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@prologic Ah, I see, that makes two of us. 😊 My own sketchy mental model is pieced together by the Micro.blog and Hugo documentation and fragments from @manton's blog. I'm sure it's not 100 % correct.
You can list replies on your blog, but you might have to change a setting for that to work. On the web version of Micro.blog, go to ⚙️ Account and look under the heading Replies. There you can choose to include replies on one of your blogs.
After that, you should be able to fetch replies in your templates like this:
{{ $replies := first 25 (where .Data.Pages.ByDate.Reverse "Type" "reply") }}
Take a look at the Marfa theme for a complete example. You might find Hosted replies helpful as well.