Quote from Ndubuisi Ekekwe on August 30, 2023, 7:12 AM

The whole elemental pillars and anchors which Adam Smith postulated, via the lens of industrial-age economies of the past, cannot necessarily work at optimum in modern digital economies. Yes, the factors of production and comparative advantages of nations remain but their impacts are largely marginal – knowledge has since emerged as the most impactful factor in modern economies. A man or a woman with knowledge is a FACTOR.

In the past, business was about controlling supply to move prices. Manufacturers had control of supply but they had limited direct control on the consumers [you can control how many newspapers you produce but you have no definite control on how many people would buy]. So, winning markets was really about managing and controlling distribution as most businesses were bounded and constrained by geography, creating advantages which were largely localized [the largest newspaper in a region controlled the top news of the day].

But today, the game has shifted from control of supply to control of demand for web-anchored consumer firms. And only companies with capabilities to control demand are going to win big. Twitter (yes, X) has the demand (the users) and now that it is offering crypto services, watch out for a massive operational dislocation in companies like Coinbase, Binance, etc. Yes, Twitter has the users, and that is the most important feature in some of these marketplaces.  The Everything App continues to evolve.

Microblogging platform, X (formerly Twitter), has successfully secured a license to facilitate cryptocurrency payments and trading in the U.S. According to data from the Nationwide Mortgage Licensing System (NMLS) website, X’s application was approved for the Rhode Island Currency Transmitter license.