This is why I would never invest in Stripe.

The moat protecting their high margins is temporary.

Competitors will obviously improve their developer experience over time, and then win on price.

Stripe are stuck. They know they need to lower rates over the long term, but since they already make so much profit overcharging existing customers, they are hesitant to do so, meaning new competitors will enter with a price advantage without a competitive response from Strioe.