Dotcom's failure to come up with evidence is massively damaging to his cause.
It undermined the whole purpose of the Moment of Truth. Further, I believe he has damaged whatever relationship he has with the New Zealand public, and through that, the electoral prospects of the Internet Mana Party alliance and the politicians associated with it.
The damage also impacts on three of the biggest names in the world - those who came to give Kiwis information I believe they deserve to have.
NSA whistleblower Edward Snowden, journalist Glenn Greenwald and Wikileaks founder Julian Assange shared a stage with Dotcom.
The weight of the information they produced is lighter in the wider public mind simply by sharing space with an absence of promised facts from Dotcom.
In time to come, I expect the details of spying will become fuzzy around the edges for the public.
The memory they will take with them is that Dotcom promised much and delivered nothing.
The "email" which emerged, derided as a fake, may turn out to be the smoking gun Dotcom says with the production of more evidence. The tycoon has proved adept at pulling rabbits out of hats. He is adamant it is real and his political allies - Hone Harawira and Laila Harre - are willing to expend personal capital to push for a Parliamentary inquiry into it.
But as it stands, without more information, the "email" does not justify the faith Dotcom asked people to have in his pre-election revelation.
And it also begs the question, was that it? Where's the rest of the proof? The email can't be the only piece of evidence on which a lengthy campaign is based.
Dotcom's role in his own story is diminished because of last night, when he lost his ability to claim with any credibility the Prime Minister was involved in a conspiracy.
For all this, it must be recognised there are serious questions around the way New Zealand's authorities have dealt with Dotcom since he arrived.
There was the ridiculous, over-bearing raid which saw our our elite anti-terrorist squad raid his house in search of a "Doomsday" device which would destroy evidence is laughable, and more so when the detail is examined. The spies brought in to eavesdrop on Dotcom, a copyright breach accused, is another example of madness. The failure by our best legal minds to give Dotcom - as he was legally entitled - his day in court prior to seizing his assets is also extraordinary.
The issues go all the way back to the spy who was ignored - the one who said Dotcom should not be let into the country. It runs through the Immigration minister who ignored two opportunities to heed good advice and block residency for the entrepreneur.
It begs questions of the police, the Crown Law Office, further questions of the GCSB, and a host of ministers who oversaw those departments. Ultimately, it might beg question of the Prime Minister. Ultimately, the buck stops with him.
The list of failure is extensive, and far-reaching. It is completely deserving of public inquiry - not for Dotcom's benefit, but for all those who expect their authorities and leaders to do a good job. It's an inquiry into competence, due process and responsibility.
Dotcom's Moment of Truth was an extraordinary event, but those "moments" were for others.
For all we were shown, it is impossible to take your eye from what was missing.
