Another thing to consider is the soft-costs of doing business. The traditional payments oligarchy is exremely difficult to break into and disrupt as new entrants would typically need to be a bank or work closely with a bank and be price-takers in the overall economics. The blockchain has deminumus entry barriers...so companies like Coinbase or Circle and dozens more can be in the virtual banking business with little capital investment and the ability to be a price-maker. Its up to them if they want to fee closer to value than to cost, of course, but, ultimately, the blockchain is enabling a large number of new entrants into the payments business in a way that their costs and policies cannot be dictated by the incumbents...and that is potentially a game-changer.