Everyone making fun of @loraclexyz for vibecoding a Pons competitor while sitting on a huge short is focused on the trade. I think the more interesting part is that he could do it at all. The technical barrier is gone. When your contracts are open and agents can reproduce the product around them this quickly, the code itself becomes a very weak moat. That doesn't mean PEZ will beat Pons, or even that it will matter to Pons in the short term. Users, liquidity/attention don't move just because someone ships a clone. But long term, this changes where defensibility comes from. Brand, distribution, trust, community, legal and most importantly: the people behind the product. AI is making software increasingly cheap to reproduce. Everything around the software is becoming more valuable.