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That means Bluesky has a ton of captive users, and has the lack of constraint that characterizes the enshittified legacy platforms it has tempted tens of millions of users from. This is not a good place to be in, because it means if the current management choose to enshittify Bluesky, they can, and it will be profitable. It also means that their VCs understand that they could replace the current management and replace them with willing enshittifiers and make more money.

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