Instead of writing the same answer to all sceptics, I’ll just write one answer here:
I believe that you greatly overestimate the rationality of VC at a micro level and greatly underestimate the number of business cases that can be made on top of popular open standards. Developing a fediverse software like Pixelfed is basically free if you’re with the big money. The question is if it will hurt your other investments and strategy. Right now it looks like the answer is “no”. The risk of putting too many eggs in the oligarch basket seems quite high.
Is it not possible to make money of the internet because you don’t own the infrastructure and the standards are open?
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