- cross-posted to:
- [email protected]
- cross-posted to:
- [email protected]
The gloomy sentiment around Reddit Inc. has failed to dissipate after its shares fell 50% from a February high, with volatile technology stocks under pressure.
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remember the first purges in 16-17’ when trump was in power, GOP started complaining about online spaces hosting these “violent, illegal” activities, and subs got banned asap. now again, musk is complaining about the same thing.
It certainly was what people drove there. That doesn’t make money. The only value that counts for the bottom line is the data ultimately for marketing purposes. And the reach and trust that makes it great to sell shit.
It’ll also be a great propaganda vehicle. Which might be worth even more in the current climate.
Anyways Reddit is dead. It ran far longer than many thought. But I think the cadaver won’t stay fresh long enough to be eaten.
I think many of the tech giants are becoming scared. Because it might be a bit of hassle to just use another platform ultimately it’s fucking easy to migrate and the when the momentum is there it can go pretty fast. No one really needs Amazon or Facebook or Reddit. And people really are pissed off. Fuck them. All these valuations for tech are just ludicrous when in the end the main driver is selling people shit more effectively.
forums are still alive and kicking, to certain niches though, not an "news/politics aggregate site like reddit. FB has enshittified itself when they went soely distributing russian propaganda intentionally, also require much more aggressive Data mining to sign up for the service, similar tow hat Glassdoor has become for job hunters.
Microsoft has an AI store and all the apps are absolute crap. AI is a good Chatbot, but applying it to other things that can be monetized is clearly difficult.
There are also now thousands of free chatbots online that will have near zero margins, its definitely overbought.
With the push to please investors, user experience will likely suffer even more.
Not just investors, but the fascist US government.
Oh no! Anyways, what’s everyone’s Friday plans?
Not much, just stare at Luigi’s picture and droll.
I’m gonna go to a Mexican restaurant with friends and have a huge Dos Equis with my lunch.
Playing Pikmin 4, gonna stop soon to make eggs and bacon, and watch the movie Heat before it expires off my To Watch list lol
I don’t have any yet, I need to work out and go for a run, but after that I’ll probably hang with some friends. Maybe have a drink or two.
Nothing much. Just messing around on here and playing [email protected] and [email protected] while I’m waiting for my turn at the DMV. If I can find good art of Luigi Mangione flying with a balloon or something, I’ll post it my old subreddit.
Teaching my friend’s kids about Linux and python, and watching a movie with them afterwards. Probably have a brewski or two.
Imma hop on resonite and get wasted with friends.
Ha
Ha
HA.
OhNoAnyway.gif
Gee, that’s too bad. It would be a real shame if that piece of human garbage Steve Huffman lost everything. A crying shame.
Greedy pigboy flew too close to the sun.
I too want to board the schadenfreude train. Choo choo. Fuck u/spez
Sadly I’m sure he already has a golden parachute prepared.
They all cashed out after the IPO. They’re probably laughing at the bag holders right now.
There may still be lawsuits, however. There are still many ways that he could lose a lot of what he gained.
🤞
I think you mean presidential pardons
He’ll cry his way to a trophy home and yacht
I can’t even think of a time in history where someone was a huge piece of shit in America and “lost everything.” Maybe R Kelley, P Diddy, and Bill Cosby? But only for the time they spent in whatever rich guy jail they got to go to and then they were fine.
There is also something about those 3 people I can’t put my finger on….
lol that was my immediate thought too. But I didn’t want to bring it up because even with the racist implications those guys all definitely suck and should be in prison.
Madoff died in a jail cell, that’s gotta count for something.
Yeah that’s cool and good. Same with Epstein.
Except he didn’t live long enough to rat anyone out. That’s the only downside to that story.
He was 100000% assassinated
I shit, I didn’t know Madoff died
Elizabeth Holmes comes to mind. She manoeuvred herself into a position of wealth and power by defrauding other rich people and got herself 11 years in prison for it. That’s 11 years more than most other rich scumbags get.
But after that 11 years didn’t she come out of prison still rich?
She went into prison in 2023 so she will be there for a while yet.
I don’t think her wealth is known exactly but she and her company lost billions during the scandal.
She married a hotel heir, she’s still doing fine.
I mean she stole from rich people so I hope she’s doing good
The most bizarre part of the Theranos scandal is that any medical lab tech/scientist could have told you, right from the initial pitch, the entire thing was a massive scam. There was literally no reason to ever think this technology was feasible and a mountain of reasons it wasn’t.
Elizabeth Holmes only got in trouble for lying to people who should’ve done their “due diligence”
The patients / families of the patients that Theranos lied to and mislead never got justice.
The worst of all this is that from the top of our heads we came up with a woman and three black dudes. Other than Madoff I don’t remember any white dude getting any deserved retribution other than the recent United Healthcare CEO.
And that just goes to show:
The only time rich people are held accountable in the US, is when they fuck with other rich people’s money.
I don’t know if Sam Bankman-Fried is a huge piece of shit. He’s definitely a liar and a scammer though. But he was like rich as anything and then lost it all. Now he’s trying to curry favour with Trump to get out of jail.
If anyone is trying to gain favor from trump that’s enough to tell me about their character.
Also, yes sbf is a huge piece of shit.
He will exit filthy rich way before that. That’s the point.
It’ll fall won’t be as dramatic as Digg but it will decline over time. Probably not have a major exodus event like Musk buying Twitter and renaming it and sending people to try BlueSky and Mastodon
Looking for some bag holders
I’m not sure why anyone would ever buy Reddit stock. There is no money to be made in Reddit. They failed to make any money before they went public, and they’re failing to make any money now.
They tried the whole NFT thing, failed. They’re trying to sell the data to AI companies but once that’s sold they can’t sell any more of it because the benefit of Reddit data was historical data unpolluted by AI, but new Reddit data is polluted by ChatGPT posts and is therefore worth less.
It’s not even about banning people, it’s about the fact that Reddit was never a sustainable business model from the start, at least not in the traditional capitalist sense where you’re actively trying to make a profit to please shareholders.
The only benefit to owning Reddit stock is if you have voting shares and can manipulate the algorithm to benefit you in some way. Suppress some voices, amplify others to back what you want to do etc. but you need money to burn in order to achieve that because you aren’t going to be making money directly by owning Reddit stock and manipulating public opinion takes time.
its only use now is a propaganda machine, much like X is now, or it will be soon like X.
It’s not even about banning people, it’s about the fact that Reddit was never a sustainable business model from the start, at least not in the traditional capitalist sense where you’re actively trying to make a profit to please shareholders
If they’d been stalwart about banning automation and keeping original, legit human content pure, they probably could have used it as a fountain of fresh data for AI, for polling, for engagement farming, and for promotion.
The site was still growing even despite the admin induced atrophy. But they just couldn’t resist killing the Golden Goose.
the mistake was allowing mods to have too much power, and admins to become mods.
I disagree that Reddit would gain in value over time if they kept banning automation, because it is increasingly difficult to avoid AI-generated material polluting your dataset, no matter how much you avoid automation and try banning it. Inevitably, some AI-generated material is going to get in.
It’s a problem in two ways:
- The vast vast majority of data on Reddit has already been sold, so you can’t rely on that data for future revenue
- The remaining data that’s current is polluted by AI and is therefore worth less than the historical data because the more AI pollutes your dataset, the more likely it is to lead to Model Collapse, where an LLM is poisoned due to unverified data generated by other LLMs
I am firmly of the belief that sites like Internet Archive will be some of the most valuable companies in the AI space, because they hold an immense amount of untainted data created prior to 2019.
Except AI companies are already using data from Internet Archive wholesale with paying them a cent.
MySpace will make a comeback.
Im gonna html code the fuck out of my page. And put my top 5 on notice they better keep their shit together or they are OUT.
i wonder if reddit will eventually ragequit and restrict access to all content in there before trying to sell it off
Where is the Garfield spez comic?
Hmmm, better push more ads and restrict discussion more
People are so ignorant of it too. Last time I mentioned lemmy as an alternative somewhere on discord I got nearly banned.
