Dave Winer:

When people say Twitter, the company, is a lost cause they are out of their minds or don’t understand systems. Twitter works. There’s a company behind it that makes it work. The service has a lot of value, not just as servers, but that it’s all together in one place. If that were to break it could never be replaced. Look at the void left after Napster’s demise for a clue. Set us back 20-30 years.

But it’s not just the system, the employees, or the company itself that has value. There’s also a great deal of value in having all of these users in one place. Not to mention the identity aspect of Twitter — every athlete, journalist, and celebrity has a Twitter account. And that’s where fans are pointed to if they want to learn more about them. Nobody gives out their URL anymore, it’s always their Twitter handle.