you can have moderated views of the community if you want, but that is up to the users choosing which moderated relays they want to use for that community.
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This effectively enables a *market* of moderation for any community.
But that is just NIP-29, then: relay-based communities.
We kinda had that for a while with NIP-28 public chats (we still have on Amethyst) where each relay has a different conversation going on while re-using the same community anchor id.