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Bluesky sure seems like a lot of fun! They've pulled millions of users from other systems, and by all accounts, they've having a great time. The problem is that without federation, all those users are vulnerable to bad decisions by management (perhaps under pressure from the company's investors) or by a change in management (perhaps instigated by investors if the current management refuses to institute extractive measures that are good for the investors but bad for the users).

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