TLDR Tech / Crypto
The Flattening
AI is collapsing information moats by reducing the cost of bridging closed platforms to near zero, converting proprietary APIs into open ones and threatening business models built on data scarcity at companies like Facebook, Yelp, and Google. Crypto offers a tested template for what survives this shift, having always operated with open APIs and been forced to build power through alternative forms of scarcity. The canonical example is onchain exchanges, which accrue value through concentrated liquidity network effects rather than data exclusivity, even as order books and trade history remain open. For traditional internet businesses, the prescription is to anchor value in scarce complements that AI cannot commoditize: physical assets, regulatory position, brand, and trust.
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