The “no moat” is the theme of this year’s internet and is the real reason why reddit introduced a fee for their API (despite not telling people that directly, in fear of looking greedy) and Twitter heavily rate limiting their content (to slow down AI scraping from their “competitors”)

The irony is that their obsession with keeping their current database private, they’ve essentially removed a large chunk of their existing userbase who are generating new content. They’re going to have to hope that AI can procedurally create new content for them and that (importantly) people are interested in reading non-humans talk about anything.