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Bluesky temporarily halts sign-ups because so many people are joining from Twitter
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But it claims it will become decentralized (unless something has changed in the last month or so).
I believe they opened things up to developers recently. I do think they will become decentralized, but am more concerned it will become a "no censorship" aka "no moderation" mess pretty quickly. It relies quite heavily on filters and aggregators rather than moderators.