Christine Lemmer-Webber, ActivityPub co-editor and founder of @spritely, recently answered the rhetorical question, 'How decentralized is Bluesky really?'
https://dustycloud.org/blog/how-decentralized-is-bluesky/
Christine has the soul of a diplomat and the technical chops of a master, so her nuanced take is worth the read.
TL;DR
"Bluesky and ATProto are not meaningfully decentralized, and are not federated either. However, this is not to say that Bluesky is not achieving something useful"
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