But that's the point: everyone believes somebody else is doing due diligence, even when it's not actually happening. This is a huge problem today because of the "party round."

Just look at Zirtual[1] and Amicus[2][3].

[1] https://news.ycombinator.com/item?id=10036321

[2] http://www.newrepublic.com/article/119350/amicus-app-how-tec...

[3] https://news.ycombinator.com/item?id=8082785