In a new ecosystem the swarm is hunting for the new moats.

Huge amounts of capital flowing in that will be "misspent" but also it's only possible to know which was 'correctly spent' in retrospect.

Moats are relative.

Even if what is a moat is reshuffled, some still exist.

Over time, even "weaker" moats are asymmetries as long as they're stronger than what competitors have.