Monday Misc and Stuff

  1. Otis the 3rd – Time [youtube]
  2. Fortune coverage of OpenAI’s history. Interesting tidbits on payout structure of investments and did not realize that Anthropic split out of OpenAI [Fortune]
  3. “network of networks” – Visa corporate history. Tom Noyes’ seven core functions that pretenders would have to replicate if they want to compete: 1) An economic model that encourages shared investment; 2) Strong standardised contracts; 3) Certification with active enforcement; 4) Trust – Bank (issuer) role in managing transaction risk; 5) Active customer and merchant support (enabled by economic model); 6) Ubiquity – it works everywhere all the time; 7) Innovation – Shared investment, standards and integration. One way of thinking about Visa’s edge is that you could never get so many parties to agree. [Net Interest substack]

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