Cyborg hand holding Cloud of justice and law icon bubble with data 3d rendering Photo: Production Perig/stock.adobe.com

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The Uber Analogy

The first taxi appeared in New York City in 1907 and has since remained relatively unchanged—except for the introduction of regulations. Many major cities began to issue set numbers of taxi medallions, which authorize a constrained number of vehicles to pick up passengers. At one time, medallions were worth $1 million in New York City.