Good points...there's so much that goes into making the decision to go forward on any project. Competitors are just one thing to consider. There are maybe other more important things like does this solve a pain point? For example, do people really feel the pain of trying to hold direct conversations on Twitter? Would they prefer to have a real time discussion? If so, how many people would potentially use this type of app? How big is the market? Etc.

p.s. second mouse gets the cheese...hilarious