Most people talk about social media moderation as if the real question is what content should be allowed. That is the decoy. The deeper question is who gets to define salience, because ranking systems govern public life more like constitutions than like rules of etiquette.
ATProto gives your PDS operator full control of your signing and rotation keys, letting them impersonate you across every app in the ecosystem or kill your identity entirely. This article breaks down why that's a bigger risk than most users realize.
Bluesky promises decentralization, but nearly every user's data sits on Bluesky's servers, and every new ATProto app reinforces that centralization. The counter-arguments all assume users can technically leave. They won't, and $120M in VC funding ensures the incentives point the other way.
Let's compare Bluesky and Nostr to see how they stack up.