I mean, Cory takes it more from the point of view of a self-devouring institution and external players like VCs, but I think it nicely illustrates the pressure the current Bluesky team is under from all sides.
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Jay and Bluesky's team has fallen into a trap from which there is no escape. They need funding from VCs and they won't get it if they go against the community, because that would mean less growth. I wouldn't want to be in their place.
Was this not the observation Dorsey made that brought him to remove his bluesky account?