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It stops you from seeing their posts/comments on Steemit.com

nothing. but ned can use it as a blacklist for his plans to lock certain people out?

Indeed he can, along with @blacklist and @blacklist-a (im on blacklist-a)

Not much, chain wide, but here on "steemit.com" itself, they respect the mute code which hides people from your feeds - it may not even mute comments. It's basically like virtue signalling, people keep doing it, and the rest of us just sort of roll our eyes and mock them.

Oh right, yeah I see spammers muting mack-bot, spaminator etc from time to time. That's not going to stop anything 😁

Anyway looks like you have been marked!!! 😂 keep both eyes open 👀

lol, I really fear exactly zero things :)