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Does this not mean it's time for a new open source license? Perhaps one that stipulates all the freedom current ones have up to a point?

I am not a lawyer and know little about open source but is it possible to create a new license that allows free use up to a certain revenue level?

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sure, and I think I've even seen one. The problem is, your software won't be included in any distribution repositories anymore because it is no longer Free Software under whatever definition they use (likely based on Stallman's "Four Freedoms")

Some similar things have happened to mysql (to mariadb) and mongodb (to whatever the fork is called).

Dual licensing it like MySQL did is one way to approach it, but plenty of people were happy enough with what it did that they didn't pay for it.

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