You're completely missing my point. You seemed to be claiming that since you can type in a competitor's address easily that somehow web-based businesses are inherently unable to build economic moats. The valuation of a marketplace like AirBNB has almost nothing to do with the fact it's an Internet based business. For marketplaces the natural convergence is one large player since sellers go where the buyers are and vice versa, and hence newcomers cannot overcome the big guys sucking all of the air out of the room.