  We propose a new interpretation of the c=1 matrix model as the world-line
theory of N unstable D-particles, in which the hermitian matrix is provided by
the non- abelian open string tachyon. For D-particles in 1+1-d string theory,
we find a direct quantitative match between the closed string emission due to a
rolling tachyon and that due to a rolling eigenvalue in the matrix model. We
explain the origin of the double-scaling limit, and interpret it as an extreme
representative of a large equivalence class of dual theories. Finally, we
define a concrete decoupling limit of unstable D-particles in IIB string theory
that reduces to the c=1 matrix model, suggesting that 1+1-d string theory
represents the near-horizon limit of an ultra-dense gas of IIB D-particles.
