November 17, 2021

We're Buying the Constitution for $20M

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Mesh Lakhani

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Markets & Business

TMW #31: NFTs Take Over NYC

On this episode of the podcast we talk to my good friend Phil Toronto, a VC and crypto investor, on NFT’s biggest event that happened recently in NYC. We talk about all the latest updates, what the heck a 'Bored Ape' is, and whether he thinks this is just the beginning or the beginning of the end.

People Are Buying the Constitution (Yes, it’s crypto related)

This crazy thing happened over the weekend. Constitution DOA set out to raise $20,000,000 to buy one of the remaining copies of the US Constitution, which is being auctioned at Sotheby’s.

What’s a DOA (decentralized autonomous organization)? Jeezus, who comes up with these terms. A DOA is basically a company that’s owned and run by people. It’s self governing. The creators don’t own it or run it. The people do.

Over the last few days, thousands of people have “invested” over $14M in Ethereum to the DOA. IE, you can only use ETH to buy your place. You get voting rights, and you own a piece of it (if they win the auction). What are the voting rights for? Well, this DOA believes the Constitution should be accessible by the people. SO, instead of a rich person owning it, it should be owned by the people and given to the Smithsonian.

It’s pretty fascinating. I personally put in some ETH.

A History of Crypto Market Crashes

Markets go up and markets come down, but nothing like we’ve seen with crypto market crashes. While each time the markets goes higher and higher, there has been a history of 80% crashes.

You have to be in for the long game and can’t be phased by the pull back. Bitcoin and Ethereum have recently pulled back 10% which is NOTHING. Invest what you’re willing to lose. Invest what you don’t need. Believe in the technology and you’ll be fine.

Boy, those charts are tough to watch. I first invested before the last 80% crash. It was ugly, but we’re in a better spot now.

What is the Actual Future of Work?

I found this tweet storm really interesting, because I’ve thought about this with folks who work me at Lola Media. Just because you’re “part time” doesn’t mean you shouldn’t have ownership. I work with amazing people who give Lola Media a “fraction” of their time and it’s very efficient.

Those same folks can work across companies and provided all their work is great and it doesn’t get in the way of each other, should earn equity in those companies. I very much feel that every person on our team is “full time” when it comes to their role, but I know they are invested in our success.

As time has gone on, time at a company has become shorter and shorter. In the future we might see someone working at 2-4 companies for a longer amount of time, but splitting their time amongst those companies. And diversifying themselves in terms of equity.

Doordash’s Dashpass Makes $1B a Year

I didn’t even know Doordash had a Doorpass. I never use Doordash because I find it expensive, but the food is better on it. Maybe I should be signing up for Doorpass.

My mom orders Nandos on Doordash on a weekly basis (she lives in DC). Maybe I’ll sign her up for Doorpass so we can increase the amount of Nandos we order when I come visit for the holidays.

Why isn’t there a Nandos in NYC? There’s no good grilled chicken places here.

What’s the Best Stay Rich Strategy?

I can’t TLDR this tweet. Lots of good ideas in the comments. You will find common themes. Make sure you read it.

Is Crypto a Scam?

One of the number one questions I get asked when people want to learn about crypto....."isn’t it for the black market or illegal goods?".

Once you get past that and look at all the cool stuff happening in this space, you’ll realize, oh that’s just a small part of it (the scams).

Scams and black markets are everywhere. Think how much shady shit happens with cash. Think about all the shady shit that currently happens in corporate America.

That's all the news from this past week!

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