I jobbled down some thoughts a few days ago: https://news.ycombinator.com/item?id=42690618

But in a nut shell I think we're seeing outcome #2 play out, which has huge ramifications for the Chinese internet. Essentially this could become a precedent for all Chinese apps moving forward, and essentially the great firewall slowly dissolving. Trends have been slowly going that way with Bilibili, Douban, Kuaishou, etc, being more open to foreigners. There's still a lot to play out over the next few weeks as Trump assumes office and Tiktok CEO attends the inauguration. But there is just too much to comment about this entire situation, and most people who aren't Chinese or have experience with the great firewall are not going to comprehend just how monumental this whole ordeal has already been, and will be.

It's the first time the Chinese and rest-of-the-world users are interacting directly on the same platform at a massive scale.