No...this POST is a lie...I agree that competition helps consumers and that in most cases regulation isn't necessary as any douchebaggery by a company will quickly lead to their demise. However, in the case of Internet Service Providers, it just doesn't work. That's like saying that we don't need checks and balances within our government because if it gets too corrupt, the citizens will always just be able to overthrow it. A new internet service provider cannot just pop into existence without substantial cooperation from the big guys.

tl;dr: competition doesn't protect consumers at all if it's impossible to compete.