I see a future where mastodon's instances work very much like communities in the radical scene -- with runaway unaccountable scene patriarchs who maneuver into controlling the core infrastructure.
It's a mistake to think of "social capitalists" as accumulating only one universally fungible sort of social capital. Social capitalism can function in harsher ways in smaller communities.
I'm super skeptical about "crypto" solutionism in a lot of contexts. But the current inability to port one's followers between instances on mastodon(ie gnusocial) is a deep failing because it incentivizes the creation of groups (instances) with strong pressures to continue existing, and as a consequence immense power in the hands of a few (those able to seize control the instance itself).
The original server operated by the Mastodon gGmbH non-profit