. |
| 0:39.2 | It was written by Will Gotsigan, and it was published on Monday. |
| 0:42.9 | The biggest crossover crypto story of the past few weeks is probably Constitution Dow. |
| 0:47.4 | A rag-tag group of crypto believers who raised more than 40 million in ETH to purchase an original |
| 0:51.5 | copy of the U.S. Constitution at auction. Much has been made of the ways in which the group failed. They didn't actually buy the |
| 0:58.0 | Constitution. Their organizational structure spiraled into chaos. They bungled the refund mechanism |
| 1:03.0 | leaving thousands of contributors in the lurch. But what they did accomplish is almost as |
| 1:06.8 | staggering as the extent of their failures. Constitution Dow got tens of thousands of addresses |
| 1:11.2 | to donate $40 million over the course of about a week without a marketing team or a dedicated |
| 1:15.9 | growth director. Some of that is owed to the broader phenomenon of meme-based populism, |
| 1:20.5 | the same energy that galvanized Reddit's day traders to pump GameStop stock back in January. |
| 1:25.3 | It's the thrill of collective progress with an ideological twist |
| 1:27.9 | in the form of an identifiable enemy. Banks are bad. But the massive raise is also a testament |
| 1:33.0 | to the fast and furious nature of crypto itself. Kickstarter, one of the most recognized |
| 1:37.0 | crowdfunding platforms, doesn't actually take money out of your bank account until a project |
| 1:40.9 | is fully funded. And in the U.S. Kickstarter operates through the U.S. |
| 1:44.3 | securities and exchange commissions legal carve-out for regulated crowd funds, which incorporates |
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