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Everyone benefits from each other:
Customers and Banks:
Customers want to have always-available credit
Banks want to provide credit with high fees and interest rates
Customers and Merchants:
Customers want to have a card that works everywhere
Merchants want to be able to accept payments from anyone
Merchants and Banks:
Merchants want to be able to sell on credit while still getting their money immediately
Banks want to collect a fee on every purchase in exchange for managing credit and pooling risk
Visa and Mastercard, the other major credit card network,1 sit in the middle of each of these relationships, across billions of customers, millions of merchants, and thousands of banks, collecting a network fee — on top of the interchange fee paid to banks — on every purchase (about 0.05%). The total revenue collected — $20.6 billion in 2018 — is rather small, particularly relative to Visa’s market cap of $420 billion, but that multiple is a testament to just how durable Visa’s position is in the network it created.
Visa, Plaid, Networks, and Jobs
Ben Thompson
“What you choose to work on, and who you choose to work with, are far more important than how hard you work.”
Tools of Titans
Timothy Ferriss
Saving a species of bird or insect is no different from saving humankind. ‘All lives are equal’ is the basic tenet of Pan-Species Communism.” “What?” Ye wasn’t sure she had heard the last term correctly. “Pan-Species Communism. It’s an ideology I invented. Or maybe you can call it a faith. Its core belief is that all species on Earth are created equal.” “That is an impractical ideal. Our crops are also living species. If humans are to survive, that kind of equality is impossible.” “Slave owners must also have thought that about their slaves in the distant past. And don’t forget technology—there will be a day when humanity can manufacture food. We should lay down the ideological and theoretical foundation long before that. Indeed, Pan-Species Communism is a natural continuation of the Universal Declaration of Human Rights. The French Revolution was two hundred years ago, and we haven’t even taken a step beyond that. From this we can see the hypocrisy and selfishness of the human race.” “How long do you intend to stay here?” “I don’t know. I’m prepared to devote my life to the task. The feeling is beautiful. Of course, I don’t expect you to understand.”
The Three-Body Problem
Cixin Liu and Ken Liu
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