Some argue that code was never a true moat because of any inherent value—it was simply a moat of brute human effort. In reality, many so-called "new demands"—the ones people claim never existed before—are largely collective consensus, or what you might call group hallucinations. When you step back, human society itself runs on shared consensus. Most of what we treat as "real" is ultimately just collectively agreed-upon abstractions. I believe the truly groundbreaking, native demands of the AI era have not yet fully emerged. What we currently perceive as "demand" is still, to a large extent, just an extension of needs that already existed in the internet era decades ago. That's precisely why so many people feel that AI-powered coding is actively commoditizing and devaluing code.