> what's to stop an asymmetrically well-capitalized competitor from stepping in with the intent of swallowing a relatively small loss to operationally bleed out

> what's to stop an asymmetrically well-capitalized competitor from stepping in with the intent of swallowing a relatively small loss to operationally bleed out a much smaller incumbent with no margin? What's to stop them anyway? Out here in rural Canada, the local ISP built out a fibre network to all the farms a decade ago. Then, the government thought rural areas didn't have internet access, so they decided to step in and put up funding to another ISP to build a second fibre line to those farms which is currently in the process of being trenched. It shall be interesting to see how that plays out once the second ISP lights up.