@jjoelson @matthewstoller Similarly, Apple's integration does confer real value! I'm angry at Apple, but I'm still on the platform (as is my whole family and most of my friends) for a reason. Just like lots of people are still on Instagram for a good reason, even though it's not hard to come up with what might be better products technically than Instagram. Network effects, integration, all provide real value, but also, if poorly arranged, provide incumbents with anticompetitive market power. 5/