I think the only problem with this you know people will abuse it; use it to tweet horrible things, then edit it to avoid backlash.
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On a site like
@Quora editing is allowed but a log of edits is kept. Users can inspect the edits made if they want. Often the edits made are simple grammar and spelling mistakes but sometimes much more naughty. This is the model I would chose for twitter.
End of conversation
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