We could encode the 128 bit UUID integer in base58 as well if needed. Its textual representation won't conform to the standard but we'd get the same number of bits. Which would be 2^122 or 2^121 bits of uniqueness not 2^128 if it's a proper UUID.
11base58 character certainly doesn't have the 2^122 bits. So we could decided separately if we could either reduce the number of bits needed and/or use a different encoding.
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