Image representing Dave McClure as depicted in...

Image via CrunchBase

A recent blog post by Dave McClure, the investor in charge of the Founders Fund seed investment program makes the assertion that "subscription models are the new black" and we've lost a decade of innovation by people living off the table scraps of Google's $10B pay-per-click ad system. (Warning: the blog post is pretty raw.)

In a seeming non-sequiter, he moves on to talking about passwords. But pay attention, because what he's really doing is talking about friction in subscription models and the friction that they inpose. I think it's interesting that the iPhone app store, for example, still requires that I type a password when I purchase an app on my iPhone given that they have a good identification based on the device. Of course, what they're doing is using the password for authorization. Making sure it's me who's purchasing the app.