The paper describes the short history of MOOCs and sets them in the wider context of the evolution of educational technology and open/distance learning. While the hype about MOOCs presaging a revolution in higher education has focussed on their scale, the real revolution is that universities with scarcity at the heart of their business models are embracing openness. We explore the paradoxes that permeate the MOOCs movement and explode some myths enlisted in its support.