Theoretically some large company could use the “embrace, extend, extinguish” model to take over “open” standards. Microsoft was famous back then for using this strategy. It would look something like this:
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Embrace: large company creates a really stable and well moderated instance that federates with almost everything to attract users
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Extend: large company adds custom features to the instance that are incompatible with other instances
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Extinguish: people stop using other instances as incompatibilities start impacting user experience. Big instance might also stop federating with other instances, so users are forced to use their instance to see content. After this, big company starts making the platform shittier to make more money.
This makes me think of a quote by Kurt Vonnegut:
I really believe that part of the loneliness and lack of community many people feel nowadays can be attributed to automating everything for convenience. We miss out on these brief interactions and meaningless smalltalk, giving us less chance to practice our social skills in low-stakes situations. I see the change even in myself; in my college days I didn’t really experience much social anxiety since I was always surrounded by people, but now I sometimes find a quick trip to the grocery store somewhat difficult. It’s really troubling to think about, and it makes me long for the analog past.