1 entry tagged defi. All writing.
SEPTEMBER 11, 2026 The Laptop That Was Worth More Than BlackRock for Two Minutes On Wednesday morning Hunter Biden's $LAPTOP token opened at eight cents and printed $339 two minutes later — a "market cap" bigger than BlackRock — before falling 99 percent in the hour. Biden says the market maker seeded the pool with $5,000. I wanted to understand how five thousand dollars can print three hundred billion, so here is the arithmetic of an automated market maker, the on-chain tape minute by minute, who was on the other side, and what has happened since.