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My main issue with Matrix aside from the performance issues is an indirect consequence of those. It's supposedly good at bridging protocols, but the IRC bridge requires having a bot kicking anyone who doesn't send a message for 30 days from the Matrix room so you can't lurk.
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Our Matrix room is currently ~1200 people but that's partly because every month hundreds of people are kicked for not actively sending any messages. I'm not sure what the natural size would be if they only got kicked for not using the room for 30 days as intended but not shipped.