This increases the likelihood that the tokens will indeed go up in value. By buying the tokens and ensuring there's a liquid market, investors help perpetuate and extend the story. The tokens are basically souvenirs, but they're also a bet on the growing significance of this event - a bet that the souvenirs will go up in value over time.īut it's not just a bet. The crypto community sees the attempt to use a smart contract to buy a copy of the constitution as a historical event. And people believe that the value of this story will only increase over time. There are many explanations why $PEOPLE still has a liquid market, but they all boil down to this: It's a good story. Why would anyone pay to buy a token that no longer has a purpose? The Will of the People Yesterday, nearly two weeks after the failed option, the daily trading volume in $PEOPLE tokens was over $70,000,000. And it wasn'y just a handful of people - a whole liquid market emerged. This means people were willing to pay a 10,000% premium in order to buy shares in a project that no longer has a purpose. It was worth nearly 100 times more than what original contributors paid at its peak. The price of $PEOPLE tokens shot up dramatically. The DAO fulfilled its purpose, albeit unsuccessfully, and it was time to return everyone's money and call it a day. The token symbol (or ticker) was $PEOPLE.Īfter the auction, it was clear that the group failed. In exchange, every contributor was issued a bunch of tokens (in the same way an investor in a company received a bunch of shares).
#Gangnam style youtube software#
This sounds exotic, but it basically means this: They used a little piece of software to keep track of how much money each person promised to contribute.
The organizers set up a Distributed Autonomous Organization or DAO to handle the fundraising process. At the auction, another buyer decided to pay more, leaving many people disappointed.īut it didn't end there. Within a few days, about 18,000 people contributed more than $45 million. They tweeted to see if anyone wanted to commit some funds to make it happen. Three weeks ago, a few people decided to buy a rare copy of the U.S. The Jan cohort of Hype-Free Crypto is 80% full.
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