Crypto and the Constitution of the United States of America - Part 4

 The Constitution DAO is trying to return money to its supporters, after failing to buy one of the remaining original copies of the Constitution of the United States.

According to this The Verge article, who relied on the work of Andrew Hong, a data scientist, an estimated 56% of the amount raised was returned, which means more than 20 million are still waiting for the contributors to reclaim.

One factor to consider is that many of the contributors are new to crypto and may have trouble figuring out how to actually reclaim, although the ConstitutionDAO founders did put up a "How-to" video on this.

The other problem is the "gas fees" when transacting using Ethereum. The fees are quite high for small amounts and will take a huge chunk of the actual amount. In the article's example, the median contribution was $217, and the fees are around $50 to and fro, which means about $100 was spent to move the $217. 

I am unfamiliar with the crypto space and cannot verify the above but it looks like at the moment, there are some drawbacks to using crypto for small sums of money. It would be interesting to see if this is solved as the technology continues to evolve.




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