但广告化并不天然等于价值创造。当所有商户都必须通过竞价才能被看到时，广告费便从增量工具演化为入场券。单个商户的理性选择，是继续加价以维持原有订单量；但从整体看，供给侧为此付出的总成本却在不断上升，而需求并未同步扩大。平台收入提高，但供给侧整体并未获得更多有效需求，反而陷入内耗式竞价。这种结构下，广告化更像是将抽佣换了一种更隐蔽的形态，甚至加剧了零和博弈。
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Lex: FT's flagship investment column。业内人士推荐WPS下载最新地址作为进阶阅读
"It is interesting that a lot of the things that we are addressing directly go to the points they raised in their report," Isaacman said Friday. "I can't say we actually collaborated on it because I generally think these were all pretty obvious observations."，更多细节参见safew官方版本下载