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Does it have good content? I explored it a bit in the past, but was a bit underwhelmed with content I could find there.

Edit: in the past

If you find those few instances that have those few uploaders that interest you, the content can be good.

However it does certainly suffer from the fact that all federated instances can't pull in videos from other platforms in some reproducible way (so that all instances would be able to serve the same content).

I'm sure some YouTubers would allow mirrors if they didn't have to pick an instance and keep it running.

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