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Rishi Mandal: “Efficiency, and the discipline to keep our team and footprint small, has allowed us to do something that I think category-creating consumer businesses have to be able to do, which is to be misunderstood for a number of years. When we started Future, we felt that the broader world (consumers, investors, our friends, the press) may not... See more

This is a true paragraph. But it wasn’t actually written about Substack. It was originally written in a 2013 article about Medium, a then brand-new blogging platform.

“Every single day I spend my days talking to people that I think are at the fringes of distributions. Outliers in intelligence and interest and performance. Extreme people. And it's a compulsion more than it's a commitment. I cannot help myself. I do it every Saturday morning, nonstop, or every day, I'm just doing it. It's what I like to do.”

In the Web3 world, market infrastructure gets unbundled from market governance. While the core components of market governance are encoded into the protocol layer, components of market infrastructure may be built by the ecosystem around the protocol.

The devil is in the defaults - what we need next is tools that create new, digitally native formats for small groups of people to create wealth and form strong social bonds.