One difference being if a federated server full of fuckwits is being a problem -- or can be seen as likely to be one -- it can just be blocked at the root and it would never grace my digital door, even if I'm already being faced with Maximum Fuckwit Capacity ...
I can limit how many -- if any at all! -- can actually join any hypothetical instance.
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I can limit how many -- if any at all! -- can actually join any hypothetical instance.