I would like to use Bluesky. They've done a bunch of seriously interesting technical work on moderation and ranking that I truly admire, and I've got lots of friends there who really enjoy it.

But I'm not on Bluesky and I don't have any plans to join it anytime soon. I wrote about this in 2023: I will never again devote my energies to building up an audience on a platform whose management can sever my relationship to that audience at will.
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Enshittification can be thought of as the result of a lack of consequences. Whether you are tempted by greed or pressured by people who have lower ethics than you, the more it costs to compromise, the fewer compromises you'll make.

In other words, to resist enshittification, you have to impose switching costs on yourself.

That's where federation comes in. On Mastodon (and other services based on Activitypub), you can easily leave one server and go to another, and everyone you follow and everyone who follows you will move over to the new server. If the person who runs your server turns out to be imperfect in a way that you can't endure, you can find another server, spend five minutes moving your account over, and you're back up and running on the new server.

Any system where users can leave without pain is a system whose owners have high switching costs and whose users have none. An owner who makes a bad call – like removing the block function say, or opting every user into AI training – will lose a lot of users. Not just those users who price these downgrades highly enough that they outweigh the costs of leaving the service. If leaving the service is free, then tormenting your users in this way will visit in swift and devastating pain upon you.
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Bluesky lacks the one federated feature that is absolutely necessary for me to trust it: the ability to leave Bluesky and go to another host and continue to talk to the people I've entered into community with there. While there are many independently maintained servers that provide services to Bluesky and its users, there is only one Bluesky server. A federation of multiple servers, each a peer to the other, has been on Bluesky's roadmap for as long as I've been following it, but they haven't (yet) delivered it.

That was worrying when Bluesky was a scrappy, bootstrapped startup with a few million users. Now it has grown to over 13 million users, and it has taken on a large tranche of outside capital.

Plenty of people have commented that now that a VC is holding Bluesky's purse-strings, enshittification will surely follow (doubly so because the VC is called "Blockchain Capital," which, at this point, might as well be "Grifty Scam Caveat Emptor Capital"). But I don't agree with this at all. It's not outside capital that leads to enshittification, it's leverage that enshittifies a service.

A VC that understands that they can force you to wreck your users' lives is always in danger of doing so. A VC who understands that doing this will make your service into an empty – and thus worthless – server is far less likely to do so (and if they do, at least your users can escape).