Immutability serves no purpose for private content behind paywalls. It's just an unnecessary technical limitation in that case. Immutability is needed to create trust where it otherwise couldn't exist and where it is needed, which would be the public sphere verifiability may be necessary such as is in the case of cryptocurrency.
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Some content might benefit, some might not. However, the option to choose show and hide might be placed in both, where for example content would be time released after a period.