The Twilight of the Age of Propaganda, the Darkness of the Fake Town Square, and the Dawn of the Age of the Real Town Square
I concluded about 5 years ago during the Theymos censorship that the way stuff is found out in the Internet age where people can argue (Reddit was a precursor to how it would be done on the social media platforms), by the portion of people who question things (including most of the opinion molders), is by viewing the organic "town square" of public forums with unlimited access and basically neutral moderation rules enabling an essentially free speech zone where you can view the arguments of all sides and decide for yourself. This was a great advancement over the Age of Propaganda where only those who had the means could get their message onto TV, newspapers, radio, etc.
It was a kind of free for all, where you were not censored (in Usenet, for example) or you could switch platforms if there was censorship.
Except that that kind of freedom doesn't work without markets, and what the Bitcoin whitepaper called the "trust-based model" (a pre-existing academic model in Internet commerce due to a lack of the ability to do micropayments) made the Internet essentially socialist-leaning in its design, bound to consolidate into siloed data-owning behemoths like Amazon, Facebook, and even Reddit, because if you were to switch platforms your data (your comments and posts and connections) does not travel with you.
Secure micropayments baked into the Internet would have allowed for what the Bitcoin whitepaper called "small, casual transactions" (casual as in you don't have to look for a large established retailer or other entity you can trust not to screw you over when you transact (due to high transaction costs such as when paying via credit card or Paypal obviating small throwaway transactions where you can take a chance on a small service with little history or rep)).
High transaction costs causing firm size to grow large is what Ronald Coase was talking about in his Theory of the Firm paper in 1936.
This socialist-leaning structure of the Internet made for the siloed data system where essentially now the social media platforms are the trusted parties, because switching costs are so high that the network effects concentrate people onto platforms they hate.
These entities are large enough that they can become corporatist and do the government's bidding by censoring in that subtle but extremely powerful Theymosian way that maintains the illusion of a neutral town square, or just wield tremendous power in their own right. This portended the Age of the Fake Town Square, the Town Square Matrix if you will. In this era, the appearance of total agreement with no objection to certain key claims within an apparently largely neutral town square makes everyone conclude they are true. I trust the staggering effect of this illusion need not be elaborated for those who lived through the r/Bitcoin days.
Trump seemed to see the dynamic at least dimly when he released the executive order about Twitter, Youtube, and the rest losing their platform privileges if they continue to act as a publisher by censoring and screwing with content in a biased way.
Laissez-faire requires a mature market and a mature legal natural order (cf. Hayek's spontaneous order concept) to work, and I believe this is true of the Town Square as well. It ultimately needs a capitalist-oriented base Internet design and a legal system that has come to grips with these new realities re: platform vs. publisher (indeed I've probably said I believe the legal limbo Twitter, Facebook, Youtube, Reddit, etc. exist in where they get away with censoring in an ad hoc fashion without being responsible for the published content on their platforms is legally unstable - that is, it will eventually be sorted out into more nuanced legal rules that prevent this abuse).
In short, society is adjusting to the new age of information (the post-propaganda era) in both a legal and market-based way, and the eventual result could be called the Age of the Real Town Square, but it will take years and in the meantime we will likely see ever more egregious abuses where the truth is more and more hidden in plain sight.
I think we are seeing these "platforms"-cum-publishers flex this great newfound power already with covid, the election, the riots, global warming, etc. And them having this power gives government, drug companies, oil companies, etc. the ability to use the "platforms" as a conduit to impose their agenda truth be damned, just like the FDA, CDC, EPA, etc. become a target for rent seeking.
Bitcoin is the only thing that can save the Internet by weaving capitalism into its fabric, along with lawsuits where lawyers who understand the great evils to which this platform-publisher limbo leads ply their trade.