Eventually the IPO will ruin Reddit, as vulture capital will make sure to extract every single bit of value from the platform as profit. I just wish that Reddit’s downfall happened before that - otherwise spez and other shareholders are still leaving with pockets full of money.
Also, it would be a shame if a blackout happened near the end of February… or if subreddits went again into “Oliverposting” mode… or if people happened to promote a few Kbin / Lemmy instances…
Why buy it? The CEO has publicly stated they don’t make money while killing two major revenue streams.
It’s happening
Expect a new wave of refugees to Lemmy every fiscal quarter as they make ridiculous changes to increase the value of a sinking ship for shareholders.
I hope you’re right.
I hope it doesn’t ruin what we have here
Same. The main reason I never had a Reddit account is because it is too big. You either get drowned out or swarmed by an army of dissenting opinions no matter how innocuous your comment was.
That’s the nature of entropy in any system, especially one where anyone can freely engage with it. I think it should be recognized that anything good will inevitably change, and by being aware of it, we can take steps to slow down the inevitable descent into chaos.
If anything, I do think the fediverse itself is a good set-up for preventing the sort of issues that Reddit eventually faced. It’s almost like the internet itself. There’s no centralization, only various participating end-points sharing and receiving data.
A good administrator, some good moderators, and the ability to create more instances, can solve that situation. The third one is easy, the other two…
It won’t
I welcome the Reddit refugees as a former Reddit user
Now it’s just a question of whether old.reddit will be killed off before the IPO or shortly afterwards. Either way, I doubt it makes it to the summer.
They are about 2 years too late.
The rise in interest rates and the end of easy VC money has swung the dial back to: Companies actually need to generate profit and not just show user growth to be attractive to investors.
The IPO will not go as spez dreamed for so long.
I agree. The economy is shit right now and I would be amazed that anyone in their right mind would invest in a company whose already lost half their value in just a few years (at least, that’s what I’ve heard. They supposedly went from 10B to 5.5B or something like that). And like you said, interest rates are a factor as well.
The mods are jumping ship or just straight up abandoning the site, and the slew of NSFW content, real or not, is damaging its advertisement potential. It’s a lemon.
