Well shucks, all they did was drive out their most active content makers and cut themselves off from hundreds of thousands of dollars in free moderation labor. Who could possibly have seen this coming?
Don't be fooled. Most went back.
Quantity is not quality.
More important is originality...
Lots of people/bots would just take an existing post from Reddit, and repost it. Sometimes to a different sub, sometimes to the same sub.
For most users, it was still "new" because they hadn't seen it before.
Those accounts are still reposting. There's more than few that do it here too.
But that OC has been drastically cut down, there's just a delay in users noticing that there's fewer and fewer "new" reposts going around.
So reddit doesn't see a huge decrease in users immediately, but time on site and daily users will continue to decrease
More important is originality...
Is it, though? I left Reddit for here, so don’t take this as being in their defense, but if originality and ad revenue were meaningfully correlated, Facebook and Instagram would be bastions of original content.
Hell, some of the most profitable YouTubers only post reaction content.
To me it is.
That works in both directions. Don't assume that the few that didn't return are the ones that would have saved Reddit via incredible content.
Quality is the same, on most middle size subs.
Never was subbed to those. Quality dived many years ago on those subs I cared about.
I was active nearly every day for 13 years, and I didn’t return. Granted, I don’t come here much either, but what Reddit did disgusted me too much.
My reddit account is 15 years old. I removed myself as a mod from the communities I took care of before signing out.
If they want to shit on the mods, they can handle the job themselves.
I already had inactive subs removed from me. Not like anyone would ever recreate them. It’s weird.
I was transitioning out, but it just felt disgusting to even open the site so I stopped doing it. I probably have a bunch of unread messages because of that.
As 10+ year vet, I still go back for certain things. Mostly communities that have not been recreated here yet in any meaningful sense, and there are a lot of those. There are people here, yes, but the niches, the non-general topics, are lacking a true community. That will come with time, but I still can't substitute Lemmy for reddit 100% yet, much as I might want to. Unless I only want to talk technology, news, and politics all day.
But I will say Boost for Lemmy has taken the spot RIF once had on my mobile home screen. Lemmy is what I open reflexively now. I only go back to reddit when I need to see something specific, I'm not browsing there. Partially because it's very tedious to navigate old.reddit on mobile, but partially because I just don't want to spend too much time there anymore.
I had a reply to a four year ago comment I made. Up until that moment I had thought everything was archived.
For me it was a sub I participated in for years whose mod suddenly accused me of advocating for the abuse of children, told me I had mental health issues, and permanently banned and muted me. It was weird and I haven’t been back since.
16 years and agreed.
same here, since 2008. Pretty much every user of the site was on the same standard default subreddits. I don't like what Reddit has become but I don't blame them like a lot of people here.
Honestly they were a corporation from the get-go, out to make money once it became popular. They built something no one else did.
But going forward, the little reddit escapade from their corporate suite shows that freedom of speech can only thrive when there is no driving profit motive.
Spez wanted to be Zuck and just like Zuck, he allowed bad people to abuse the site in order to hurt others.
Same except I was at about 10 years. I don't even find it useful to include "reddit" in my Google searches as many communities are locked down unless you sign in to an account. Can't say I feel too bad for them.
I didn't return either... to be fair, it's because I was one of the ones who got a bullshit permaban
Did they? I had one of the top non-porn accounts actually run by a person (most high karma accounts use bots, I didn't out of ironic laziness) and I haven't posted or commented since whenever Day 0 was for rif is fun. I've been back a couple times for very specific things but not logged in or participating in any active way. Of course, I'm just one (high karma) data point, but I really don't think I'm unique in this. I also have no real desire to contribute to Reddit again in the future. Getting off of it has been pretty nice.
Look, it's not that people aren't still posting, the site obviously still has content, but it really is just "content." The quality of discussion I've seen has gone down pretty steep. Modding appears to be almost nonexistent in big subs or very agenda-driven otherwise. I think a lot of contributors who treated Reddit like old school forums have left and it's slowly turning into a weird combo of Facebook and 4chan if that makes sense. If that's what the userbase wants, go for it, I guess. But that's not my jam.
Why not delete the account ?
A lot of search results still take me to Reddit. It is still a source of knowledge.
I tell myself that landing on Reddit, because of a search result is different than logging in on Reddit and subsequently browsing Reddit.
Using their app is on another level.
It is, there's a lot of highly specific knowledge on Reddit. It's still a resource.
I'll be honest. I want to believe in the Fediverse and Lemmy, really really hard.
It's ideals (rather, the gestalt of the best of what everyone says is the best of Federation) appeals strongly.
But sometimes, it's instance after instance of complaining about this or that. Double points when it's all reddit complaining.
I dunno if being a heavy content creator necessitates an air of misguided superiority but there's no more nuance here than anywhere else, and the content can't seem to form precisely because everyone decides to take their toys away and do their own thing at the smallest provocation.
I don't use them on my phone because fuck their app, but I've found no choice but to join up with an alias and as much extensions to make their job harder as Firefox allows, just to have genuine discussions on hyper specific topics from a PC.
As much as I hate to admit it, I’m considering it too - not instead, but also. I haven’t been back since Apollo died but Lemmy just doesn’t have the diversity of interests and niche communities yet. It feels really one dimensional sometimes.
I'm not. Pretty happy here overall.
Sometimes I want to see things besides hard left politics, Linux and furries. And a huge helping of divorced-from-reality beyond-left opinions from .ml and whatever hexbear is.
And I know I can block all those communities, but you’re not left with a ton once you do. Those demographics are dramatically over represented on lemmy.
If someone can tell me which direction to game specific communities i used to be part of (RimWorld, Souls games, Paradox games...) I'd be happy. Now I can only rely on discord.
And no, don't tell me to create the community and content myself. The audience isn't even high enough for discussing all games as a whole let alone specific games. This is what "let Lemmy stay small" crowd misses. Niche community can only be started as branch of (very) large community.
Hi there! Looks like you linked to a Lemmy community using a URL instead of its name, which doesn't work well for people on different instances. Try fixing it like this: !rimworld@lemmy.world
For me the main issue is that my professional community is pretty active there but not here. So if I want to share some professional work and discussion, I can only go there. I will probably double post out of activism but I know it won't have much effect. For entertainment though, I'm good here.
Yeah. Lemmy really isn’t as good as Reddit. You run into people on Lemmy who will ban you just because you disagree with their echo chamber. Also, there isn’t as much content.
When I’ve gone back for a look I’ve found just the opposite. It’s just bots and trolls.
But after cementing lemmy as a viable alternative. I actually find fun content on lemmy. Reddit feed for me ends up turning into a left vs right garbage.
What's your basis for this statement? Any evidence to back it up?
But they lost the best 10% of their posters and content. That's devastating. Same thing as happened to Twitter, FB, and others before them.
I go back for a couple niche communities that haven’t escaped yet. And occasional search results for advice, but that tends to be 3-5+ years old on average.
Never going back.
?
What I've noticed is it became way more toxic over there since the API changes
I still scurry over occasionally (a lot of communities didn't move over) but not nearly as much as I used to
Same. It runs so badly now, and enough moderators left or cut back that it is not the same site it was at all. Some communities are still intact, but I've begun to see lemmy and even Mastodon results in searches alongside reddit. It's going to take a while to see if reddit can recover (it'll take some humility and leadership from the top which seems unlikely) or die slowly then all at once. Remember digg, etc? The internet is fickle and for every Facebook there are a hundred friendsters.
Ironically way more bot now
The only sub I still go there for is /r/zerocarb (a low carb diet sub), and that's now mostly deleted comments and posts. With the moderation tools unavailable on mobile the mods have made automod very strict. Heaven help a person new to the diet, they'll have a hard time asking their questions
I still occasionally browse the smaller subs when I need help on things like /r/unraid.
This became an instant classic lol, do we know who the artist is?
That was one of the reasons they killed the api: to support ad growth. Unfortunately they failed to realize the combination of ad-blocking browsers and users just quitting the site from losing client access means they were never going to hit pre-IPO revenue targets.
Had they instead focused on affordable API pricing and driving subscriber revenues up, they would have exceeded revenue targets.
source: I was in a somewhat similar position (not quite the same, no third party client), but chose different and found myself making more subscription revenue than ad revenue thanks to a viewer base more than happy to pay more.
Do you have any data to support that? My feeling is that not much changed after that. I feel like there is business as usual there. At least when I talk to my peers.
Subs I followed (and still rarely visit) became much harsher with moderation, to the point of being very difficult for new visitors to use; in a sub that is mostly for helping people adopt a very low carb diet
I feel like this was definitely the case in small subs where the main content generators were also mods. The ones who didn't straight up leave became uncommitted. Places like Askreddit didn't change, but smaller communities are pretty dead.
So much looks as deleted as /r/legaladvice was (is?) now
Some communities were unaffected. Some are still shut down. Some replaced mods who wouldn't play by spez's rules.
I'm not sure what the data would look like or how one would obtain it. Number of active moderators per day? Moderator satisfaction survey? Change in posting habits of top 1% posters?
I am speaking purely anecdotally from communities I know that shut down entirely and moderators who left. I have no way to estimate the scale of the exodus.
Reddit's value as a social media platform drops as it's value to advertisers rises. The karma system is democratic, the userbase shapes the visual content on the site, that's was makes it useful. The more mutilated it becomes in service of extracting money from advertising, the less genuine it is, and the less people will seek to use it.
Spez would like to believe Reddit is a cow that can be milked forever.
In reality Reddit is a pig that Spez seems to believe he can get bacon from forever. Except to get that bacon, you have to kill it, and you can only do that once.
Yes, I agree. In the end, Reddit lives off its reputation, just like every social media platform.
Seriously, is there an effect that when you're long enough the CEO of a company, you begin making decisions where it is obvious that they will negatively impact the user base and thus long-term survivability of a company? Is there a term for that?
I imagine your priorities become different.
You start out young and idealistic. You find success and maintain that idealism for quite some time. Your morals are intact and you still feel connected to your users because you're one of them.
Eventually though, you have to make some tough decisions. You want to maintain your community and sometimes that means choosing financials first. You make unpopular decisions for good reasons and your users don't understand because they aren't privy to all of the details. You have MBAs walking you through these steps and they're probably more understanding than your users who don't have a lot of stake in these choices.
Then your platform grows and it's not just your computer nerd circles anymore. It's open to the general public and corporations as well now. You have to deal with a bunch of vile, shitty people and you still have to make unpopular decisions. Nobody is ever happy no matter what you do.
Personally, I can understand reaching a point where you say, "You know what? Fuck em. I'm a different person now after all of these years, and the people using my platform aren't even the same people I made it for in the first place, at least not mostly."
I assume at that point you're just trying to cash out. And you've listened to the MBAs for long enough that you're thinking like them now. It's even technically possible that Spez is still a good person and an idealist. He might still be making tough choices the rest of us don't understand. Reddit may very well be in a place where it needs to get way more profitable or die. The Internet is tricky. Nowhere else in the free market do you have people who expect to pay $0 for a popular product they use for many hours per day.
I'm not a Spez apologist. Just offering a possible scenario that would explain how we keep ending up here with so many different companies.
You make some good points. I'd agree if it wasn't for the API changes that fucked all the 3rd party apps and 3rd party tools like automod.
Even if it was priced well it still somehow filtered NSFW content out.
They clearly wanted more market share for the reddit app by any means necessary. It's sad for all the mods that were ignored.
You're describing the Cory Doctorow enshittification process.
Here's the summary for the wikipedia article you mentioned in your comment:
Enshittification, also known as platform decay, is the pattern of decreasing quality of online platforms that act as two-sided markets. Enshittification can be seen as a form of rent-seeking. Examples of alleged enshittification have included Amazon, Bandcamp, Facebook, Google Search, Quora, Reddit, and Twitter.
I deleted my reddit account and joined lemmy during the subreddit blackout, but there's still a few authors I follow on reddit. Most I've followed to other sites, and just recently one was suspended for what sounds like a fuck up on reddit's end.
Reddit lost most of their quality content creators and I can't see the few remaining staying long term.
as its* value to advertisers rises
I reached the same conclusion and posted it to reddit over a decade ago, asking people to try to come up with a better solution, long before I even knew open source software was a thing.
Well, took 15 years, but lemmy exists now so hooray!
Honestly feels like a scam for rich people. Spez just has to convince some suckers that Reddit would be profitable as he cashes out. Then they're left with a dead platform as they kill it with ads and astroturfing.
This is honestly what I feel like most businesses are these days, just scams to convince other rich people to invest, so they can cash out early on. Basically the same stuff all the crypto currencies were doing.
It's kinda funny on Reddit, you would have had to pay for your picture comment. I'm happy to donate to lemmy, but putting features like this behind paywalls is silly.
You have to pay to post pics? When did that happen?
It was recent.
I'm going to have to trust you because I'm not going back there to check.
being able to post inline images was a reddit premium feature in the official app only, iirc. you could still link images to text like we had always done in ye olden days and use an inline image opener to get the same results.... but grifters gonna grift.
souce?
Did you ask the wrong person? I was asking as well.
Pics or it didn’t happen.
I will say, though, anything that disincentives people to spam useless images and gifs in the comments, kind of like the next comment down, has its merits.
If there's one thing I miss about Reddit, it's that there was a lot less of this Discord-esc image spam over there than there is over here
Yeah. I agree that it's bad to put the feature behind a paywall, but I also just wish it wasn't a feature in the first place. Meme picture comments are attention grabbing and take up a lot of space. They can end up dominating the thread; making people just kind of skim over the text comments and just look at the highly prominent pictures, as though they are a kind of super-comment.
So even though sometimes the images are great and funny / interesting / clever or whatever - I think it can degrade the conversation on the platform. I'm at least thankful that not many people are using them on lemmy; currently.
Sounds very familiar. I think I’ve heard pretty much the same thing before when discussing paying for streaming services as opposed to sailing the high seas.
Dear fucking god, THAT explains why I couldn't do that.
Its always the same with online services/platforms looking to make money. Offer a free or cheap online service/platform, then advertisements, then more advertisements, then start removing features and hiding them behind paywalls, then more advertisements, then death.
Or, like Facebook and Insta, you get so big that the world itself warps around your platform because no one can remember the before times.
Does this represent some higher meaning or is it just Garfield fucking spez?
Yes
Why not both?
What a terrible day to have eyes
Looks like someone's got a case of the Mondays
Looks like yours went up first lol, but as long as it’s up. 🫡
So many questions about this
It’s referencing this meme.
Ohhh thank you!
No problem, I know it can be hard to figure out the context.
Weren’t these assholes supposed to IPO like 6 months ago? lol
They were totally lined up to IPO. I think somebody told him to go all musk on it. I'm still not exactly sure how taking a big fat shit on the user communities face was supposed to impress the investors.
Nothing to celebrate.
Reddit revenue is still up, just not as much as they had hoped.
That's still enough to tank an IPO.
Yep, in the face of the infinite growth monster, anything other than exceeding expectations is seen as a failure
"We see here you're up 5%, but you were up 5% last year too, so you're dead now."
-Capitalism
I still remember a line from a boss I had in one of my very first "real" jobs. "I expect you to exceed my expectations."
I didn't bother pointing out the problem there. I also didn't stay working for her for very long. :)
Yup it's all about expected growth.
Can you buy puts on an IPO?
Reddit, as a concept, can't make more money without destroying it's value. The more advertising is injected into it, the less useful it becomes, and the less people will want to use it.
So yes, it's up, but they've hurt themselves drastically to get it up by hurting so much of Reddit's usefulness, and even then, they fell short. People who remained are already low on patience with it.
To drive it even higher, they will have to cripple it even more.
It's possible to make money with Reddit while leaving it unmolested, but it's not possible to make ALL the money that way. Investors want ALL the money.
Nothing says you care to advertisers like single handedly blowing up your website by cutting off 25% or more of its userbase.
They feel like they get shorted because many of those users don't contribute to ad revenue from 3rd party apps but instead of improving their app to lure users in they instead tell those users to fuck off.
A user is a user, even if they don't contribute directly to ad revenue they contribute content to make the site more alluring for those who will contribute to ad revenue. As well they help spread the word about reddit to those who don't use it regularly yet by sharing that content outside of reddit.
They were pretty short sighted by doing what they did.
It's just many power users and mods were power users and mods thanks to tools in these apps, and Reddit still didn't provide anything comparable. Many small communities I still care about have a lot less posts if they don't have bots. It's not like Fediverse won Reddit, but something changed in them. NSFW OC subs are still good, but idk if they make the image spez wants from that platfom. The only thing we def should do is to stay online and be welcome for stray redditors to join.
A bunch of subs that I like and that are niche had the mods say "fuck it bye" and they are no more. Some migrated here, some on discord, but the fragmentation means less users overall, so less content. It's a shitty situation.
I would have been happy to pay to get API access for 3rd party apps on my account. Maybe 1 or 2 dollars per account and month would have been reasonable to cover the costs without ad revenue. Double it to please greedy shareholders.
Instead they asked for such ludicrous amounts from 3rd party developers, basically telling them to fuck off.
Either they were mad for control or got greedy over their „golden data“ for AI training. Or both. In any case, they never were interested in finding a user friendly solution so fuck them.
The phrase "cutting off your nose to spite your face" comes to mind.
I believe it's "spider-face."
Edit: lol, guess we don't have a lot of fans of The Office around here.
Some app dev mentioned they wanted to work with them to introduce ads that Reddit would have made profit from in the free version of the app and it's Reddit that said "Nah it's ok"...
Just make sure to use protection. He fucked so many people that you never know what he might carry.
Do you want to know more?
Yes
Reddit who?
If I can't browse my way, I simply don't use the site.
If reddit pops up in a search result on my browser, wellll best believe I have multiple adblockers making sure their ads don't load.
And every time a Reddit results show up, I'm immediately reminded why I don't want to go there by an error telling me that I can't use the site without logging in.
Fortunately, just changing the link to old.reddit.com still works even through VPN, but fuck this behavior. I do that only for questions I really need an answer and couldn't find anywhere else, and most of the time the replies are shit anyway.
Hate any results from Twitter as well.
Log in, log in, tell us who you are!
Fuck you. I never made an account when it wasn't run by a thin-skinned narcissistic man-child, and I'm not about to start now.
I honestly can’t believe they haven’t killed old.reddit yet.
Ssshhhh!
God, I hate infantile, "quirky" messages. Same shit with discord, but at least discord is useful.
When did discord become useful?
When I idiot friends couldn't figure out anything better. At least we're not using Skype anymore.
It's probably more to do with using a VPN than not being logged in. If I'm searching for something on a search engine and Reddit comes up in the results with potentially useful information, then I'll go there (the only time I go there now). I don't use a VPN and I'm never logged in, and I've never seen that page come up.
Which makes sense, because those greedy bastards are trying to hyper-monetize the content. And pesky VPNs make it difficult for them to harvest useful visitors info and/or throw tons of partially targeted ads on the poor user's screen.
Still good info on how to avoid it for the people who do encounter that annoying error page. So thanks for comparing that tidbit of knowledge.
Fwiw I use ProtonVPN and I've never seen that message before; I browse mostly on mobile, but do on the full-site too (lemmy's nsfw communities are a barren wasteland for what I'm looking for). Both logged in and not.
I guess it may be a combination. I use Mullvad VPN + Mullvad browser. Maybe they only show it if the can't fingerprint you enough? I.e by a combination of IP, and your browser + extensions + tracking cookies fingerprint?
Yup, it's a VPN. If I turn it off, it works properly even in the same browser (Mullvad). But I refuse to cave in, so if they every start checking for VPNs even in the old Reddit, or disable it altogehter (which I'm sure will be soon, since you can also use it to bypass "Log in to see NSFW content"), I'm out for good, and will finally block Reddit at my Kagi.
If you use Firefox, get the Redirector extension and add a rule that automatically redirects reddit.com/* to old.reddit.com/$1.
Thanks for the tip I didn't know that 🙂
I just use a browser addon to always use old reddit.
Right?
In-between comments are ads.
Under every post is a recommendation for other subreddits where the last update was 2-3 weeks ago.
Subreddits with clear bait clog up the front page, and no filters to remove them.
Top comments are jokes and memes.
It's a real shit experience on Reddit right now.
They really leaned hard into the fraud strategy, hoping to IPO in 2023 and run with the money.
It got to the point where the entire front page was just bots reposting the greatest hits, with the comments section literally being bots reposting comments from the first time it was posted. There were entire comment chains of bots just having reposted conversations with each other.
The release of LLM APIs was the last straw, now even the conservatives are jumping ship because it was just a bunch of fascist liars lying to each other. And if there is one thing conservatives hate, it’s being around other conservatives.
Obligatory recommendation for uBlock Origin and Firefox :)
Some of those issues went over here pretty quick too.
I feel we have a lot of the faux intellectual crowd who thought 5-10 years ago they were better than other for using reddit.
Nonsense. Most of us thought that at least 10 years ago. Reddit didn’t start going downhill hard until the 2016 US primaries, when /r/conspiracy went from semi-interesting headcannon to full on Trump worship over the span of a week. Then we realized what we were in for but it was like watching a car crash into a dumpster fire.
Watching meme subreddit the_donald go from a fun playground to a serious army of defenders was my wakeup call
Dude the Donald was hilarious until it wasn't anymore so much great shit posting
The death knell of the site was when they quarantined TD and all the crazies started migrating into the other places of reddit. After it became a cult TD pulled people onto the site who had no other reason to be there. All the people long term redditors were trying to avoid by not using facebook were now all over the site
IFunny is unironically better
Fuck spez
Good, fuck spez.
Remember, the reason I ditched Reddit wasn't the ads per se, it was the constant data selling, and the official app just getting worse and worse with unwanted "features" pushed on everyone. They kept getting greedier and greedier so when they disabled 3rd party apps I ditched Reddit.
It seems they also recently started requiring you to login if it notices you are on VPN. At least for me it's being doing that recently. And it seems they use browser fingerprinting, which tracks with the data selling.
Yep. I tried to lookup something on it yesterday and I had my VPN on. Wouldn't let me onto the site unless I logged in, when I turned the VPN off it let me onto the site ok. So glad I don't use it often. The only times I check Reddit is for info for Kodi add-ons and old stuff, in the case of yesterday it was about a TV.
Not on old thankfully. Although who knows how much longer it'll be around
I mainly lurked on the art and fanfic forums, and considered getting an account when I had the time/had created something worth sharing on there. But when I learned about the disabling of apps to improve accessibility...I started looking for alternatives.
Plus, I don't like the idea of the karma system on there. Supposedly, it reduces the number of trolls and low effort posts, but I've seen it cause people to post ragebait to karma farm on subreddits that reward you with upvotes for making up outrageous stories. I've also seen "debate" subreddits where people downvote people who make good points, but disagree with. Then those people leave, not wanting to be punished on other subreddits that require a high amount of karma to post, leading to "debate" subreddits that are laughably one-sided.
I actively participated in Reddit before the killing of the Third Party Apps, because I really liked the content and the platform was a superb experience on a third party app.
fatbird still exists
eh ill still oen their stock
The last time I have logged in to Reddit was the day they ended the apps, July 1 I think it was. I haven't been back since. I thought I would miss it more than I do but honestly I never even think about it anymore and am much happier with my new Lemmy life.
Yeah I just moved over this week because a recent change started shoveling recommend stuff that just cluttered the feed and broke my browsing setup with ad block and no script. This feels nicer, definitely a cleaner ui. They are just trashing the experience over there
As someone has had their accounts shadow banned across of wide swaths of reddit, despite being one of its first users... good fucking riddance.
"Thanks for years of feeding our site, now fuck off without any appeal."
Your fault for having an opinion slightly deviating from one of the mods :/
Fuck man, I've had this happen to me multiple times:
I make a relatively long and detailed comment.
Someone replies with a vehement argument against a /misreading/ of many of the things I said in my comment.
I point out that the replier is misunderstanding or misreading my original comment
My original comment /is then edited not by myself/ to make it seem like the replier was correct the whole time, and then the same or other repliers dogpile on the thread claiming I am insane.
It is truly unfortunate that so many reddit mods seemingly have no problem using alt accounts and abusing their powers exist governing very interesting niche subject matter communities that you will just never realistically find a group of like minded people in the real, not online.
People used to think the internet could be used to the mass benefit of humanity by sharing information and having lively discussions about it.
It is now clear that the vast majority of people basically just use it to consume mediocre entertainment content and basically have one kind or another of popularity contest.
MySpace is still around. Reddit won't simply "go". But I do agree and everyone should leave it as they left MySpace in 2008.
Myspace is still around just like Bed Bath and Beyond are still around. The name was bought by another company.
Spez needs to get the old Regina George vs. a bus treatment
Good. After killing all third party apps the site started to suck more.
I don't normally comment on reddit news, but... Lol.
I’m doing my part! thanks ublock!
Spez, self styled content king, screwed by own outsized ego and underwhelming intellect.
So typical rich tech bro.
Reddit is going to be a prime short opportunity on IPO.
No way I'd take that risk. The last thing I need is to give the investors money.
Biggest short squeeze since gamestop
Their IPO will be below valuation. I'm gonna guess 10% below.
Fuck Spez.
Well yeah, I'm probably not the only daily active user who stopped visiting all together... after 10+ years of daily active use. They brought this on themselves.
oh no! anyways...
Came from using it daily to only going there only when google forces me to use it
Many of such cases I assume
Me too. It was the constant popups making me download their app that did it for me.
I’d rather not even see that cunts face
Will nobody think of the infinite growth!?
Who would have guessed..
Since there's a paywall, I can't see the whole article but does this imply there was still positive ad growth and they just missed their goal or there was no or negative ad growth?
20% growth to $800M
How unfortunate
Remember when the IPO was supposed to be in 2021? Then it was 2022? 2023?
Reddit IPO will always be next year, no matter which year we're in at the moment.
Mandatory Fuck Spez comment
It's such bullshit, Reddit could have been so much more. Researching my latest purchase/obsession, and the only way to find anything that isn't corporate sponsored reviews or AI content farming is to add the word "Reddit" to the end of the search.
As someone with an 11 year old account that I deleted during the TPA debacle, I fully recognise that there's a huge problem here. Reddit created a place where people wanted to put their thoughts, ideas, and opinions, and now that they are cashing out TOO FUCKING BAD LAME EBD USER.
Edit: /oblig fuck you spez. Slimy little arsehole sold everyone out and thinks he deserves to be rich because his shitty site isn't absolutely irredeemable.
I wish Elon would scare away Reddit’s advertisers instead of twitter’s.
11 year old account on Reddit too and I left it during TPA too. Had nearly 2 million karma. Same username as this one.
Wow, they really spezzed up bad.
Good. Fuck em. Hasten their demise. So we build a new
Thoughts and prayers... ;-)
Thots and players bb
I wonder how ad view counts are affected when you actively drive away your hard core content posting audience? Hmm...
Well now that there are no good moderation tools left, they can finally embrace all the scammy bots.
Good.
Those targets seem unrealistic even without driving off a core group of heavy users.
That place has become a reposting bot haven. The niche market is still hanging around but the main content drivers seem to be broken or gone.
Fuck Reddit
I need to figure out the details of shorting an IPO between now and TBD 2024.
You open a brokerage account and get margin approval.
When it IPOs, you do a short sale at your brokerage.
You get the cash for the sale immediately, and get charged interest for your brokerage "lending" you the shares you sold.
Later, you buy the shares back or "buy to cover" and that makes you square with your brokerage.
Hopefully the price went down enough so that the difference between what you sold at and bought at was greater than the interest you paid.
not pictured: Real investors gamblers spiking the price to shake out small investors. Leverage has destroyed many people mere seconds before the market turns around.
Can you provide some diagrams, audio description and a sniffing sample to aid in understanding what you just said?
You want it in crayons?
That would be amazing. Pictures, not words, please?
Done
They are not going to let a random retail investor naked short an IPO on the IPO day. There's no way you will be able to exit your trade fast enough if it rockets up (in minutes). You actually need to tell the brokerage about your trading experience to be approved for riskier assets and trades.
If you are approved, you will probably need to wait beyond the IPO date. It's too volatile.
I think you need to already have several million dollars, but my basis of knowledge is the film The Big Short
No, you just need an account that’s approved to trade on margin.
Go on…
There’s really not a lot more to it. I did it a really long time ago so I don’t remember everything, and some things may have changed, but it went kind of like this.
First, you have to open an account at a broker. Let’s say you choose E*Trade. They’re pretty much all the same these days. Then you fund your account. You can transfer in $1000 or $5000. Once the account is open and the money is in it, you can buy and sell stocks using their app or web ui.
With the basic account like this, you’re using your own money to buy and sell. If there’s a company ABC that’s trading for $10/share, you can buy 100 shares for $1000. Let’s say it goes up to $15 in a year. You can then sell it for a 50% profit (minus some small brokerage fees).
A margin account is meant for people who have more experience in trading, but you indicate that by self-certifying. With a margin account, you can still trade in cash transactions, but you can also borrow money to trade with. If all of your cash is tied up in investments (for instance) you can use those investments as collateral to borrow funds to make additional trades. You’re paying interest on what you borrow, which will subtract from your profits. If your investments drop in value, you may be forced into a position where you get a margin call and are forced to sell off some stock or deposit more money.
Anyway, at that point you can start to do things like shorting a stock. Shorting is where you think a share price is going to go down. Let’s say I’m not invested in ABC, but I think they’re going to go down. I can sell 100 shares of ABC at $10 per share by borrowing them from someone else’s account (the broker handles all of this). That gives me an immediate $1000 cash in my account, against a debt of $1000. If ABC goes down to $5, then I can close out the position by buying the 100 shares at $5, leaving me again a $500 profit. If on the other hand ABC goes up to $15, then I’ll close out the position and lose $500.
With all of that said, you shouldn’t worry about investing like that if you’re not funding your 401k or retirement account first, and you should have an emergency fund put aside before that. If you have those covered, the best first step is to open the brokerage account and get into an index fund, like the Vanguard fund that tracks the S&P. After that, you can get to learning about what your next steps should be.
Don’t fuck with margins if you don’t know what you’re doing. Specially in this high interest rate market.
Spez looks like Ken trying to figure out how the human world works in "Barbie"
He looks like he's ready to beach somebody off.
Spez can suck a sick
Haha!
I never even had a Reddit account, and was always a lurker. Thanks to Lemmy, I actually want an account.
I wonder if this is the motivation behind removing the auth-gate on mobile. Previously, if I browsed the mobile site on my phone in a non-signed-in state (I deleted my account), I could view 5-8 top-level comments and that's it. Clicking "Show more comments" or trying to expand child comments would show a modal asking me to sign in or download the app.
That changed last week along with a complete rework of the mobile site. I'm betting that they saw a huge increase in unauthenticated mobile users with a far below-average time-on-site metric and decided to open it up.
Overall, I appreciate the change because I still lurk in many of the niche subs that I still haven't found a good replacement for. self-hosted, datahoarder, webdev, 3dprinting, et al. have analogs here, but the content isn't as deep.
2024 is literally a year of leaving Reddit for Lemmy.
i sure hope so, it's time for the next great migration!
Does anyone know how far?
Reddit expects to finish this year with ad revenue ... slightly over $800 million... Reddit had said two years ago it aimed to exceed $1 billion in ad revenue by 2023...
So they missed their two year goal by 20%. They had forecasted a 2.9x growth and achieved 2.3x
When it comes time to IPO, they'll just blame the economy and ad blockers, while showing how many users they forced into their app where ad blocking is harder.
while showing how many users they forced into their app where ad blocking is harder.
Laughs in DNS-level blocking
Yeah. I use DNS-level blocking too, but it's not something I can roll out to my non-technical family members. They understand turning off the browser extension if things don't work, but not adding a DNS whitelist and then waiting / clearing DNS.
Thanks for the info. Can advertisers tell if it's bots or not? I would think the new users are just them making stuff up.
I still visit on my permabanned 15yo account. The number of repost bots is getting crazy. There's bots mirroring videos now to trick repost detectors (seen 3 this evening). It's getting so bad I rarely bother with reading comments now.
Also it gets brigaded and 'psyoped' by outside actors so much. News and worldnews are IDF operations now with anyone saying anything uncontroversial like "babies shouldn't be killed" getting banned for anti-Semitism.
I think this will make them enshittify the site even harder to squeeze more ad revenue out of it. Which could be a good thing for lemmy growth.
Is it wrong that I really really hope he makes less than $6 million out of this whole deal in the end? It just seems fitting...
$6 million
Why that amount? I'm guessing I'm missing some backstory.
That's about how much he got out of selling Reddit to Conde Nast, which he was unhappy about after seeing the hundreds of millions other people got for selling their platforms like Myspace.
Why even that much?
Can't say I feel bad at all.
Nobody saw this coming… /s
Purely as an investor: if they can sustain that revenue growth the IPO will be a smash.
Never invest in companies you love or you won’t exit when you should.
A previous employer gave shares to anyone that stayed 5 years after their IPO. I bought some more through their employee discounted buying program. The share price is less than half what they opened with.
I loathe the company and the people who run it because they are psychopaths that will not take no for an answer. That's also why I never plan on selling those shares. They will be successful, and in 30 years when they are ruthless industry leading monopolistic psychopaths, and those shares have split a few times, I'm going to have a nice little nest egg.
In honor of Spez’ stupidity.
Spez fellates his mom
Good
Smoke a turd, spez. 😘
Maybe you shouldn't have banned so many fucking people then?
oh no! anyways...
I check 4chan more than I check reddit these days.
I love seeing this man fail
Big W
The users, and only users, need to be the shareholders. A bunch of useless venture capitalist parasites should never again be allowed to own and destroy our public spaces.
I read somewhere that Reddit cannot advertise on its sexually explicit subs, so I use Reddit exclusively for smut. Lemmy for all my non-smut needs
yes! that place was built by normal people and they sold it to corporations. I love hearing news like this! fuck reddit!
Well shucks, all they did was drive out their most active content makers and cut themselves off from hundreds of thousands of dollars in free moderation labor. Who could possibly have seen this coming?
Don't be fooled. Most went back.
Quantity is not quality.
More important is originality...
Lots of people/bots would just take an existing post from Reddit, and repost it. Sometimes to a different sub, sometimes to the same sub.
For most users, it was still "new" because they hadn't seen it before.
Those accounts are still reposting. There's more than few that do it here too.
But that OC has been drastically cut down, there's just a delay in users noticing that there's fewer and fewer "new" reposts going around.
So reddit doesn't see a huge decrease in users immediately, but time on site and daily users will continue to decrease
Is it, though? I left Reddit for here, so don’t take this as being in their defense, but if originality and ad revenue were meaningfully correlated, Facebook and Instagram would be bastions of original content.
Hell, some of the most profitable YouTubers only post reaction content.
To me it is.
That works in both directions. Don't assume that the few that didn't return are the ones that would have saved Reddit via incredible content.
Quality is the same, on most middle size subs.
Never was subbed to those. Quality dived many years ago on those subs I cared about.
I was active nearly every day for 13 years, and I didn’t return. Granted, I don’t come here much either, but what Reddit did disgusted me too much.
My reddit account is 15 years old. I removed myself as a mod from the communities I took care of before signing out.
If they want to shit on the mods, they can handle the job themselves.
I already had inactive subs removed from me. Not like anyone would ever recreate them. It’s weird.
I was transitioning out, but it just felt disgusting to even open the site so I stopped doing it. I probably have a bunch of unread messages because of that.
As 10+ year vet, I still go back for certain things. Mostly communities that have not been recreated here yet in any meaningful sense, and there are a lot of those. There are people here, yes, but the niches, the non-general topics, are lacking a true community. That will come with time, but I still can't substitute Lemmy for reddit 100% yet, much as I might want to. Unless I only want to talk technology, news, and politics all day.
But I will say Boost for Lemmy has taken the spot RIF once had on my mobile home screen. Lemmy is what I open reflexively now. I only go back to reddit when I need to see something specific, I'm not browsing there. Partially because it's very tedious to navigate old.reddit on mobile, but partially because I just don't want to spend too much time there anymore.
I had a reply to a four year ago comment I made. Up until that moment I had thought everything was archived.
For me it was a sub I participated in for years whose mod suddenly accused me of advocating for the abuse of children, told me I had mental health issues, and permanently banned and muted me. It was weird and I haven’t been back since.
16 years and agreed.
same here, since 2008. Pretty much every user of the site was on the same standard default subreddits. I don't like what Reddit has become but I don't blame them like a lot of people here.
Honestly they were a corporation from the get-go, out to make money once it became popular. They built something no one else did.
But going forward, the little reddit escapade from their corporate suite shows that freedom of speech can only thrive when there is no driving profit motive.
Spez wanted to be Zuck and just like Zuck, he allowed bad people to abuse the site in order to hurt others.
Same except I was at about 10 years. I don't even find it useful to include "reddit" in my Google searches as many communities are locked down unless you sign in to an account. Can't say I feel too bad for them.
I didn't return either... to be fair, it's because I was one of the ones who got a bullshit permaban
Did they? I had one of the top non-porn accounts actually run by a person (most high karma accounts use bots, I didn't out of ironic laziness) and I haven't posted or commented since whenever Day 0 was for rif is fun. I've been back a couple times for very specific things but not logged in or participating in any active way. Of course, I'm just one (high karma) data point, but I really don't think I'm unique in this. I also have no real desire to contribute to Reddit again in the future. Getting off of it has been pretty nice.
Look, it's not that people aren't still posting, the site obviously still has content, but it really is just "content." The quality of discussion I've seen has gone down pretty steep. Modding appears to be almost nonexistent in big subs or very agenda-driven otherwise. I think a lot of contributors who treated Reddit like old school forums have left and it's slowly turning into a weird combo of Facebook and 4chan if that makes sense. If that's what the userbase wants, go for it, I guess. But that's not my jam.
Why not delete the account ?
A lot of search results still take me to Reddit. It is still a source of knowledge.
I tell myself that landing on Reddit, because of a search result is different than logging in on Reddit and subsequently browsing Reddit.
Using their app is on another level.
It is, there's a lot of highly specific knowledge on Reddit. It's still a resource.
I'll be honest. I want to believe in the Fediverse and Lemmy, really really hard.
It's ideals (rather, the gestalt of the best of what everyone says is the best of Federation) appeals strongly.
But sometimes, it's instance after instance of complaining about this or that. Double points when it's all reddit complaining.
I dunno if being a heavy content creator necessitates an air of misguided superiority but there's no more nuance here than anywhere else, and the content can't seem to form precisely because everyone decides to take their toys away and do their own thing at the smallest provocation.
I don't use them on my phone because fuck their app, but I've found no choice but to join up with an alias and as much extensions to make their job harder as Firefox allows, just to have genuine discussions on hyper specific topics from a PC.
As much as I hate to admit it, I’m considering it too - not instead, but also. I haven’t been back since Apollo died but Lemmy just doesn’t have the diversity of interests and niche communities yet. It feels really one dimensional sometimes.
I'm not. Pretty happy here overall.
Sometimes I want to see things besides hard left politics, Linux and furries. And a huge helping of divorced-from-reality beyond-left opinions from .ml and whatever hexbear is.
And I know I can block all those communities, but you’re not left with a ton once you do. Those demographics are dramatically over represented on lemmy.
If someone can tell me which direction to game specific communities i used to be part of (RimWorld, Souls games, Paradox games...) I'd be happy. Now I can only rely on discord.
And no, don't tell me to create the community and content myself. The audience isn't even high enough for discussing all games as a whole let alone specific games. This is what "let Lemmy stay small" crowd misses. Niche community can only be started as branch of (very) large community.
You can search for communities with https://browse.feddit.de/ .
For Rimworld I found: https://lemmy.world/c/rimworld
Hi there! Looks like you linked to a Lemmy community using a URL instead of its name, which doesn't work well for people on different instances. Try fixing it like this: !rimworld@lemmy.world
For me the main issue is that my professional community is pretty active there but not here. So if I want to share some professional work and discussion, I can only go there. I will probably double post out of activism but I know it won't have much effect. For entertainment though, I'm good here.
Yeah. Lemmy really isn’t as good as Reddit. You run into people on Lemmy who will ban you just because you disagree with their echo chamber. Also, there isn’t as much content.
When I’ve gone back for a look I’ve found just the opposite. It’s just bots and trolls.
But after cementing lemmy as a viable alternative. I actually find fun content on lemmy. Reddit feed for me ends up turning into a left vs right garbage.
What's your basis for this statement? Any evidence to back it up?
But they lost the best 10% of their posters and content. That's devastating. Same thing as happened to Twitter, FB, and others before them.
I go back for a couple niche communities that haven’t escaped yet. And occasional search results for advice, but that tends to be 3-5+ years old on average.
Never going back.
?
What I've noticed is it became way more toxic over there since the API changes
I still scurry over occasionally (a lot of communities didn't move over) but not nearly as much as I used to
Same. It runs so badly now, and enough moderators left or cut back that it is not the same site it was at all. Some communities are still intact, but I've begun to see lemmy and even Mastodon results in searches alongside reddit. It's going to take a while to see if reddit can recover (it'll take some humility and leadership from the top which seems unlikely) or die slowly then all at once. Remember digg, etc? The internet is fickle and for every Facebook there are a hundred friendsters.
Ironically way more bot now
The only sub I still go there for is /r/zerocarb (a low carb diet sub), and that's now mostly deleted comments and posts. With the moderation tools unavailable on mobile the mods have made automod very strict. Heaven help a person new to the diet, they'll have a hard time asking their questions
I still occasionally browse the smaller subs when I need help on things like /r/unraid.
This became an instant classic lol, do we know who the artist is?
That was one of the reasons they killed the api: to support ad growth. Unfortunately they failed to realize the combination of ad-blocking browsers and users just quitting the site from losing client access means they were never going to hit pre-IPO revenue targets.
Had they instead focused on affordable API pricing and driving subscriber revenues up, they would have exceeded revenue targets.
source: I was in a somewhat similar position (not quite the same, no third party client), but chose different and found myself making more subscription revenue than ad revenue thanks to a viewer base more than happy to pay more.
Do you have any data to support that? My feeling is that not much changed after that. I feel like there is business as usual there. At least when I talk to my peers.
Subs I followed (and still rarely visit) became much harsher with moderation, to the point of being very difficult for new visitors to use; in a sub that is mostly for helping people adopt a very low carb diet
I feel like this was definitely the case in small subs where the main content generators were also mods. The ones who didn't straight up leave became uncommitted. Places like Askreddit didn't change, but smaller communities are pretty dead.
So much looks as deleted as /r/legaladvice was (is?) now
Some communities were unaffected. Some are still shut down. Some replaced mods who wouldn't play by spez's rules.
I'm not sure what the data would look like or how one would obtain it. Number of active moderators per day? Moderator satisfaction survey? Change in posting habits of top 1% posters?
I am speaking purely anecdotally from communities I know that shut down entirely and moderators who left. I have no way to estimate the scale of the exodus.
Reddit's value as a social media platform drops as it's value to advertisers rises. The karma system is democratic, the userbase shapes the visual content on the site, that's was makes it useful. The more mutilated it becomes in service of extracting money from advertising, the less genuine it is, and the less people will seek to use it.
Spez would like to believe Reddit is a cow that can be milked forever.
In reality Reddit is a pig that Spez seems to believe he can get bacon from forever. Except to get that bacon, you have to kill it, and you can only do that once.
Yes, I agree. In the end, Reddit lives off its reputation, just like every social media platform. Seriously, is there an effect that when you're long enough the CEO of a company, you begin making decisions where it is obvious that they will negatively impact the user base and thus long-term survivability of a company? Is there a term for that?
I imagine your priorities become different.
You start out young and idealistic. You find success and maintain that idealism for quite some time. Your morals are intact and you still feel connected to your users because you're one of them.
Eventually though, you have to make some tough decisions. You want to maintain your community and sometimes that means choosing financials first. You make unpopular decisions for good reasons and your users don't understand because they aren't privy to all of the details. You have MBAs walking you through these steps and they're probably more understanding than your users who don't have a lot of stake in these choices.
Then your platform grows and it's not just your computer nerd circles anymore. It's open to the general public and corporations as well now. You have to deal with a bunch of vile, shitty people and you still have to make unpopular decisions. Nobody is ever happy no matter what you do.
Personally, I can understand reaching a point where you say, "You know what? Fuck em. I'm a different person now after all of these years, and the people using my platform aren't even the same people I made it for in the first place, at least not mostly."
I assume at that point you're just trying to cash out. And you've listened to the MBAs for long enough that you're thinking like them now. It's even technically possible that Spez is still a good person and an idealist. He might still be making tough choices the rest of us don't understand. Reddit may very well be in a place where it needs to get way more profitable or die. The Internet is tricky. Nowhere else in the free market do you have people who expect to pay $0 for a popular product they use for many hours per day.
I'm not a Spez apologist. Just offering a possible scenario that would explain how we keep ending up here with so many different companies.
You make some good points. I'd agree if it wasn't for the API changes that fucked all the 3rd party apps and 3rd party tools like automod.
Even if it was priced well it still somehow filtered NSFW content out.
They clearly wanted more market share for the reddit app by any means necessary. It's sad for all the mods that were ignored.
You're describing the Cory Doctorow enshittification process.
Sounds like Enshittification.
Here's the summary for the wikipedia article you mentioned in your comment:
Enshittification, also known as platform decay, is the pattern of decreasing quality of online platforms that act as two-sided markets. Enshittification can be seen as a form of rent-seeking. Examples of alleged enshittification have included Amazon, Bandcamp, Facebook, Google Search, Quora, Reddit, and Twitter.^article^ ^|^ ^about^
You mean hubris?
More like stupris, amirite
I deleted my reddit account and joined lemmy during the subreddit blackout, but there's still a few authors I follow on reddit. Most I've followed to other sites, and just recently one was suspended for what sounds like a fuck up on reddit's end.
Reddit lost most of their quality content creators and I can't see the few remaining staying long term.
I reached the same conclusion and posted it to reddit over a decade ago, asking people to try to come up with a better solution, long before I even knew open source software was a thing.
Well, took 15 years, but lemmy exists now so hooray!
Honestly feels like a scam for rich people. Spez just has to convince some suckers that Reddit would be profitable as he cashes out. Then they're left with a dead platform as they kill it with ads and astroturfing.
This is honestly what I feel like most businesses are these days, just scams to convince other rich people to invest, so they can cash out early on. Basically the same stuff all the crypto currencies were doing.
It's kinda funny on Reddit, you would have had to pay for your picture comment. I'm happy to donate to lemmy, but putting features like this behind paywalls is silly.
You have to pay to post pics? When did that happen?
It was recent.
I'm going to have to trust you because I'm not going back there to check.
being able to post inline images was a reddit premium feature in the official app only, iirc. you could still link images to text like we had always done in ye olden days and use an inline image opener to get the same results.... but grifters gonna grift.
souce?
Did you ask the wrong person? I was asking as well.
Pics or it didn’t happen.
I will say, though, anything that disincentives people to spam useless images and gifs in the comments, kind of like the next comment down, has its merits.
If there's one thing I miss about Reddit, it's that there was a lot less of this Discord-esc image spam over there than there is over here
Yeah. I agree that it's bad to put the feature behind a paywall, but I also just wish it wasn't a feature in the first place. Meme picture comments are attention grabbing and take up a lot of space. They can end up dominating the thread; making people just kind of skim over the text comments and just look at the highly prominent pictures, as though they are a kind of super-comment.
So even though sometimes the images are great and funny / interesting / clever or whatever - I think it can degrade the conversation on the platform. I'm at least thankful that not many people are using them on lemmy; currently.
Sounds very familiar. I think I’ve heard pretty much the same thing before when discussing paying for streaming services as opposed to sailing the high seas.
Dear fucking god, THAT explains why I couldn't do that.
Its always the same with online services/platforms looking to make money. Offer a free or cheap online service/platform, then advertisements, then more advertisements, then start removing features and hiding them behind paywalls, then more advertisements, then death.
Or, like Facebook and Insta, you get so big that the world itself warps around your platform because no one can remember the before times.
Little pig boy comes from the dirt
Someone needs to redo this with the answer being "s p e z"
Is he Australian?
Anyone else posted this yet?
Nope and I really wish nobody had still.
This reminds me... we need an "I'm sorry Garfield" community on Lemmy.
You mean "I'm sorry John"?
Fuck. You're right.
Stick to your guns. I'm sorry John has been done. Now is the time for Garfield's comeuppance.
No, i want 'im sorry garfield'.
Be the change you want to see in the world, TacoButtPlug.
You're right.
He took one for the community with spez, I’m surprised there isn’t one yet. Guess you can have the honors, TacoButtPlug.
why does garfield have preposterously large bazongas
Too much lasagna.
You spelled "magnificently" wrong.
The origin story:
https://nitter.net/silkentine/status/1406050689009262600
* basagnas
Does this represent some higher meaning or is it just Garfield fucking spez?
Yes
Why not both?
What a terrible day to have eyes
Looks like someone's got a case of the Mondays
Looks like yours went up first lol, but as long as it’s up. 🫡
So many questions about this
It’s referencing this meme.
Ohhh thank you!
No problem, I know it can be hard to figure out the context.
Weren’t these assholes supposed to IPO like 6 months ago? lol
They were totally lined up to IPO. I think somebody told him to go all musk on it. I'm still not exactly sure how taking a big fat shit on the user communities face was supposed to impress the investors.
Nothing to celebrate.
Reddit revenue is still up, just not as much as they had hoped.
That's still enough to tank an IPO.
Yep, in the face of the infinite growth monster, anything other than exceeding expectations is seen as a failure
"We see here you're up 5%, but you were up 5% last year too, so you're dead now."
-Capitalism
I still remember a line from a boss I had in one of my very first "real" jobs. "I expect you to exceed my expectations."
I didn't bother pointing out the problem there. I also didn't stay working for her for very long. :)
Yup it's all about expected growth.
Can you buy puts on an IPO?
Reddit, as a concept, can't make more money without destroying it's value. The more advertising is injected into it, the less useful it becomes, and the less people will want to use it.
So yes, it's up, but they've hurt themselves drastically to get it up by hurting so much of Reddit's usefulness, and even then, they fell short. People who remained are already low on patience with it.
To drive it even higher, they will have to cripple it even more.
It's possible to make money with Reddit while leaving it unmolested, but it's not possible to make ALL the money that way. Investors want ALL the money.
Nothing says you care to advertisers like single handedly blowing up your website by cutting off 25% or more of its userbase.
They feel like they get shorted because many of those users don't contribute to ad revenue from 3rd party apps but instead of improving their app to lure users in they instead tell those users to fuck off.
A user is a user, even if they don't contribute directly to ad revenue they contribute content to make the site more alluring for those who will contribute to ad revenue. As well they help spread the word about reddit to those who don't use it regularly yet by sharing that content outside of reddit.
They were pretty short sighted by doing what they did.
It's just many power users and mods were power users and mods thanks to tools in these apps, and Reddit still didn't provide anything comparable. Many small communities I still care about have a lot less posts if they don't have bots. It's not like Fediverse won Reddit, but something changed in them. NSFW OC subs are still good, but idk if they make the image spez wants from that platfom. The only thing we def should do is to stay online and be welcome for stray redditors to join.
A bunch of subs that I like and that are niche had the mods say "fuck it bye" and they are no more. Some migrated here, some on discord, but the fragmentation means less users overall, so less content. It's a shitty situation.
I would have been happy to pay to get API access for 3rd party apps on my account. Maybe 1 or 2 dollars per account and month would have been reasonable to cover the costs without ad revenue. Double it to please greedy shareholders.
Instead they asked for such ludicrous amounts from 3rd party developers, basically telling them to fuck off.
Either they were mad for control or got greedy over their „golden data“ for AI training. Or both. In any case, they never were interested in finding a user friendly solution so fuck them.
The phrase "cutting off your nose to spite your face" comes to mind.
I believe it's "spider-face."
Edit: lol, guess we don't have a lot of fans of The Office around here.
Some app dev mentioned they wanted to work with them to introduce ads that Reddit would have made profit from in the free version of the app and it's Reddit that said "Nah it's ok"...
Do you have a citation on that 25% figure?
Source: my bias
We did it, Lemmy!
I'm doing my part, fuck spez
Just make sure to use protection. He fucked so many people that you never know what he might carry.
Do you want to know more?
Yes
Reddit who?
If I can't browse my way, I simply don't use the site.
If reddit pops up in a search result on my browser, wellll best believe I have multiple adblockers making sure their ads don't load.
And every time a Reddit results show up, I'm immediately reminded why I don't want to go there by an error telling me that I can't use the site without logging in.
Fortunately, just changing the link to old.reddit.com still works even through VPN, but fuck this behavior. I do that only for questions I really need an answer and couldn't find anywhere else, and most of the time the replies are shit anyway.
Hate any results from Twitter as well.
Log in, log in, tell us who you are!
Fuck you. I never made an account when it wasn't run by a thin-skinned narcissistic man-child, and I'm not about to start now.
I honestly can’t believe they haven’t killed old.reddit yet.
Ssshhhh!
God, I hate infantile, "quirky" messages. Same shit with discord, but at least discord is useful.
When did discord become useful?
When I idiot friends couldn't figure out anything better. At least we're not using Skype anymore.
It's probably more to do with using a VPN than not being logged in. If I'm searching for something on a search engine and Reddit comes up in the results with potentially useful information, then I'll go there (the only time I go there now). I don't use a VPN and I'm never logged in, and I've never seen that page come up.
Which makes sense, because those greedy bastards are trying to hyper-monetize the content. And pesky VPNs make it difficult for them to harvest useful visitors info and/or throw tons of partially targeted ads on the poor user's screen.
Still good info on how to avoid it for the people who do encounter that annoying error page. So thanks for comparing that tidbit of knowledge.
Fwiw I use ProtonVPN and I've never seen that message before; I browse mostly on mobile, but do on the full-site too (lemmy's nsfw communities are a barren wasteland for what I'm looking for). Both logged in and not.
I guess it may be a combination. I use Mullvad VPN + Mullvad browser. Maybe they only show it if the can't fingerprint you enough? I.e by a combination of IP, and your browser + extensions + tracking cookies fingerprint?
Yup, it's a VPN. If I turn it off, it works properly even in the same browser (Mullvad). But I refuse to cave in, so if they every start checking for VPNs even in the old Reddit, or disable it altogehter (which I'm sure will be soon, since you can also use it to bypass "Log in to see NSFW content"), I'm out for good, and will finally block Reddit at my Kagi.
If you use Firefox, get the Redirector extension and add a rule that automatically redirects reddit.com/* to old.reddit.com/$1.
Thanks for the tip I didn't know that 🙂
I just use a browser addon to always use old reddit.
Right?
In-between comments are ads.
Under every post is a recommendation for other subreddits where the last update was 2-3 weeks ago.
Subreddits with clear bait clog up the front page, and no filters to remove them.
Top comments are jokes and memes.
It's a real shit experience on Reddit right now.
They really leaned hard into the fraud strategy, hoping to IPO in 2023 and run with the money.
It got to the point where the entire front page was just bots reposting the greatest hits, with the comments section literally being bots reposting comments from the first time it was posted. There were entire comment chains of bots just having reposted conversations with each other.
The release of LLM APIs was the last straw, now even the conservatives are jumping ship because it was just a bunch of fascist liars lying to each other. And if there is one thing conservatives hate, it’s being around other conservatives.
Obligatory recommendation for uBlock Origin and Firefox :)
Some of those issues went over here pretty quick too.
I feel we have a lot of the faux intellectual crowd who thought 5-10 years ago they were better than other for using reddit.
Nonsense. Most of us thought that at least 10 years ago. Reddit didn’t start going downhill hard until the 2016 US primaries, when /r/conspiracy went from semi-interesting headcannon to full on Trump worship over the span of a week. Then we realized what we were in for but it was like watching a car crash into a dumpster fire.
Watching meme subreddit the_donald go from a fun playground to a serious army of defenders was my wakeup call
Dude the Donald was hilarious until it wasn't anymore so much great shit posting
The death knell of the site was when they quarantined TD and all the crazies started migrating into the other places of reddit. After it became a cult TD pulled people onto the site who had no other reason to be there. All the people long term redditors were trying to avoid by not using facebook were now all over the site
IFunny is unironically better
Fuck spez
Good, fuck spez.
Remember, the reason I ditched Reddit wasn't the ads per se, it was the constant data selling, and the official app just getting worse and worse with unwanted "features" pushed on everyone. They kept getting greedier and greedier so when they disabled 3rd party apps I ditched Reddit.
It seems they also recently started requiring you to login if it notices you are on VPN. At least for me it's being doing that recently. And it seems they use browser fingerprinting, which tracks with the data selling.
Yep. I tried to lookup something on it yesterday and I had my VPN on. Wouldn't let me onto the site unless I logged in, when I turned the VPN off it let me onto the site ok. So glad I don't use it often. The only times I check Reddit is for info for Kodi add-ons and old stuff, in the case of yesterday it was about a TV.
Not on old thankfully. Although who knows how much longer it'll be around
I mainly lurked on the art and fanfic forums, and considered getting an account when I had the time/had created something worth sharing on there. But when I learned about the disabling of apps to improve accessibility...I started looking for alternatives.
Plus, I don't like the idea of the karma system on there. Supposedly, it reduces the number of trolls and low effort posts, but I've seen it cause people to post ragebait to karma farm on subreddits that reward you with upvotes for making up outrageous stories. I've also seen "debate" subreddits where people downvote people who make good points, but disagree with. Then those people leave, not wanting to be punished on other subreddits that require a high amount of karma to post, leading to "debate" subreddits that are laughably one-sided.
I actively participated in Reddit before the killing of the Third Party Apps, because I really liked the content and the platform was a superb experience on a third party app.
fatbird still exists
eh ill still oen their stock
The last time I have logged in to Reddit was the day they ended the apps, July 1 I think it was. I haven't been back since. I thought I would miss it more than I do but honestly I never even think about it anymore and am much happier with my new Lemmy life.
Yeah I just moved over this week because a recent change started shoveling recommend stuff that just cluttered the feed and broke my browsing setup with ad block and no script. This feels nicer, definitely a cleaner ui. They are just trashing the experience over there
As someone has had their accounts shadow banned across of wide swaths of reddit, despite being one of its first users... good fucking riddance.
"Thanks for years of feeding our site, now fuck off without any appeal."
Your fault for having an opinion slightly deviating from one of the mods :/
Fuck man, I've had this happen to me multiple times:
I make a relatively long and detailed comment.
Someone replies with a vehement argument against a /misreading/ of many of the things I said in my comment.
I point out that the replier is misunderstanding or misreading my original comment
My original comment /is then edited not by myself/ to make it seem like the replier was correct the whole time, and then the same or other repliers dogpile on the thread claiming I am insane.
It is truly unfortunate that so many reddit mods seemingly have no problem using alt accounts and abusing their powers exist governing very interesting niche subject matter communities that you will just never realistically find a group of like minded people in the real, not online.
People used to think the internet could be used to the mass benefit of humanity by sharing information and having lively discussions about it.
It is now clear that the vast majority of people basically just use it to consume mediocre entertainment content and basically have one kind or another of popularity contest.
Reddit needs to go!
MySpace is still around. Reddit won't simply "go". But I do agree and everyone should leave it as they left MySpace in 2008.
Myspace is still around just like Bed Bath and Beyond are still around. The name was bought by another company.
Spez needs to get the old Regina George vs. a bus treatment
Good. After killing all third party apps the site started to suck more.
I don't normally comment on reddit news, but... Lol.
I’m doing my part! thanks ublock!
Spez, self styled content king, screwed by own outsized ego and underwhelming intellect.
So typical rich tech bro.
Reddit is going to be a prime short opportunity on IPO.
No way I'd take that risk. The last thing I need is to give the investors money.
Biggest short squeeze since gamestop
Their IPO will be below valuation. I'm gonna guess 10% below.
Fuck Spez.
Well yeah, I'm probably not the only daily active user who stopped visiting all together... after 10+ years of daily active use. They brought this on themselves.
oh no! anyways...
Came from using it daily to only going there only when google forces me to use it
Many of such cases I assume
Me too. It was the constant popups making me download their app that did it for me.
I’d rather not even see that cunts face
Will nobody think of the infinite growth!?
Who would have guessed..
Since there's a paywall, I can't see the whole article but does this imply there was still positive ad growth and they just missed their goal or there was no or negative ad growth?
20% growth to $800M
How unfortunate
Remember when the IPO was supposed to be in 2021? Then it was 2022? 2023?
Reddit IPO will always be next year, no matter which year we're in at the moment.
Mandatory Fuck Spez comment
It's such bullshit, Reddit could have been so much more. Researching my latest purchase/obsession, and the only way to find anything that isn't corporate sponsored reviews or AI content farming is to add the word "Reddit" to the end of the search.
As someone with an 11 year old account that I deleted during the TPA debacle, I fully recognise that there's a huge problem here. Reddit created a place where people wanted to put their thoughts, ideas, and opinions, and now that they are cashing out TOO FUCKING BAD LAME EBD USER.
Edit: /oblig fuck you spez. Slimy little arsehole sold everyone out and thinks he deserves to be rich because his shitty site isn't absolutely irredeemable.
I wish Elon would scare away Reddit’s advertisers instead of twitter’s.
11 year old account on Reddit too and I left it during TPA too. Had nearly 2 million karma. Same username as this one.
Wow, they really spezzed up bad.
Good. Fuck em. Hasten their demise. So we build a new
Thoughts and prayers... ;-)
Thots and players bb
I wonder how ad view counts are affected when you actively drive away your hard core content posting audience? Hmm...
Well now that there are no good moderation tools left, they can finally embrace all the scammy bots.
Good.
Those targets seem unrealistic even without driving off a core group of heavy users.
That place has become a reposting bot haven. The niche market is still hanging around but the main content drivers seem to be broken or gone.
Fuck Reddit
I need to figure out the details of shorting an IPO between now and TBD 2024.
You open a brokerage account and get margin approval.
When it IPOs, you do a short sale at your brokerage.
You get the cash for the sale immediately, and get charged interest for your brokerage "lending" you the shares you sold.
Later, you buy the shares back or "buy to cover" and that makes you square with your brokerage.
Hopefully the price went down enough so that the difference between what you sold at and bought at was greater than the interest you paid.
not pictured: Real
investorsgamblers spiking the price to shake out small investors. Leverage has destroyed many people mere seconds before the market turns around.Can you provide some diagrams, audio description and a sniffing sample to aid in understanding what you just said?
You want it in crayons?
That would be amazing. Pictures, not words, please?
Done
They are not going to let a random retail investor naked short an IPO on the IPO day. There's no way you will be able to exit your trade fast enough if it rockets up (in minutes). You actually need to tell the brokerage about your trading experience to be approved for riskier assets and trades.
If you are approved, you will probably need to wait beyond the IPO date. It's too volatile.
I think you need to already have several million dollars, but my basis of knowledge is the film The Big Short
No, you just need an account that’s approved to trade on margin.
Go on…
There’s really not a lot more to it. I did it a really long time ago so I don’t remember everything, and some things may have changed, but it went kind of like this.
First, you have to open an account at a broker. Let’s say you choose E*Trade. They’re pretty much all the same these days. Then you fund your account. You can transfer in $1000 or $5000. Once the account is open and the money is in it, you can buy and sell stocks using their app or web ui.
With the basic account like this, you’re using your own money to buy and sell. If there’s a company ABC that’s trading for $10/share, you can buy 100 shares for $1000. Let’s say it goes up to $15 in a year. You can then sell it for a 50% profit (minus some small brokerage fees).
A margin account is meant for people who have more experience in trading, but you indicate that by self-certifying. With a margin account, you can still trade in cash transactions, but you can also borrow money to trade with. If all of your cash is tied up in investments (for instance) you can use those investments as collateral to borrow funds to make additional trades. You’re paying interest on what you borrow, which will subtract from your profits. If your investments drop in value, you may be forced into a position where you get a margin call and are forced to sell off some stock or deposit more money.
Anyway, at that point you can start to do things like shorting a stock. Shorting is where you think a share price is going to go down. Let’s say I’m not invested in ABC, but I think they’re going to go down. I can sell 100 shares of ABC at $10 per share by borrowing them from someone else’s account (the broker handles all of this). That gives me an immediate $1000 cash in my account, against a debt of $1000. If ABC goes down to $5, then I can close out the position by buying the 100 shares at $5, leaving me again a $500 profit. If on the other hand ABC goes up to $15, then I’ll close out the position and lose $500.
With all of that said, you shouldn’t worry about investing like that if you’re not funding your 401k or retirement account first, and you should have an emergency fund put aside before that. If you have those covered, the best first step is to open the brokerage account and get into an index fund, like the Vanguard fund that tracks the S&P. After that, you can get to learning about what your next steps should be.
Don’t fuck with margins if you don’t know what you’re doing. Specially in this high interest rate market.
Just write a custom Over-the-Counter option contract https://www.investopedia.com/terms/o/otcoptions.asp
Spez looks like Ken trying to figure out how the human world works in "Barbie"
He looks like he's ready to beach somebody off.
Spez can suck a sick
Haha!
I never even had a Reddit account, and was always a lurker. Thanks to Lemmy, I actually want an account.
I wonder if this is the motivation behind removing the auth-gate on mobile. Previously, if I browsed the mobile site on my phone in a non-signed-in state (I deleted my account), I could view 5-8 top-level comments and that's it. Clicking "Show more comments" or trying to expand child comments would show a modal asking me to sign in or download the app.
That changed last week along with a complete rework of the mobile site. I'm betting that they saw a huge increase in unauthenticated mobile users with a far below-average time-on-site metric and decided to open it up.
Overall, I appreciate the change because I still lurk in many of the niche subs that I still haven't found a good replacement for. self-hosted, datahoarder, webdev, 3dprinting, et al. have analogs here, but the content isn't as deep.
2024 is literally a year of leaving Reddit for Lemmy.
i sure hope so, it's time for the next great migration!
Does anyone know how far?
So they missed their two year goal by 20%. They had forecasted a 2.9x growth and achieved 2.3x
When it comes time to IPO, they'll just blame the economy and ad blockers, while showing how many users they forced into their app where ad blocking is harder.
Laughs in DNS-level blocking
Yeah. I use DNS-level blocking too, but it's not something I can roll out to my non-technical family members. They understand turning off the browser extension if things don't work, but not adding a DNS whitelist and then waiting / clearing DNS.
harder not impossible
Thanks for the info. Can advertisers tell if it's bots or not? I would think the new users are just them making stuff up.
I still visit on my permabanned 15yo account. The number of repost bots is getting crazy. There's bots mirroring videos now to trick repost detectors (seen 3 this evening). It's getting so bad I rarely bother with reading comments now.
Also it gets brigaded and 'psyoped' by outside actors so much. News and worldnews are IDF operations now with anyone saying anything uncontroversial like "babies shouldn't be killed" getting banned for anti-Semitism.
I think this will make them enshittify the site even harder to squeeze more ad revenue out of it. Which could be a good thing for lemmy growth.
I bet the article would have more details but neither of us are going to read it so we may never know.
Anyone here use reddit only for porn?
fuck reddit
Cool, what does this mean, intelligently?
Spez is focusing more on his retirement plan.
Love this for Spez.
Is it wrong that I really really hope he makes less than $6 million out of this whole deal in the end? It just seems fitting...
Why that amount? I'm guessing I'm missing some backstory.
That's about how much he got out of selling Reddit to Conde Nast, which he was unhappy about after seeing the hundreds of millions other people got for selling their platforms like Myspace.
Why even that much?
Can't say I feel bad at all.
Nobody saw this coming… /s
Purely as an investor: if they can sustain that revenue growth the IPO will be a smash.
Never invest in companies you love or you won’t exit when you should.
A previous employer gave shares to anyone that stayed 5 years after their IPO. I bought some more through their employee discounted buying program. The share price is less than half what they opened with.
I loathe the company and the people who run it because they are psychopaths that will not take no for an answer. That's also why I never plan on selling those shares. They will be successful, and in 30 years when they are ruthless industry leading monopolistic psychopaths, and those shares have split a few times, I'm going to have a nice little nest egg.
In honor of Spez’ stupidity.
Spez fellates his mom
Good
Smoke a turd, spez. 😘
Maybe you shouldn't have banned so many fucking people then?
oh no! anyways...
I check 4chan more than I check reddit these days.
I love seeing this man fail
Big W
The users, and only users, need to be the shareholders. A bunch of useless venture capitalist parasites should never again be allowed to own and destroy our public spaces.
I read somewhere that Reddit cannot advertise on its sexually explicit subs, so I use Reddit exclusively for smut. Lemmy for all my non-smut needs
yes! that place was built by normal people and they sold it to corporations. I love hearing news like this! fuck reddit!