Decentralization isn't everything. It's not the goal in itself. There is a long tail of product design decisions that make or break a platform (which is why I find it kind of silly that Bluesky spent 2 years arguing over protocol design, though that's a different story). But that point is that decentralization is the foundation for a viable platform. Without it you're doomed to repeat the path of hundreds of social media apps of the past... Just a different paint on the same exact structure.
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