Comment by hirako2000

Whether a product has network effects makes a difference.

I would argue Dropbox did have a moat. It didn't merely store your data. It made it possible to make backup efficiently when bandwidth wasn't all that good.

Reading "no moat" so often is also tied to the fact those companies happen to be getting surreal valuations, at a quite early stage, showing no profit, building a tech that doesn't seem difficult to reproduce.