It seems to me that a lot of the problems discussed in this thread (it's using a new protocol that doesn't work with existing tools, it uses crypto, handles auth in the protocol, server can goes down) are just frustrations that don't have to do with the core innovation that Bluesky promises to deliver, and are instead confusing the AT protocol to be another ActivityPub-related protocol, rather than something complete…
Good? HN also uses crypto. Unless I'm missing it, it's not using cryptocurrency or 'tokens' or anything, just good old fashioned cryptography.