00:00.000 --> 00:02.640 Johny Fernandez: All right, so I want you guys at home to take a 00:02.640 --> 00:04.500 look at your screen because there's a picture that's gonna 00:04.500 --> 00:07.380 pop up. That guy right there. 00:07.380 --> 00:10.110 Sean Murray: Oh, man, I didn't know you're doing that. Okay. 00:10.480 --> 00:13.450 Johny Fernandez: That guy right there. You may have seen him. I 00:13.450 --> 00:17.290 saw him on the internet. And I was like, Oh, very interesting. 00:17.710 --> 00:23.320 I know that. I think I know that guy. That guy goes uh by General 00:23.620 --> 00:24.490 Sean Murray. 00:26.160 --> 00:28.110 Sean Murray: What? So you want me to explain myself now? 00:28.170 --> 00:28.770 Johny Fernandez: A little bit, yeah. 00:28.780 --> 00:33.100 Sean Murray: Okay. So that sign that sign said I'm buying the 00:33.100 --> 00:34.030 Constitution. 00:34.060 --> 00:35.530 Johny Fernandez: So are you Nicolas Cage? 00:36.370 --> 00:37.660 Sean Murray: You know, I haven't even seen the movie that 00:37.660 --> 00:41.350 everyone's talking about. But it doesn't matter. You know at at 00:41.350 --> 00:44.230 the end of the day, what that was all about was that there was 00:44.230 --> 00:49.840 an internet movement to try and crowdfund the purchase of a US 00:49.900 --> 00:54.010 of a US Constitution. Yeah. A copy of it. Yeah. There are 13 00:54.010 --> 00:56.560 copies of the original United States Constitution in 00:56.560 --> 01:01.090 existence. Two of them are in the hands of private collectors. 01:01.780 --> 01:06.460 And one of those two went up for auction at Sotheby's on Thursday 01:06.460 --> 01:09.700 of last week. And so some internet movements started. 01:10.060 --> 01:10.780 Johny Fernandez: About DAO? 01:10.860 --> 01:14.040 Sean Murray: The a DAO. DO yeah. That, which stands for 01:14.040 --> 01:18.600 decentralized autonomous organization. A DAO, which is 01:18.600 --> 01:21.720 just a collective of people were supposed to be no leader 01:22.260 --> 01:25.740 crowdfunded money to try to raise enough to be the winning 01:25.800 --> 01:29.820 bidder. At the auction at Sotheby's, it was kind of an 01:29.820 --> 01:31.230 insane idea, right? 01:31.230 --> 01:33.360 Johny Fernandez: Yeah. So So let's back up real quick. So 01:33.810 --> 01:39.420 this whole, you know, the DAO is essentially, so how many I think 01:39.420 --> 01:41.250 was like more than 100 people chipped in. 01:41.430 --> 01:44.040 Sean Murray: More than 17,000. Okay. Chipped in. 01:44.070 --> 01:48.420 Johny Fernandez: Okay. So the grand total was they raise up 01:48.420 --> 01:53.490 $47 million via ethereum. That's a lot of money. Yep. Okay, so 01:53.550 --> 01:56.640 everyone they want to fund they want to kind of get this going. 01:56.640 --> 01:59.490 They want the, the copy of the Constitution. So what happened 01:59.490 --> 02:02.610 on Thursday? Because every Thursday things went nuts. 02:03.030 --> 02:05.880 Sean Murray: Yeah. So I was there earlier in the day outside 02:05.880 --> 02:09.510 of Sotheby's with you with with my sign and my costume on. 02:09.509 --> 02:10.259 Johny Fernandez: General Murray. 02:10.259 --> 02:12.630 Sean Murray: Yeah. General Murray, as they call me around 02:12.630 --> 02:13.260 Sotheby's. 02:14.070 --> 02:16.740 Johny Fernandez: What do people say, when they saw you? Were 02:16.740 --> 02:18.420 they really confused? Were they like? 02:19.500 --> 02:22.980 Sean Murray: Some people took pictures. Okay. Some people had 02:22.980 --> 02:27.930 no idea what I was doing. I did bump into somebody who, I guess 02:27.930 --> 02:32.940 was a very senior contributor, a member of the entire movement. 02:33.300 --> 02:35.340 And so we took our picture together. And we talked in 02:35.340 --> 02:39.990 person for a little bit. But but that was basically it. All 02:39.990 --> 02:42.120 right, I didn't go inside, you can go inside. If you want. You 02:42.180 --> 02:44.280 can go inside. I was wearing a costume. I didn't want to freak 02:44.280 --> 02:46.470 out security and all that other stuff. Right? Cause they have a 02:46.470 --> 02:48.300 lot of very expensive items in there. And. 02:48.780 --> 02:51.120 Johny Fernandez: So you can go inside to see the copy of the 02:51.120 --> 02:51.600 Constitution? 02:51.600 --> 02:52.080 You can yrp. 02:52.320 --> 02:52.590 Okay. 02:52.620 --> 02:55.170 Sean Murray: Yeah. I mean, it's also like an exhibit, like an 02:55.200 --> 02:57.360 exhibit hall during the day, you can go in and check out all the 02:57.360 --> 03:00.000 different pieces of artwork that they have available, they're 03:00.000 --> 03:03.300 going to have up for auction, etc. So I didn't go inside. But 03:03.300 --> 03:06.090 then later that night, they had the actual auction, it was 03:06.090 --> 03:10.290 broadcast on their website, and on YouTube, you had 17,000 plus 03:10.290 --> 03:15.120 people all watching a Sotheby's auction, rooting, you know, for 03:15.450 --> 03:16.860 our side or whatever. 03:17.140 --> 03:19.360 Johny Fernandez: So, so, essentially, they were rooting 03:19.390 --> 03:23.770 for the Constitution to be bought by the DAO. Exactly. And 03:23.770 --> 03:26.530 then what would happen with the Constitution once the DAO gets 03:26.530 --> 03:27.820 it what was the plan. 03:27.880 --> 03:30.160 Sean Murray: Yeah. What was the plan? So everything was thrown 03:30.160 --> 03:33.160 together so hastily, and you know, I wasn't, I'm not in 03:33.160 --> 03:37.090 charge of it or anyhting. But the plan was, from what I 03:37.090 --> 03:42.910 understand was to have it put somewhere some sort of put it in 03:42.910 --> 03:45.850 some sort of publicly accessible and view viewable institution 03:45.850 --> 03:49.150 like a museum, where, you know, the public could see it and 03:49.150 --> 03:52.840 stuff, but that it would be owned by the members of the DAO. 03:52.840 --> 03:56.020 And so at anytime they wanted to change the location or do 03:56.020 --> 03:59.230 something special with it, it would be up to the DAO to do 03:59.530 --> 04:00.700 whatever they wanted with it. 04:01.360 --> 04:04.210 Johny Fernandez: This is random. I'm just curious to know did did 04:04.210 --> 04:06.460 anyone ever say that they were going to turn it into an NFT? 04:07.510 --> 04:08.620 Was that ever brought up? 04:09.460 --> 04:14.530 Sean Murray: So I mean, I mean, more, I mean, more or less, it's 04:14.530 --> 04:18.550 kind of the same concept in a way because they went and they 04:18.550 --> 04:21.070 went in saying that everyone was gonna get fractionalized 04:21.070 --> 04:22.690 ownership of the Constitution. 04:22.830 --> 04:25.410 Johny Fernandez: So what does what does that mean? What does 04:25.410 --> 04:29.760 that look like? It would 17,000 people that contributed. 04:29.820 --> 04:32.400 Sean Murray: So if you contributed ethereum, you got on 04:32.430 --> 04:37.020 a, a, you got tokens in return digital tokens that wouldn't go 04:37.020 --> 04:39.780 in your crypto wallet. Okay. They would represent your 04:39.780 --> 04:43.470 percentage ownership of the Constitution, should they want 04:43.470 --> 04:48.000 it. Okay. Right? So I put in my contribution and I got my people 04:48.000 --> 04:51.630 tokens, so they call them people tokens, because it's we the 04:51.630 --> 04:56.160 people I got in my ethereum wallet, and other people got a 04:56.310 --> 04:58.680 certain amount of people tokens depending on their contribution. 04:58.950 --> 05:02.250 Okay. And then you can depending on the amount of people tokens 05:02.250 --> 05:05.250 you have, when it comes to a vote to decide where the 05:05.250 --> 05:09.930 Constitution was going to go, your vote would count would be 05:09.930 --> 05:12.840 equivalent to the amount of tokens that you own. So like 05:12.900 --> 05:14.850 someone who put in a million dollars or someone who put in 05:14.850 --> 05:17.010 $10, a person who put in a million dollars would have a 05:17.010 --> 05:19.620 much stronger vote than a person who put in 10 and your people 05:19.620 --> 05:22.410 tokens, you might have would govern? Yeah. The size of your 05:22.410 --> 05:26.370 vote. So that's so it in a way, it was like, you know, in a way, 05:26.400 --> 05:29.130 I mean, these tokens are fungible, actually, they're not 05:29.130 --> 05:33.630 non fungible tokens. They're fungible tokens, but it's the 05:33.630 --> 05:38.490 same concept in that it's a it's a, it's a digital representation 05:38.670 --> 05:40.650 of ownership of something physical. 05:40.680 --> 05:44.010 Johny Fernandez: Yeah. Okay, so let's talk about Thursday, the 05:44.010 --> 05:47.490 auction happened, things are going it's chaotic. Everyone's 05:47.760 --> 05:51.150 rooting to, to get the Constitution. And then what? 05:51.690 --> 05:53.940 Sean Murray: Well, here's the crazy part, right? So they went 05:53.940 --> 05:57.720 through 24 different lots at the auction first. And then this 05:57.720 --> 06:00.930 particular one was at the very end, like the main event ended, 06:01.080 --> 06:04.230 and then like the special auction for the high rollers 06:04.230 --> 06:07.230 came up separate. Okay. With a different auctioneer and 06:07.230 --> 06:11.130 everything. Okay. And the minimum bid was set so high, 06:11.340 --> 06:15.480 that it only they only had two people who were bidding. It was 06:15.540 --> 06:20.160 the DAO side. And the representation for some unknown 06:20.160 --> 06:22.650 person at the time, we didn't know who the other side was. And 06:22.650 --> 06:25.350 it was all very confusing, because there were two agents 06:26.220 --> 06:29.910 bidding one was representing the DAO one for someone unknown. And 06:29.910 --> 06:32.340 we didn't know which side was ours. So everyone's going 06:32.370 --> 06:35.190 everyone's cheering and booing. But no one knows which of the 06:35.190 --> 06:40.350 bitters is ours literally. Yeah, that's great. Nobody knew. And 06:40.680 --> 06:45.630 at the end of it, the the Constitution sold for less than 06:45.630 --> 06:48.960 the amount that was raised by the DAO. So there was this 06:49.170 --> 06:51.900 assumption that the DAO must have won because they had more 06:51.900 --> 06:55.050 money than the winning bid. In fact, all the news outlets went 06:55.050 --> 07:00.360 out and reported that the DAO won, Coin Desk, CNBC, basically 07:00.360 --> 07:03.540 everyone in the discord channel all over Twitter, and I'm like, 07:03.570 --> 07:05.940 I don't think we won, even though I didn't know which was 07:05.940 --> 07:09.570 our person. Yeah. The amount that the winning bid was much 07:09.570 --> 07:12.810 too high for the DAO to have one because they there's the buyer's 07:12.810 --> 07:16.590 premium. There's the sales tax, there's the overhead premium. 07:17.220 --> 07:19.740 Johny Fernandez: And let's talk about the sales tax. Yeah. Cause 07:19.740 --> 07:23.100 being in New York, you get tax for everything. So how much was 07:23.100 --> 07:24.060 the sales tax do you know? 07:24.090 --> 07:29.130 Sean Murray: It's 8.875%, on top of a sales price that you can 07:29.130 --> 07:32.070 add, you know, just if you want to do quick math just at 10% to 07:32.070 --> 07:34.590 the sales price, you already know what the sales tax is going 07:34.590 --> 07:36.750 to be. And so I'm doing the quick math and I said, you know, 07:36.750 --> 07:39.840 the DAO doesn't have enough, like that winning bid no way 07:39.840 --> 07:42.570 it's ours, because we don't have enough, but nobody thought it 07:42.570 --> 07:46.110 nobody realized that. I'm sure there were people who knew. But 07:46.650 --> 07:50.010 when you look at the masses who were all like, yeah, yeah, cause 07:50.010 --> 07:53.310 he was an internet movement. It was like a Meme Meme Gone Wild. 07:53.310 --> 07:54.090 Everyone's just throwing. 07:54.150 --> 07:56.280 Johny Fernandez: Everyone was doing the Nicolas Cage meme, and 07:56.280 --> 07:58.560 that was everyone's constitution. 07:58.590 --> 08:02.880 Sean Murray: Exactly. Yeah, this whole thing. And, you know, once 08:02.880 --> 08:07.110 once reality set in that the DAO did not when people thought that 08:07.110 --> 08:10.020 the whole thing must be a scam because more money was raised 08:10.050 --> 08:13.620 than the winning bid. And it was impossible to tell someone that 08:13.620 --> 08:16.530 there was a fee and sales tax they didn't want to hear it 08:16.590 --> 08:20.190 didn't know I was it was it was a scam, I was scammed. And then 08:20.430 --> 08:22.740 it turned the whole thing turned into a gigantic mess. The 08:22.740 --> 08:25.740 discord channel was completely out of control. And I was like, 08:25.740 --> 08:29.040 I can't even watch you know, watch this. Like so many people 08:29.040 --> 08:32.460 went in under so many like. Assumptions. False assumptions. 08:32.460 --> 08:34.980 Yeah. You know what I mean that like, and then them want and 08:34.980 --> 08:38.310 then watching their reaction to after the fact they had no idea. 08:38.310 --> 08:40.890 They didn't know who was bidding on what they didn't know what 08:40.890 --> 08:43.530 the terms of the auction were. They don't know how ethereum 08:43.530 --> 08:45.960 works. They don't know anything. But they all threw their money 08:45.960 --> 08:49.170 into this thing. Man. People were literally someone someone 08:49.170 --> 08:51.780 said it like best or like, you know, you know, I didn't think 08:51.780 --> 08:55.320 in 2021 people would be following into the Constitution. 08:55.320 --> 08:58.230 But here we are. Yeah. But yeah, people just want to be in and be 08:58.230 --> 08:58.710 part of it. 08:58.740 --> 09:02.010 Johny Fernandez: Well, it's $47 million that was raised. And 09:02.010 --> 09:05.820 it's interesting, because I think what gets to people that 09:05.820 --> 09:08.610 really don't do transaction like that in New York, is that sales 09:08.610 --> 09:13.230 tax? I mean, just the amount of stuff that gets put on top of 09:13.410 --> 09:17.970 any transaction is insane. And you get charged an insane 09:17.970 --> 09:21.690 amount, just for, you know, doing a transaction like that. 09:21.720 --> 09:25.290 Sean Murray: Yeah, no, I would just say on that note that other 09:25.290 --> 09:27.570 outlets have come up with their own figure as to what the total 09:27.570 --> 09:30.870 set price was. Yeah, I think their still incorrect okay, 09:31.020 --> 09:35.070 because I don't see any of that included the sales tax. Okay. It 09:35.070 --> 09:37.800 seems like a pretty important part. Yeah, that's a huge. The 09:37.800 --> 09:39.360 sales tax was probably around $4 million. 09:39.660 --> 09:45.480 Johny Fernandez: Yeah. All right. Well, that was an 09:45.480 --> 09:46.320 eventful day, wasn't it? 09:46.350 --> 09:47.310 Sean Murray: It was an eventful day. 09:47.340 --> 09:50.580 Johny Fernandez: Did you stay the whole time in front of 09:50.580 --> 09:51.120 Sotheby's or? 09:51.150 --> 09:52.890 Sean Murray: No, no, I wasn't. I wasn't there like all day and 09:52.890 --> 09:55.560 all night. No we were out there for like a little over an hour. 09:55.620 --> 09:56.700 Okay. Yeah. 09:56.760 --> 09:59.190 Johny Fernandez: I saw I'm taking the train general Murrau. 09:59.190 --> 10:03.000 I'm like I wonder what's going on. I started following. I was 10:03.000 --> 10:06.840 like, wait a minute, he's at Sotheby's right now. But I think 10:06.990 --> 10:09.990 the beard made it look even more official. I don't mean, the 10:09.990 --> 10:12.540 mustache made it look even more official. 10:12.570 --> 10:15.090 Sean Murray: Yeah, you and I, we sit here and we talk about NFT's 10:15.090 --> 10:17.190 and whether or not like an autograph is real and all that. 10:17.850 --> 10:21.960 Digital. For me this connected the real world a real world 10:21.990 --> 10:26.430 object with crypto. Yeah, because it was going to be 10:26.430 --> 10:30.930 backed by something kind of cool. It's Constitution. You 10:30.930 --> 10:33.660 might say, Well, Sean, I don't think I want to put in my house. 10:34.290 --> 10:36.630 You know, what's it worth to me? At the end of the day, this is 10:36.630 --> 10:38.760 something that was gonna have to go into like a museum anyway. 10:38.820 --> 10:42.210 Right? It wasn't gonna be able to go into anyone's house. Yeah. 10:42.330 --> 10:45.060 And this token was just gonna represent your fractional you 10:45.060 --> 10:48.240 know contribution to it. Yeah. But it would still be cool to be 10:48.240 --> 10:51.090 a part owner of a constitution. Yeah, it was a tie back. But 10:51.090 --> 10:53.580 that constitution was not the original Constitution it was a 10:53.580 --> 10:56.310 copy of the Constitution. It is the original. Oh, that was the 10:56.310 --> 10:59.400 original? Yeah there's 13, 13 of it. And this is one of them. 11:00.030 --> 11:03.270 There all the all 13 are the original. So they made 500. 11:03.930 --> 11:06.900 United States Constitution originally made 500. There are 11:06.900 --> 11:09.780 13 surviving copies of it. Okay. It's not like one is the 11:09.780 --> 11:13.110 original the other copies, all 500 are the original. Okay. 11:13.140 --> 11:15.300 There's only 13 left. This was one of them. 11:15.360 --> 11:17.640 Johny Fernandez: Okay, so I thought it was there was one 11:17.640 --> 11:20.130 original Constitution, and they copied it. 11:20.640 --> 11:24.150 Sean Murray: No. This is. This is an original, original as the 11:24.150 --> 11:25.020 original? Yeah. 11:26.670 --> 11:27.810 Johny Fernandez: That is pretty cool, though. 11:27.870 --> 11:32.490 Sean Murray: It sold for more than $43 million. Yeah. And, you 11:32.490 --> 11:35.790 know, I don't know if you want to hear more about like, the 11:35.790 --> 11:38.010 other side of it. But everyone wanted to know, who do we lose 11:38.010 --> 11:38.310 to? 11:38.610 --> 11:40.110 Johny Fernandez: Who did you who did we lose to? 11:40.140 --> 11:44.010 Sean Murray: We lost to the CEO of Citadel, which is the Hedge 11:44.010 --> 11:47.580 Fund that was all involved in the Robin Hood and Gamestop 11:47.640 --> 11:53.790 debacle. So he outbid the DAO. And so he's kind of the villain 11:53.790 --> 11:56.250 in the GameStop Robin Hood story. Yeah. He has now come 11:56.250 --> 11:58.860 back to destroy the hopes and dreams of an internet movement 11:58.860 --> 12:02.490 by jacking the Constitution from them. I don't I don't have any 12:03.150 --> 12:06.300 animosity to it, but others do. They feel like he's like this 12:06.300 --> 12:10.050 big villain and stuff. But from my understanding is that, he 12:10.080 --> 12:13.620 also going to put the Constitution in a public place. 12:13.830 --> 12:16.890 He said that he's going to have it on display at a library in 12:16.890 --> 12:21.090 Arkansas. Okay. All right. So it's, you know, it's not the 12:21.090 --> 12:23.460 same because he owns it and not the people. 12:23.490 --> 12:28.080 Johny Fernandez: Not the people, we the people. Well, I mean, 12:28.110 --> 12:31.050 hey, that's a cool experience regardless. So you can now tell 12:31.050 --> 12:35.760 your grandkids that you dressed up and was on the Upper East 12:35.760 --> 12:36.150 Side. 12:36.480 --> 12:38.220 Sean Murray: I can tell them that I wore a costume one day 12:38.220 --> 12:40.680 I'll tell my kid that I work costume on the Upper East Side. 12:40.710 --> 12:43.410 Forget about the Constitution and the DAO, one day I'll tell 12:43.410 --> 12:45.150 my kids I wore a costume on the Upper East Side. 12:45.180 --> 12:46.440 Johny Fernandez: Cause you didn't go into the building so 12:46.440 --> 12:49.620 you can't like you're outside. 12:50.280 --> 12:51.930 Okay, but I didn't contribute to the DAO. 12:51.960 --> 12:54.930 You did. You did contribute to the DAO. So you could you could 12:54.930 --> 12:58.440 tell them you wore a costume on the Upper East Side. And you 12:58.470 --> 13:03.210 almost won a fraction of the Constitution. Almost. Almost, so 13:03.210 --> 13:06.390 close but no cigar. So.