Have a ton of thoughts get and will likely write longform on it, but it’s basically an incentive problem. It’s way easier to raise a gigashitton for vaporware infra using industry buzzwords than it is to raise 9 figs for an app pre-revenue/pre-PMF. So what you get is adverse selection where the people okay with raising insane amounts on dubious ideas happily take the money and farm out the idea to some unnamed dev shop and collect their millions (while insiders/early rounds dump tokens) and the app builders scrape money from the barrel while trying to find PMF in a pool of users who largely only want to make quick money rather than actually use consumer apps This problem doesn’t resolve without removing the incentive to both market and produce vaporware at insane valuations…