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Actually, it's not okay.

Email is provided, by a third party (email service or, at the very least, domain name registry). Identity is inherent property of its owner.

Passwords suck, but happily disowning identities, letting third parties lease them - that's scary.

I guess by "okay" I meant "not terrible," but you're certainly right; email as identity is not much to be excited about.

That's why you buy a domain.

Although you can argue this is still a service, it's way better then Facebook.

Also multiple personas online is a feature. Unless in rare cases, this doesn't replicate in real life.