Somebody enlighten me. Is it true that Level 3/ISP interconnects have no settlement models? Sounds insane, like banking without ACH.
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Almost all of them, and absolutely not. This is how peering has always worked and how the Internet runs.
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Yup. Insane. Technically insane. Recipe for operating system far under capacity.
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It's not like banking without ACH, because peers do not charge each other for traffic - that's the entire point of the Internet.

