To which I would respond:

Given how many social media companies have collapsed over the years…

…it doesn’t seem that “senior execs” are capable of learning the necessary lessons. Quite the contrary, the “senior execs” and most of the (early) shareholders of all these failed companies seem to be doing quite well for themselves, long after the companies have gone belly up.

Even if they are capable of learning, they don’t seem to care.

Bluesky is a step sideways, not forward or back. It kicks the can down the road a few years, but the fundamental concept is doomed. It has been tried, time and time again, and the inevitable result is gross enshittification.

https://dustycloud.org/blog/how-decentralized-is-bluesky/

https://torment-nexus.mathewingram.com/is-bluesky-decentralized-its-complicated/

Basically, Bluesky is not functionally decentralized, so it’s just another platform destined for either failure or enshittification.

No, not worse. It’s just not decentralized in a meaningful sense, so it suffers from the same enshittification problems that have killed Twitter, Reddit, BoingBoing, Digg, Slashdot…

Fundamentally, it’s not any worse, but it’s not any better either.

Out of the frying pan, into the fire. yet another frying pan.