It is similar to the marxist movement taking place, it will fail.
That does not mean that people do not have a part to play in it and can just sit back. Effort is required in all destinations.
And I think I said that the traditional social media companies are dead, mega tech will likely follow but not unless we step in to stop it.
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They're interconnected though. From the shadows to the systems of enforcement. It's one big co-op of elite rule over masses. If even governments openly acknowledge corporate/tech elites got too big to handle then clearly the real power ARE those conglomerates that nations are now at the mercy of. As you've pointed out before: our DATA is what they extract as value.
I agree with you also that Marxism will fail because it again is just an outlet of rage to distract and derail an actual contest to power. The age old ambition to control society and dictate economies is always ultimately granted to the ones that control the game.
The realm of digital the main game now.
Decentralised just isn't going to really disrupt, challenge or even phase that ruling power imo. We can exist as niches yes but it's likely a very distant future where we will have decoupled from the dominance of societies' current systems of rule where economics dictate our existence.
Ironically that might ultimately be granted by those ruling elite that we find ourselves under now. When we have existed as interstellar species for centuries (initiated by the super rich), likely then, collectives would have an equal view of themselves to implement new systems that have no reason for competition when the environment is again resource abundant.
Mortality also another factor why competition rules us currently. This limited life we have is why greed and ownership is dominant.