Regular reminder that Bluesky is a VC-funded company which inevitably is headed for the same fate shared by all VC-funded companies. It must maintain hypergrowth until it either:
-
Regular reminder that Bluesky is a VC-funded company which inevitably is headed for the same fate shared by all VC-funded companies. It must maintain hypergrowth until it either:
- folds
- sells
- IPOsMaybe tuning into another re-run of the social media VC show is appealing to some, but it certainly isn’t for me.
-
Headline: “Wow, Bluesky managed to get $8 million in funding”
What you should be reading:
“Bluesky took on an additional $8 million in debt, which they will need to be pay back with interest one way or another”
How are they going to be doing that, you wonder? Well reader, certainly not just by selling domain names at a slight markup.
-
The obvious answer here of course will be ads. It usually tends to be ads.
Or maybe since Bluesky was originally founded by a shitty crypto person and just took on more debt from shitty crypto people it’ll be some new revolutionary conical-shaped money scheme.
Who knows. I don’t care enough to find out.
-
@yosh I hadn't checked up on BS for a while, I thought it was federated but it doesn't seem like there's any decentralization happening yet, it's all just one big server. Is it me or are people very confused by startup technologies and their cyclical nature
-
Risotto Votedreplied to Devil Lu Linvega last edited by
-
No no Yosh, you’ve got it all wrong you see. Bluesky is a “public benefit corporation” that means that they’re not just out for money. Instead they’ve got to, uh,
…
umm,, let’s check Wikipedia:
> “Their activities may or may not differ much from traditional corporations.”
…oh.
-
@yosh but they may!
-
Impossible is nothing. But likely? Not when you owe VC firms millions.
-
@yosh @dysfun When it all seems bad, just remember that the history of the internet is mostly one wonderful thing emerging by accident from 1,000 bad ideas executed by people having the full spectrum of motivations and time horizons.
In other words, don’t fear the AOL-TimeWarner or MCI-WorldCom merger.
-
-
@yosh This person gets it. ^
-
“No but like, Bluesky’s protocol is good! Even better than ActivityPub.”
Sure, I have no doubt. Talented people have worked on it. But what does it mean when the money people come knocking?
Absolutely nothing. Just because a company published docs online on how to access their API for free provides no guarantee they’ll keep granting you access to their API free of charge in the future.
Twitter once had a public API. So did Reddit*. Both wanted to make more money. Now they no longer do.
-
-
@yosh it's also frustrating that they just say they're "decentralized" and despite there not being other bsky servers or their "protocol" actually being a protocol the same way HTTP or ActivityPub are protocols, folks actuall believe them!?
It's like I just name margarine "I can't believe it's not butter" and like 90% of people including those who know how make their own butter be like "oh yeah, this is totally butter!"
-
@yosh we should WISH they took that on as debt. Investor money is worse than debt. If a bank gives you a loan the bank is gonna be thrilled if you can give them a 10% return. If an investor gives you millions, they are gonna want billions back, and will insist you do whatever it takes to do that.
Ive gotten to the point where I don't trust anyone who's taken that devils bargain
-
@yosh This is why I love the fediverse. Built from the ground up, grassroots. We have to figure out how to pay for things as we go. Not saying things are perfect here, or that there aren't struggles.
But not having to go into debt for any of this is pretty neat.
-
-
@yosh if your principled stance is against all companies which take investment, then sure, that is a consistent reason to distrust Bluesky. being a Public Benefit Corporation is nice-to-have but is pretty unproven and far from being a non-profit.
our goal is to build a system which is resistant to the enshittification cycle, and I think we are well on our way to that goal.
-
@yosh we have demonstrated a lot of core functionality which has been discussed for years but never implemented in other protocols and app ecosystems. even if the whole atproto project implodes, I think it is provided a lot for protocols like AP to learn from (as we have from them).
we are going to try many other business models before ads, and have time/money to do so. our current board has pretty legit folks on it. original funding was a contract for no equity, not VC.
-
