This is, by the way, why I'm naturally suspicious of anything that goes 'oh, we're going to disrupt prestigious institution X by building prestige through gatekeeping and FOMO!'
Works in the short term, doesn't work in the long term.
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Another reason it appeals to me is because you don’t build prestige by making something exclusive.
You build prestige by making something good, and then you do nothing to scale it beyond a certain point.
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