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This seems like it will do a mediocre job trying to solve many problems rather than solving one problem well.

Don't understand why I need it. Lots of complexity to replicate features in centralized services that I don't have a strong need to be decentralized.

Am I missing something?

You're missing that MC is trying to cash in on garbage while the cash is up for grabs.

... but with Blockchain!!

'cos everyone wants a gameable social network where someone could earn pennies from making your experience worse.

I still don't understand. Everyone already has a social network where someone earns pennies by making the experience worse.