Auren Hoffman posted that moats no longer exist. He described a friend who runs a fast-growing startup at roughly one billion dollars in revenue and has taken only one one-week vacation in eight years. Hoffman linked the nonstop schedule to the absence of any durable edge that would keep customers from switching. Andrew D'Souza replied that network effects remain the sole moat and pointed to Craigslist, Google, and operating systems. Martin Casado stated there are still plenty of moats. Zack Kanter and BuccoCapital Bloke also pushed back, saying the position either misdefines moats or underestimates lasting advantages in digital businesses.