Reddit plans to reserve shares for its big users in IPO, WSJ reports
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https://www.reuters.com/markets/deals/reddit-plans-reserve-shares-its-big-users-ipo-wsj-reports-2024-02-21/
https://www.reuters.com/markets/deals/reddit-plans-reserve-shares-its-big-users-ipo-wsj-reports-2024-02-21/
If you weren't sick of gallowboob years ago, prepare for folks like him to become even more insufferable.
Someone made a post years ago of all the super users and I blocked them all and it was a really fun experience until others rose up again and I didn't have a list.
I ended up blocking anyone with 6 digit post karma that I came across.
Wow, I remember that awesome post. I did the same thing as you. And you're right, it made for a much better experience for a while there.
I have discovered blocking early and often helps a lot on lemmy, too.
Lemmy is too quiet though, I block and sometimes tag but I genuinely see the same people in these threads every day, I wouldn't be long being alone in the platform.
Lemmy should have shined when the API kicked in, but we had a number of users being shouty ass hats that probably helped to drive users away. Fortunately they seem to have quieten down since for one reason or another, but Lemmy adoption doesn't seem to have increased again yet - maybe one day.
Ultimately the super loud leftists were super annoying. I'm not saying their message or stance was good/bad or anything, I'm just saying that most folks don't come to places like Lemmy or Reddit to talk political theory. Those lemmygrad hexbear types can't get through a post about a bump on a log without talking about politics and social theory.
Conservatives would get the same opinion from me but they are far fewer here, so I have no notes on them.
For what's it worth, I'm glad the shouty ones were leftists because otherwise I wouldn't even give lemmy a chance.
I didn't take any notice of which instances they were from. The people I'm thinking of didn't talk about politics - they were shouty about other things.
They haven't calmed down, they're just defederated from most major instances when you add up all the instances they defederated from and all the instances that defederated from them.
When did I say they calmed down? They just got blocked by everyone who cares to. Instance blocking is the tits.
It was also loud without much good communication.
If you're not that technologically inclined, or not a developer, you're not going to know what all the yammering about APIs are about, and how it affects your experience.
The moderators on r/Blind protesting might be all well and good, but it's not much of a reach for someone to not see how them being impacted would affect your user experience.
Same for all the shouting about power users, apps, and moderator tools. That's not a concern for most users, especially the ones who either already use Reddit on the computer, or just downloaded the Reddit app.
There wasn't a good, clear, short, coherent message, nor much of a sustained, co-ordinated effort to explain the issue, not what it would mean for users that aren't that technologically inclined, or engaged.
It basically ran into the whole average familiarity issue.
It didn't really help that the protest got sabotaged by moderators who did the protest, and continued using the site while ostensibly protesting. Couple that with poor communication, and it got received as much ado about nothing by a portion of the user base.
Especially since you had Reddit users who didn't want to move to another site. It certainly didn't help that Lemmy is still very immature when it comes to moderation tools/automation, and that if you're a newcomer, the whole server/instance thing is rather unintuitive if you're used to the "central hub" type system of Reddit.
Is there a way beside Sync to tag people? It's the feature I miss most in any other client, and the main reason I keep using that instead of an open source alternative.
the experience is a little different, since, instead of seeing articles with a comment count, I see comments and articles in reverse chronological order all together on one timeline. essentially, the Lemmy community "boosts" every comment and article, and I subscribe to the community.
it's a great way to find conversations happening RIGHT NOW but it is not a very good way to see which threads are popular/up voted
as far as I can tell, direct messages and user reports are flat-out broken between the services, so you'll want to maintain a Lemmy account anyway for those uses.
if you can get over all that, you might like it. it's twitter-like.
I hear you, but I haven't noticed a drop in quantity or quality that I care about. If someone is an aggressive weirdo on here, I don't want them stepping on my chill. I don't miss them at all.
I love that you can block by instance though, it's like wiping out whole ghettos of garbage all at once.
I can't figure out how to in Sync yet, but I can't wait for the feature. Right now I just block communities that pop up in Everything.
I hope none of the stock exchanges have captchas, otherwise they might have trouble selling...
Some were licking the boot because reddit promised ways to monetize subs during a Mod Summit ~2 years ago (business model would be taking a cut of all transactions happening on their platform). I quit modding shortly after and then reddit entirely so I'm not sure if they ever implemented this. Even if they didn't, mods will remember that promise.
Given how rigged the entire experience became over the years, what with the relationships between supermods and admins, the number of openly broken promises and the sheer amount of asshattery involved in everyday happenings, the neverending lies, and then marginalizing the visually impaired in one stroke with a response that seemed like a useless long form of "so what are you gonna do about it?" just like they did with the API call debacle, this seems far more like a toilet factory reserving shares in shit for its biggest shitters more than anything else. And at least a toilet factory would have something tangible in porcelain to show for it in the end, but Reddit's just a huge steaming pile of ad riddled bot shit now.
I think this IPO reserve probably sounds reallllly good to both the very guilty and the very gullible, and to absolutely no one in between.
Something about this is very bizarre to me. On the one hand, offering ownership to heavy users sounds like a great idea, albeit one quite counter to Reddit’s demeanor and behavior towards users over the last couple years. On the other hand, isn’t this kind of like Netflix offering shares to the subscribers who stream the most content? Just because you use a service more than anyone else doesn’t necessarily mean you should be invested in the company. I dunno, I have mixed feelings about this, but I’m generally skeptical that Reddit ever has its users best interests in mind.
Nah, it's like sharing ad revenue with content creators on youtube.
If they mean with big users, users that post and comment a lot and by that keep the community alive and kicking.
Yeah that makes more sense. Kind of ironic though, they didn’t respect their users enough to continue allowing third party apps, but now that they realize they still need new content to sign over to some unnamed AI company, they’re suddenly willing to compensate their heaviest users by reserving shares.
Is this a way of using the users to implement their own personal pump and dump scheme once they become financially invested? It seems very circular to me. Where is the value that you're purchasing come from?
isn’t this kind of like Netflix offering shares to the subscribers who stream the most
Not really, because a Netflix subscriber is purely a consumer of content. Someone who posts on Reddit is contributing real value which can be profited from.
A better comparison is the difference between a "Bank" and a "Credit Union". A bank has customers and shareholders. The shareholders profit by selling services to customers. With a Credit Union your customers are your shareholders.
Credit Unions don't sell services... they use the account holders money to pay for services which provided to account holders. They also use the account holder's money to invest and earn profits. Those profits are returned (in full, minus operational costs) to the account holders in the form of interest rates based on the amount of money in each account (banks do that too, but credit unions usually have better interest rates). PS: if you have an account with a bank, you should probably consider closing it and find a good Credit Union... especially in the modern world where transactions are online and you don't have as much need for cash/etc (banks tend to have more branches).
It seems like Reddit is planning to be somewhere in between. With shareholders, and customers, and "customers who are also shareholders". Maybe it's something the we should consider over here in the fediverse... because I certainly don't trust reddit's leadership to do anything good with the content I provided for them (which is why I deleted it...)
Still don't regret deleting my account. Millions in karma through years of sharing interesting things. But Reddit has become a cesspool and this only proves it is getting worse.
What implications will this have for people who post other people's content for profit? Karma being worthless was the only thing keeping the whole model in a grey area, I thought.
I hope that one guy with both broken arms gets some of that sweet IPO action. That guy was a fucking legend
How is buying at IPO price a “privilege”? I get that options are a privilege, and gifted stocks are, too.
The theory is that the issue price is less than what the stock will be at shortly after IPO. That's why principals get excited about IPOs. You're issued some vested shares and often have the privilege of purchasing more shares at the issue price before launch, then it goes up, you profit.
Of course, sometimes that goes hilariously wrong, see Facebook.
Wonder if this would mean that Reddit might end up going the way of Quora, when they did their question monetisation scheme. Since users might be incentivised to become big by posting a lot, and replying a lot.
Might be interesting to see if this might mean a massive surge in reposts, or just a big increase in the amount of posting as people fight for those spots, trying to be funny/up voted enough for it.