This is exactly the right question to ask. I'm convinced that it's not possible to have constructive "free speech" social media platform. There's always the need for moderation.
I would like to see a platform where moderation exists, but it's "opt-in" only. Meaning, the mods / bots can tag / categorize user posts, and other users can control the visibility of tagged material. This way everything -- the most vile, twisted, hateful and disturbing things are still permitted a place to exist, but they're effectively shadowbanned by individual choice. Start with some sane defaults, and allow people to peel back the lid on the box of horrors if they want to.
This could work with age-restrictions (users below a certain age cannot see certain tags) as well as satisfy advertisers that their ads are shown next to the most innoffensive, oatmeal-bland content (they choose tags next to which their ads are never shown).
A free speech platform should allow a wide range of topics, but it's not expected to stand for all manner of trolling and bad faith argumentation. I think that conflating the two is tripping a lot of people up in the debate about the topic.
https://slatestarcodex.com/2017/05/01/neutral-vs-conservativ...
Not every platform needs to have _all_ the users. I know that it's a bit of an anathema on a discussion board built by venture capitalists to say that the goal of a social platform should not be to maximize the amount of users and engagement, but here we are. I think optimizing your service for "everyone" is a bad strategy in competing with existing social networks, especially coming from an "indie" background. Not that Parler is exactly indie.
[1] I'm saying this as someone that is working towards a discussion platform that targets smallish to medium communities formed around a common interest. In this world if moms wanting to share their latest knitting project are excluded from a service that targets free speech people, that's fine, there can be a knitting community out there also for them. Having these two communities intermingle by using something like ActivityPub is a way to keep "the network effect" but keep them separate enough.
Sure I'm using offense terms but that's not as bad as claiming they control the world.
Or if I thought slavery should be brought back but I don't use the n word. Is that really the issue?
Making you feel like a martyr because you are being "censored" is worse in my opinion than allowing you to express your points of view and hopefully be receptive to counter arguments.
This and other examples are ruled under law in many developed countries.
"Free speech" is a cool buzzword people think they can qualify for (or wish to), without the ramifications of true free speech (hurt feelings, bad ideologies being discussed in a positive light).
See I have a problem with the word "never". How about "rarely" or at least "once". A terrible idea should be given an audience once. Let it it be quickly refuted, then go back to better conversations. If someone brings it up again, point them back to the earlier discussion. That way it is established why it is a bad idea.
Personally I can think of a meaningful debate that can be had from talking about "genocide" but I'm pretty sure that people that would hold this opinion in truth are a little beyond what would be considered a "good faith" discussion.
I don't know that when the rubber hits the road people are meaningfully trying to make a constructive free speech platform. The nihilism is the point.