Good point—that is the point. When there's a hype cycle, people often check their normal business sense at the door in terms of customers, value generation, and

Good point—that is the point. When there's a hype cycle, people often check their normal business sense at the door in terms of customers, value generation, and defensibility. Are there any of these? No, but it's crypto. Or now AI. I do go somewhat beyond that in pointing out exactly why most of these startups don't have defensibility. Perhaps for some people it doesn't need to be said, but back when I wrote this... and now... the market seems to suggest that it isn't that obvious.