[streetcat1]

Right, network effects are also moat.

[powowow]

But I thought you said nobody ever did large acquisitions for customers....

weird, I must be thinking of somebody else. Since it would make no sense for you to try to take both of those sides at once.

[streetcat1]

Why not. There are no sides here. There are different moats. If you want a more elaborate view:

http://reactionwheel.net/2019/09/a-taxonomy-of-moats.html