But you are right that while it remains invite-only it is limited. The real test will happen when they open the floodgates.
Seeing how HN has a way of planting seeds in the minds of potential early adoptors, framing it as DOA may be the self-fulfilling prophecy we want to avoid if we want changes to unfold within our heavily centralised social media sphere.
Honestly, even without Threads I would not bet on BlueSky to be the winner in this space or even to be viable. The team got really lucky having the right product at the right time, and failed completely to capitalize on it. Or actually worse, they seemed to not even try to capitalize on it. Even trying and failing would have been bette.r
But, the landscape is certainly a LOT less friendly, at this point. Threads has obviously sucked the oxygen completely out of the room, so to speak, for the moment. Bluesky is likely consigned to a much more niche position, and may have difficulty surviving.
While I think your conclusion is a bit strong at the moment, within 1 - 3 months, it'll probably be far clearer. In particular, depending on how Threads is actually functioning ... if "Meta" plays it smart (and they do seem to be doing a surprisingly clever job, so far) in catering (enough) to users for that initial buy-in ... (the classic "first hit is free" of drug dealers everywhere [though, I don't consider these platforms to be straight-up just person-wrecking drugs, that use-case does hold across plenty of the population, I'd argue])...
Threads is the fastest growing social network and app in history and by now has ~100m users.
Network effects will take care of the rest.
I'm wondering whether it'll be Apple or Meta that becomes Zetatech...