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Interesting factoid: 860k on gas for a 41m flash fund amounts to about 2%, comparable to both credit card processing fees and VC/hedge fund management fees in a typical 2-20 arrangement. And could have been *much* lower if for eg they’d imposed a minimum contribution.
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In case you're curious, @ConstitutionDAO members have collectively spent 199.38 ETH ($860k) in gas. dune.xyz/queries/252602
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I spent about $40 to contribute about $200, a 20% fee I didn’t mind paying at all. But it would have still been $40 if I’d contributed $2000 which would have made it 2%.
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People are upset in various confused ways about these fees. But try and remember that the cheapest comparable fiat mechanism, like a GoFundMe, would have actually taken vastly more than 2% off the top!
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But if I were to pull a stunt like this I’d probably try to encourage a high minimum. It’s a trade off: total raised vs yield. 98% for 41m is pretty good.
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Repeating the prompt at the top of the thread: if this whole Web3 topic offends you or triggers your scam-dar, please mute this thread, or mute/unfollow. From some of the questions/replies it looks like some people didn’t see that. Should repeat it periodically.
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If you have questions like: “How is this not just X but worse?” “What problem does it solve?” “What value does it create?” “How can you justify the emissions?” “Isn’t this just privileged play?” I’m the wrong person to ask. I’ve done my tours of duty on such debates.
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