Mark Moss

So really the best proxies for this, I think, are American Express and Capital One because they're like the credit issuers.

They don't benefit from people using their network.

Well, what they'll do is they're going to call you and they're going to triple your credit line because you're going to pay it back, and then everyone else are going to cut theirs.

How do you make money off me, though?

Well, because you'll use your credit card and you'll pay it back.

Transaction fees.

But how much is that, though, Tom?

Business 101, if there is a fat margin to be made, competition will come and eat the margin.

That's just the way it works.

But they did have Amex come in.

They did have Discover come in.

But now they've also had PayPal, BNPL.

So they are having lots of competition.

And now we're seeing stable coins that will start taking over.

I think they do have some competition, but they have the benefit of owning the network.

And, you know, owning a network is where you reap the rewards.

What did you say, Tom?

The toll booths.

I mean, there are, but they're through the banks.

So they're credit card banks because the credit card bank is still issuing the credit.