fptp is first past the post
in parliamentary systems 3rd parties can form governing coalitions
in ranked choice and other voting systems 3rd parties can be stable and viable
but in the usa it's winner take all, thus "first-past-the-post": winner gets everything
the only purpose a 3rd party can perform in our stupid system is to divide one side, and allow the opposing side to win
you can read up on it courtesy of frenchman Maurice Duverger and "Duverger's Law":
@benroyce @mc
CGP Grey has some good videos on voting systems.
https://www.youtube.com/watch?v=s7tWHJfhiyo