A great turn of phrase whose origin I can’t remember: “high frequency lawyering.” Every bespoke contract is a huge, huge transaction cost. Once they’re replaced with standardized interfaces (which may be contracts), that enables you to treat the underlying as a primitive.
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There are a number of companies doing high frequency lawyering if you squint at them, often successfully hidden as an implementation detail.
@AngelList is particularly impressive with regards to this; they’ve all but automated spinning up funds, which is Very Nontrivial (TM).Show this thread
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