The Last Mover Advantage

• Unlike assets that become the subject of manias, potential bargains usually display some objective defect. An asset class may have weaknesses, a company may be a laggard in its industry, a balance sheet may be over- levered, or a security may afford its holders inadequate structural protect...

Every monopoly is unique, but they usually share some combination of: 

1. Proprietary technology: a good rule of thumb, proprietary technology must be at least 10 times better than its closest substitute in some important dimension to lead to a real monopolistic advantage...

Bitcoin has a first-mover advantage. It's the first of its kind and dominates the global market share. However, it also suffers from significant flaws that could kill it.

It's the Model T of the blockchain revolution. 

• It has no built-in governance. To change it, a proposal shoul...