Tokenomics: The new moat in software.
Nobody is vibe coding the Linux kernel, yet...
One thing I have come to learn is the importance of having a product you are currently selling. ANY product.
Yes, there is no technical moat anymore. The moat is token months. Pre-AI software can mostly be one-shotted because it is shallow and relatively simple, but software built in the agentic age would require the same amount of token time to build from scratch.
This means an agentic project that started 6 months ago, which has been compounding daily, stands to be in a perpetual lead against a project just starting today.
Pre-AI, incumbents also had this advantage, but they would start to fatigue quickly from the buildout, allowing newcomers to disrupt them.
Fatigue is now largely a thing of the past.