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Plenty of people have commented that now that a VC is holding Bluesky's purse-strings, enshittification will surely follow (doubly so because the VC is called "Blockchain Capital," which, at this point, might as well be "Grifty Scam Caveat Emptor Capital"). But I don't agree with this *at all*. It's not outside capital that leads to enshittification, it's *leverage* that enshittifies a service.

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