Building a terminal platform to compete with Bloomberg isn't simply a matter of writing better code—that's the common misconception. Here's what actually creates a moat: The research and news pipeline that continuously feeds the terminal creates powerful network effects. Users don't just interact with data; they rely on curated intelligence flowing through the system. Then there's the community layer. Chat functionality connecting institutional buyers builds dependency—people return because of the connections they've made, not just the tools. Finally, switching costs matter enormously. Traders spend years mastering these platforms, memorizing shortcuts, building workflows. That institutional knowledge isn't portable. The same dynamic plays out in accounting software. It's why dominant players stay dominant—replicating features is the easy part. Replicating the ecosystem? That's where most challengers fail.