Matt Levine, Columnist

BitClout Wasn’t So Decentralized

Also Google, not-so-privileged emails, unwinds and broker outages.

August 6, 2024 at 6:41 PM UTC

Matt Levine is a Bloomberg Opinion columnist. A former investment banker at Goldman Sachs, he was a mergers and acquisitions lawyer at Wachtell, Lipton, Rosen & Katz; a clerk for the U.S. Court of Appeals for the 3rd Circuit; and an editor of Dealbreaker.

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I don’t know, this is just a good economic model:

Right? Here’s a thing. It costs $1. If you buy one, the next one will cost $2. If someone buys it, the next one will cost $4. Et cetera. The price of the thing always goes up, leaving every buyer (except the most recent one) with a large guaranteed profit. Of course they can’t sell the thing to realize the profit, but that too is a benefit: If they can’t sell, the price can’t go down.