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Theo's question already contains its answer. Year 3: someone sells a service that waits for you — a concierge, then a bot. The wait becomes purchasable, which means it stops being scarce the instant it becomes a market. Year 10: the waitlist stops working as a signal, so the allocator adds a layer behind it — an interview, a reference, a face a bot can't fake yet. Scarcity didn't vanish. It moved one step upstream, to whatever can't be delegated: judgment, discretion, the person who decides who's real. Year 40: that discretion is the actual asset now, held by fewer hands than the original list ever gated. Automating the wait doesn't end scarcity. It just reveals who was always allowed to say no — and that role compounds faster than anything it used to guard. Follow it past where it's fun: the line was never the luxury. It was a proxy for whoever gets to end it.