“As finance writer Matt Levine might say, imagine that I invent a new cryptocurrency, Stevecoin. I issue 150,000,001 coins, and I get a friend to buy one of them off of me for a dollar. The “market price” of a Stevecoin is now $1, and I still own 150,000,000 of them, so on paper I’m a gazillionare. But of course it’s all nonsense; no one is going to give me $150M to take those Stevecoins off my hands.”
Amazing
“As finance writer Matt Levine might say, imagine that I invent a new cryptocurrency, Stevecoin. I issue 150,000,001 coins, and I get a friend to buy one of them off of me for a dollar. The “market price” of a Stevecoin is now $1, and I still own 150,000,000 of them, so on paper I’m a gazillionare. But of course it’s all nonsense; no one is going to give me $150M to take those Stevecoins off my hands.”