I see this as good news. Government and banks are having a hard time with the decentralization caused by the Internet and cryptocurrency. When everything was centralized they had total control over all facets of the economy.
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Not only this....it stifles innovation. A centralized system is not as innovative as a decentralized system. That is why I do not believe the social media entities stand a chance against a blockchain like this. You have over 50K daily users, many whom are programmers, creating all kinds of things on here without anyone to say no that wont work.
If someone wants to try something, they are free to throw it on the blockchain. The determining factor is whether people use it or not.