[mrtksn]

Of course they have an utility but the question is if it is that big of an utility to warrant the current or their peak valuations. Also, bulldozing over the local laws and regulations is not that big of an abstraction to act as a moat, nor is the routing algo or anything else. There were/are so many companies doing it, it's just that they didn't have the deep pockets to compete against companies who sell a dollar for pennies.