Daily Update: Bitcoin Breached, China Cracks Down on iMessage, Tesla Opens Patents

Good morning, A big update today, so let’s get to it: Bitcoin Breached You may think that header is a bit sensational, but in my opinion it’s difficult to overstate the implications of recent Bitcoin developments. From ArsTechnica: For the first time in Bitcoin’s five-year history, a single entity has repeatedly provided more than half […]

The Cost of Bitcoin

Putting aside the particulars of Bitcoin, the potential it represents is absolutely a very big deal. As I’ve written multiple times on Stratechery, the defining characteristic of anything digital is its zero marginal cost. Take apps for example: What makes the software market so fascinating from an economic perspective is that the marginal cost of […]