The only pitfall I see with Nostr is that if/when your identity is exposed, since the data can never be deleted, you’re stuck with all of your history exposed to the world forever. Am I right? Is there a solution to this?

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… with centralized data stores like Twitter, FB, etc you can delete your data

No, basically you are right. You’ll be left with cryptographic proof of all the shitposts you made in the past 😄.

As long as timestamps on notes can be backdated as far back as you want, you could simply leak your nostr private key at a later stage and then argue, that a specific post from the past was not made by you, but by an imposter who took your (now public) nsec and backdated a particularly nasty note, that you would never have posted yourself. 😉