> Looking at their buy-sell margins, Twilio has successfully changed the telecom paradigm, or at the least the vanguard of it. That is Big. APIs instead of circ

> Looking at their buy-sell margins, Twilio has successfully changed the telecom paradigm, or at the least the vanguard of it. That is Big. APIs instead of circuits. Microservices instead of canned products. Telecom had already been headed that way for the better part of the last decade. Twilio doesn't own any infrastructure, and the expensive part of telecom has always been operating the legacy infrastructure.