(3) litquidity on Twitter: “Airbnb is more expensive than hotels Uber is more expensive than taxis Ethereum transactions are more expensive than credit card processing fees The new economy is rekt” / Twitter

Matthew G. Saroff
1 min readJul 17, 2022

This is true.

It comes from the fact that Airbnb and Uber’s model has always been to use massive amounts of venture capital money to establish a monopoly, and then to swing to profitability by raising rates.

Unfortunately for them, and the venture capitalists at Softbank, but good for the rest of us, the first part did not work.

Cryptocurrency has been more expensive to transact that credit cards since their founding.

It has also failed the most basic requirement of currency, being a method for immediate payment. It has never been current, which shares the same linguistic root.

What are presented as innovations are actually exercises in corrupt regulatory arbitrage, cheating.

This is a pretty good description of almost everything coming out of Silicon Valley these days.

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