What Does Price Mean When There’s No Supply?

“The greater the penalties laid on sellers in the black market, the higher the black market price.” – Kenneth Boulding I had a chance encounter with a crypto bro a few weeks ago. He was pitching his new whiz bang social media app and I just happened to be in the small audience. Well, he wasn’t formally pitching. In the venture capital world, every deal is oversubscribed except for the ones that are undersubscribed, and so he was giving a sneak peek at his next hot startup and pretending like he wasn’t in the market for money – the barrage of name-dropping and buzzwords that followed notwithstanding.

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