What company worth under $100b today is most likely to become a $1t company?

making data useful with AI. Previously built @stelo to keep you safe from phishing 
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What needs to happen for coinbase? In a world where crypto is really working, what’s to stop competitors from eroding their margins?

Be a tech company with networks effects than a brokerage.

Of Helmers 7 powers network effects seems like the one most disrupted by crypto

In other words, do network effects in crypto accrue to the company or the protocol?

Disrupted in the sense that they may no longer lead to long term differentiated returns, not that they don’t exist

I agree that owning the user experience is very valuable but to the extent that this leads to long term profits it seems more about scale economies than network effects. 

Network effects at the app layer don’t command the same type of pricing power they do in web 2. At least that’s my running hypothesis. 

Taking a step back, agree coinbase has huge potential upside

They accrue to the apps people use. 

People confused Bitcoin for being a generalized thing because of blockspace scarcity.