Welcome back to The Breakdown with me, NLW.

It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world.

The breakdown is sponsored by Nidig and produced and distributed by CoinDesk.

What's going on, guys? It is Sunday, December 12th, and that means it's time for Long Reads Sunday.

And today, we are going to talk about DOWs. I'm actually going to be reading two pieces from

Coin Desk this week. The first is called Dao's in the next crowdfunding gold rush.

It was written by Will Gots again, and it was published on Monday.

The biggest crossover crypto story of the past few weeks is probably Constitution Dow,

a rag-tag group of crypto believers who raised more than 40 million in ETH to purchase an original

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

Constitution. Their organizational structure spiraled into chaos. They bungled the refund mechanism

leaving thousands of contributors in the lurch. But what they did accomplish is almost as

staggering as the extent of their failures. Constitution Dow got tens of thousands of addresses

to donate $40 million over the course of about a week without a marketing team or a dedicated

growth director. Some of that is owed to the broader phenomenon of meme-based populism,

the same energy that galvanized Reddit's day traders to pump GameStop stock back in January.

It's the thrill of collective progress with an ideological twist in the

form of an identifiable enemy. Banks are bad. But the massive raise is also a testament to the

fast and furious nature of crypto itself. Kickstarter, one of the most recognized crowdfunding platforms,

doesn't actually take money out of your bank account until a project is fully funded. And in the

U.S., Kickstarter operates through the U.S.

securities and exchange commissions legal carve-out for regulated crowd funds, which incorporates

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