“The canonical example here is the personal computer (PC). The first PCs were worse computers than every existing machine. They had less memory, less storage, slower CPUs, less software, couldn’t multitask, etc. But they were better at one dimension: they were cheap. And for those people who didn’t have a computer at all that mattered a great deal. It is exactly this odd combination that made existing computer manufacturers (making mainframes down to mini computers) ignore the PC. They only focused on all the bad parts and ignored the one positive dimension or to the extent that they understood it they tried to compete by making their own product cheaper. Other than IBM, they never embraced the PC and went out of business or were absorbed by other companies.”
Continuations by Albert Wenger : Web3/Crypto: Why Bother?