John tells the story of the early Uber vs. Lyft battles - back when rides were subsidized, every Lyft had a giant pink mustache on the car, and riders were asked to fist bump their drivers: People see Lyft and Uber as commodities now, but when Lyft launched, people were super blackpilled on Uber. Uber at the time was only black cars. They didn't allow anyone to just hop on the network. You had to be registered as a limo driver. You'd have an Escalade, and someone would book you as a driver for a wedding or event. Uber’s app just digitized those bookings. Then Lyft figured out how to allow people to just show up with a Prius or a Toyota Camry or whatever. During launch week in San Francisco, Lyft put a giant, whimsical pink mustache on the front of every car. You were encouraged to sit in the front seat because the driver was supposed to be your friend. They would ask you to fist bump the driver. It wasn't professionalized at all yet. It was very much a two-sided marketplace. You could make a lot of money as a driver. There was no margin compression yet. It was like free money everywhere for everyone. It was a capital war. Lyft raised a ton of money, came into the market with a disruptively cheap product, and wound up delivering a really fun experience. Then Uber fast-followed with UberX, and the rest of the game played out as a capital fight. From a March episode of the show.