How is it a nonsense? I never once said they were a bank and you seeing them as technology company is completely irrelevant to anything I posted. Amazon is also a technology company by that argument, let’s face it, AWS is by far their best and most profitable product.
The point is that they have an almost immoveable market position in something which is almost as essential as food and water in the modern world. Cash is going the way of the dodo whether you like it or not.
Just because in theory another provider could everted the market, it doesn’t mean it’s realistic. The barriers to entry to the market make it so difficult that is practically impossible to do.
Your own post literally demonstrates why the market needs to be regulated and their fees kept in check with what’s reasonable, it’s basically impossible for competition to establish itself. It’s a scenario where they can supernormal profits unchecked without intervention. This is always where free market capitalism always falls down because self interest always prevails. It’s human nature.
