A note from Daniel

The same is true for modern financial networks. Payments should be an easy and inexpensive commodity, a basic utility, like sending email. We have the technology to do it. This would make payments a thin layer in the finance and commerce stack. Today, it's inverted: there are some very profitable payments companies, and the field remains an active area of entrepreneurship where startups and venture capital are lured by the industry's persistent take rates. Again, the balloon got squeezed in the wrong places.

Daniel Read Write Own, page 126 · March 6, 2024 Save to shelf
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