[timqin]

Yes, but it's a push and pull. Short term vs. long-term. If you devalue your points too much and make them too hard to redeem, then consumers won't want your miles.

Also, if airlines get too greedy with their points/miles, US government will step in to try and regulate and airlines certainly do not want that. (https://thepointsguy.com/news/congressional-investigation-ai...)

[timr]

I grant your point that there's an (intangible) limit to how much airlines can devalue their private currencies before people stop using them and/or they get regulated out of existence. It's just that this might come a good bit later than you can maintain a reasonable business providing transparency into their ecosystems.

I don't mean to be argumentative; this is a hard question. I only bring it up because you're probably going to hear it from investors. I assume you have an answer that you don't want to say publicly, which I respect.

[timqin]

No worries at all! I totally understand your point. We do have an answer for that based on our insights.