I think they're moat is more of a wading pond. They've relied on user interface dark patterns and sleaziness far too much. They're highly political, which has a

I think they're moat is more of a wading pond. They've relied on user interface dark patterns and sleaziness far too much. They're highly political, which has alienated a lot of people who disagree with their politics. People who DO agree are also likely to dislike what Airbnb has done to rents in many places. Basically, a lot of people hate them. That stickiness goes away when a credible competitor steps in. I think if an organization like Google were to start listing similar listing on Maps alongside hotels, they'd be done for. If a competitor were to start with listings on several major travel websites (and easy way to do that is by taking them on as investors), that would also overcome any such moat. I think whether they do okay or not depends more on the credibility of the competition than on any moat.