SpiceDAO misunderstands copyright, wasting $3M buying rare Dune storyboard | Hacker News Reader

SpiceDAO misunderstands copyright, wasting $3M buying rare Dune storyboard

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95 pointslatexr13 comments

Seeing as they pay themselves $30k / month to "handle" the book, I now believe they intentionally misrepresented what they would be getting.

On this episode of "Was it money laundering, or stupidity?".

Did they really misunderstand or was it money laundering. This is something a first year law student on her first day would know

It's pretty obvious to anyone involved that Spice Dao is just a fan club. Now they have a war chest to do fan club things.

I thought they blew it all on the book

They claim they raised $12 million total, so there's still plenty in the kitty.

Looking into it a bit, they seem to know they don't own any copyrights. It seems like the plan is to leverage the interest indicated by the outrageous purchase price to convince those involved to let the make the works public.

On the one hand, that seems like a shaky plan at best. On the other, stranger things have happened.

What they do have for sure now is attention, and attention has value. Maybe not $3 million dollars in this case, but value.

No this isn't money laundering there's way easier ways to launder money on the blockchain.

Also 3mil is peanuts, definitely not worth the effort.

And you're right that a first year law student would know the answer to this question, as do I.

Many on the internet seem to jump to the conclusion that any sub-optimal allocation of capital is money laundering.

I mean, in general, it would be obvious, but given the general state of confusion about pretty much everything common in cryptoland, really, who knows.

What format of auction was it? Does that imply there was a counter bidder for a similar amount?

it buffles me why one would invest in such projects

I'm totally on the crypto hate train, but it's funny that this website is focused on criticizing "the next web". I sat for two minutes watching the little loading ellipsis animation. Then I pressed the non-intuitive flat monkey button and something loaded but I had already lost interest.

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