...quite likely that it will prove big enough for two, and the second fiddle player may not end up doing so badly.
I think I would agree that there's room for two.
But there's more to being successful than having space for you in an industry and paralleling revenue/expense curves of your more successful peer.
There's still the whole ability-to-execute thing - which is more intrinsic than "externalities", no? This is things like retroactive LRA's, not filing as a creditor when a borrower files for bankruptcy, practically no transparency on the collections front, etc. And maybe you'll let me include blowing away Prosper community forums without notice - altho' that was a while back, now, and the cast of characters has changed...?