Oddbean new post about login | logout They'd have to compensate by innovating with things like lightning payments and low thresholds for payouts. Of course that begs the question what would they then do when the competition caught up. At some point no KYC might become a selling point. But again you'd expect some pool without the censorship of valid fee paying transactions to win that. In summary as a margin commoditized business with no moat the answer is they are doomed.