A $4bn biz without a live product just broke the record for the amount paid for a domain name. WTF is going on?


It is the Facebook we've all dreamed of. And Block.one announced it at the start of this month. Not only that but it raised an extraordinary $4bn in the lead-up to the launch, so the company is supposedly flush with cash, and says it will spend $150m on building out Voice to rival the current giants. Spending $30m on a domain name that explodes the brand is therefore almost trivial.

This is absurd. Millions for a domain name that’s $10/yr. to renew is not a good use of money given that an entire TLD can be launched for less than half of this.

There's only one problem though: the closer you look at Voice and Block.one the more it falls apart. […] First off, Block.one raised its $4bn in cryptocurrency. Investors used one cryptocurrency to buy another cryptocurrency and then Block.one used a wildly varying dollar-to-crypto-coin exchange rate to state its value. […] Two more red flags: it is based in the Cayman Islands, and every part of the company is run by over-excited tech bros with little or no experience in anything beyond blockchain hype.

Ah, okay then. It’s an episode of Hustle.