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