Put more succinctly then: when a platform/technology becomes so successful that's used by a lot of people and/or other businesses built and depend on it, it (eventually) has to be regulated. If the prize of success is monopoly (as per Thiel), the price of success must be regulation.

Indeed. But with platforms being privately owned and centralized, the scale at which they start being problematic is fairly small.

The likes of Facebook/Twitter/YouTube have blown past this limit a long time ago.

At this point it's too late for regulation. You can't effectively break them down. Nationalizing them is pretty much unfeasible since they have so many international users. So the only solution left seems to be to shut them down completely, and let the competition do their job (it won't take long, considering Internet timescales). But maybe before consider what kind of regulations these competitors will have to live under. (Maybe a built-in time limit before they are shut down in turn, and the cycle starts all over again ?)

If it's a monopoly, it should be broken apart. This could reduce or remove the need for regulation. Although maybe not in cases like this - protecting ignorant people from themselves because they can't think for themselves or fact check social media information. I'm not sure these problems can be regulated away either.

It depends on what you mean by “stops working”.

When social media becomes the primary driver of misinformation and anti-democratic sentiment, then it has arguably “stopped working”. While users might not be sick in the flesh, their minds will surely start to rot.

And solving it by blocking Twitter is just so... human.

The platforms aren't the problem, people are the problem. Education is piss poor, if that's not fixed/improved, we can go back to pre-industrial times and people would still vote for a moron who promises big things, never delivers and just grabs power for themselves.

Financial/civic/political education in schools? Public-sponsored articles and videos debunking conspiracies? Nah, just ban Twitter, that'll solve it.

People on either side of the fence believe they're right. Keep ignoring and belittling each other and it will lead to an even worse situation down the road.

In the end, unless we are talking about natural calamities, everything is a people problem.

Are blocked sewer is a people problem; it’s either poorly designed, poorly constructed, poorly maintained or a combination of causes. But in the end, the problem is caused by people.

Social media has fueled quite a few murders. If social media is not working right, YOU might not die. Someone else might, though.