4 ms·
> "extract profit from this" means providing goods/services that people are willing to pay money for This is definitely not accurate: a functioning market driv
by robbiewxyz 2y ago
> "extract profit from this" means providing goods/services that people are willing to pay money for
This is definitely not accurate: a functioning market drives profits toward zero. Therefore "extract profit" is always synonymous with "break the market" i.e. monopolize through regulatory capture, trade secrets, network effects, proprietary protocols, or whatever else.
To quote Mr Thiel [to a venture capitalist, at least] "monopoly is the condition of every successful business".
Fwiw it might be fair to say extracting revenue means providing something people are willing to pay for. Not profit though.