Give me a break. Black Hat was started as an excuse to get companies to pay for their infosec teams to attend Defcon. I was at Defcon in the '90s, and spoke at the second-ever Black Hat; my partner Jeremy spoke at the first.
I think that start is exactly why BlackHat != Defcon, a decade and half later. Defcon's a "Let's Spend a Weekend in Vegas", while BlackHat is now held around the world.
