Owen,<p>I would submit to you that an analysis of Twitter's, for lack of a better word, design decisions can't be made without putting more thought in re: who they are as a company and what their tendencies are.<p>What sticks out about Twitter is how deliberate and disciplined their decision-making tends to be. (To me, at least. FWIW, I've worked with a major telecom on their buyflow in both a business and technical capacity. I'm proud to say I'm the reason email/password is the fallback auth and address/pin-number (half of which was already taken care of in the previous step: determining service availability via address) is the default, rather than the other way around as per the original design. Given that the app is in Best Buy kiosks and whatnot, that was a pretty big one.) E.g., these guys track time-to-first-tweet. They're not not looking at what you're looking at. Hell, they're looking at it with a microscope. If they and I arrive at different conclusions, I ask what I'm missing, not what they're missing -- and I don't say that in a platitudinal sense; I'm an arrogant bastard who thinks everyone is wrong about everything. In case you hadn't noticed.<p>But think about how long, how many years TC, et al. chirped chirped chirped about Twitter's "inability" to monetize. Now those people-- if anyone would bother to look-- look like idiots. Twitter silently told everyone to go fuck themselves, we're going to spend like 4 years throwing away ideas, developing a very strong opinion on this, because a wrong decision could kill our company - not now, but 10 years from now. Compare and contrast: Fb ads, which have been (thoughtfully! and with data!) likened to Ponzi schemes.