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"It's not Twitter, so it's a failure."
Of course that's oversimplified but feature parity to a degree matters if you're wanting users to adopt your copycat product.
If the hype of it being a “Twitter killer”, doesn’t it need to provide the features of Twitter minus Elon?

Wasn’t that the whole point of all these new apps?

I imagine that one must balance this with seizing the moment.

There is a strong desire for a Twitter alternative as things stand and Musk did Threads a favour by forcing people off Twitter with rate limits.