The Future and Exchanging Value

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And where the phone network depended on point-to-point connections, the Internet connects people viaInitially, the old `connect first` phone network was monopolistically competitive.and prices way above cost for peripheral services such as texting and international roaming.different online because of the different market structure produced when each node in the network helpsThus, all the transaction costs of the old network melt away.on as this miracle has unfolded, just as astounded as if we were watching ice melt for the first time.This analogy helps us understand the potential costs of a financial system that looks like the phone systemthe bank`s cost.exchanging value: uncovering new ways of spending, Deloitte is up for a sequel.

Last updated: September 20, 2026