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I assume only because Meta have forgotten about it or haven't got around to closing it down yet.

Nah, it's just the standard enshitification playbook. It'll start out nice, open, useful, fun; then once they have enough users and the network effect kicks in, they'll lock it down and turn it into a weapon against its users. Happens every time.

Actually, the correct solution is Mastodon, which is an open protocol which can not become a walled garden the way Threads (based on Meta’s activity with Instagram and Facebook) will inevitably become a walled garden.

You gotta build the garden before you build the walls.