Interesting discussion, and good points highlighted about Bluesky's did model that means you essentially don't own your identity either (in typical scenarios and when it will likely matter most). That takes a big chunk out of the "host your own data" narrative.

One point I disagree on that's also mentioned in the replies: I don't think a global state should be seen as necessary or even desirable. Sure, it helps people who optimize for clicks/likes/attention as a business model But that shouldn't be the only concern. Having some degree of uncertainty around the global state can help reinforce a healthy skepticism towards what you're seeing in general. The 'correct' global number of upvotes on a post, or the majority of what has been said about a subject might still be manipulated to the point of being essentially fake. Optimizing for virality is not desirable if you think of the platform as a public good. Think about what it has done for the centralized platforms, and the consequences it's had in the real world.