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And now Bolt (formely Taxify) is getting competition from Yandex.Taxi. The Russian equivalent of Uber.

It's a race to the bottom. But customers benefit, which is nice.

In the short term they do, but if the benefits are based on VC, they just cannot last forever.

Then they'll benefit for a few years. Having low prices for 3 years is better than having low prices for 0 years.

What about the drivers being paid peanuts? They are users too.