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[–] BigDrunkBoat [S] 1 points 133 points (+134|-1) ago  (edited ago)

~~~CONTINUATION~~~

5. Reddit 2.0: All Alexis and Pao need to do is keep the ship floating for 6-8 more months until they fully transition reddit into being a commercial machine. How? Well, right now the hivemind believes that the mods are the content creators that are absolutely necessary to the success of reddit. And that's true, right now. But walk into any high school C++ class and you can find a teenager who can make an algorithm that takes stuff from places like Voat (I myself keep saying "I'm off to Voat!" as though it really fucking matters, but it doesn't) or 4/8chan and auto-transfer them here, without even linking the original site. Get a skilled enough programmer with enough knowledge of what's good content appropriate for reddit, and you can build a great algorithm that can steal it, and recreate it here, so it looks like it came from reddit. And while some people will be savvy enough to see what's going on, most people wont, or wont care. I mean, Alexis said that AMAs will be facilitated through a general AMA@reddit email address, and refuses to say who will be the person behind that address. That's because it's not a person. It's a team of marketing specialists working with a team of engineers. No faces. No names. So that Victoria doesn't happen again. That's why Pao and Alexis put such an emphasis on employees going to San Fran instead of working remotely. They want a centralized and faceless infrastructure of control that will have all the power and run the entire website. I have no doubt that these "mod tools" that run the narrative will be nothing more than a fancy aesthetics package. In this future, mods will be glorified website designers, algorithms and PR men will control all the content of reddit - as they have been these past couple of days. I've been carefully looking at the front page and the top posts, and it is phenomenal how many anti-reddit posts with phenomenal upvotes have been off the front page. That is website manipulation 101. More of that en route. And like I said, if they can stay above water for another 6-8 months, then at that point all the mods and content creators can leave for Voat and it wont matter. The infastructure and algorithms will be in place to take whatever these refugee mods and content creators are putting on Voat, and recreate it here. However, the difference is this: say an electronics company advertises on reddit, that company is a subsidiary of, let's say, Berkshire Hathaway. New Wikileaks documents get released. It implicates Berkshire Hathaway in a shady deal with Blackwater or something awful and Iraqi kids died or something. Because that electronics company pays to advertise on reddit, and is owned by Berkshire Hathaway, the news of that new Wikileaks dump will never ever ever see the front page. That is Reddit 2.0

SUMMARY: In closing, reddit, like American banks, is "too big to fail," but not for the same reason. American banks are too big to fail because we would go down with them. But reddit is too big to fail because at this point it is so big that it literally cannot fail. I appreciate that most of the world is "tech savvy." But "tech savvy" and "internet savvy" are two very different things, and even the average millennial is not "internet savvy" enough to understand the cyber politics that are happening here. They will not care. Reddit currently is the content creators, but in the long term, reddit is unique hits, that's the epicenter of all this, and that will never go away. The lay will always come here, regardless. Contemporary philosophers like Nick Land and Paul Virilio have been saying this for decades: the internet is not the well of democracy and meritocracy, and honesty that we all think it is. It was in the 90s. However, It has been bought and sold so many times over, and the infrastructure is almost completely in place to make this the world's most curated shopping mall/billboard. It's done already. The problem was that the few people who are "internet savvy" and should have seen this coming are also incredibly bitter are the realities of the non-cyber social world. It's cognitive dissonance. They can't reconcile with themselves the fact that the cyberworld is not the benevolent and authentic equalizer they think it is. Cyberspace is the only place that took them, so they ignore the fact that it is entirely a commercial tool and they are the product, and Reddit will be the front page of the internet for as long as we have electricity.

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[–] Caboose_Calloway 0 points 76 points (+76|-0) ago  (edited ago)

I'd like to add a few points about Venture Capital in particular, which wasn't mentioned enough:

  1. Mandatory exit. Venture capitalists are in it just for the money. VC will set a time frame and will cash out at the end of that term. For Reddit that was 10 years. You didn't think all this was just coincidence with their 10th anniversary did you?

  2. Loss of independence You may still be the chief executive officer, but you answer to the board now and it's not just your company anymore. The VCs will ask for one or more board seats and the right to veto key decisions and control the firm's capital structure.

  3. They will have the right to fire you and your management team. You could find yourself reporting to a new CEO, or be ousted from the company you founded

  4. Anti-dilution protection. If the company's stock price goes down any time in the future, they get additional stock for free.

  5. Dividends. In addition to stock, they get a guaranteed rate of return.

  6. Liquidation preferences. VCs get their principal and dividends back before anyone else gets a penny.

  7. Participating preferred. They get to double dip—they first get their investment plus dividends, then the value of their stock.

  8. Mandatory redemption. This requires the company to buy their stock back by a certain date, establishing a deadline for an exit event.

  9. Demand registration rights. The VCs can force the company to file a registration statement with the Securities and Exchange Commission to initiate an initial public offering—another way of forcing an exit event. Reddit is not big enough for this to be worthwhile.

  10. Approval rights. The VCs must approve any new financings and have the right to participate.

  11. Reps and warranties. You'll also have to accept personal liability for representations you've made about key aspects of the company. They will have the right to sue you for all you own if you forgot to give them any bad news.

[source]

We can all see how all of these played a part in the demise of Reddit. It is now owned and commandeered by the same outfit that publishes GQ and the Bride magazine, so go figure.

This is especially relevant because VC are currently in talks with Atko and PutItOut - two inexperienced students with no lawyers on their side to open their eyes.

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[–] RaptorSixFour 0 points 24 points (+24|-0) ago 

This will be bad, because if the VC forces Voat to do the same things Reddit is now, then we will need a new website in about a decade. Only this time it will be harder as the market becomes bigger. Already, Voat is having trouble growing due to the size of the market, can you imagine what it will be like in 10 years?

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[–] Shhhhhhhhhh 0 points 17 points (+17|-0) ago 

This is pure evil. This is how business works, no wonder most executives fall into the category of psychopath. You have to have no heart to be successful in this field. It makes me so sad. I knew it was gonna happen eventually, I just really enjoyed the site as did many of us, or we wouldn't be so opinionated when it's mentioned...

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[–] newbieatthegym 0 points 11 points (+11|-0) ago 

I would like to see Atko address some of these points \ concerns. What worries me most is, if true, that they have no lawyers.

Plus, why take VC money when they could come to the community, whether donations, or sell shares to us directly. Why has the community not been given that opportunity? Why not set up a subscription model for those that want to help? SUrely there alternatives to Paypal that could facilitate this.

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[–] whynotanon1 0 points 6 points (+6|-0) ago 

ouch that #1 point really hurt

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[–] Xployde 0 points 24 points (+24|-0) ago 

Wow, that's some Illuminati-tier shit right here, but totally believable. Kudos for compiling a shitload of info, it was an interesting read that gives me some food for thought. Maybe, Pao has been on it even before she left her previous job and the lawsuit following her leave was actually a publicity stunt, to make her appear bad in the eyes of the public. It explains why she refused to settle outside of court.

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[–] parrygrin 0 points 19 points (+19|-0) ago 

Makes sense, and the SJWs are a cash cow market. I read some solid analysis of them as a marketing demographic a few months ago. (Top voted comment.)

[–] [deleted] 0 points 3 points (+3|-0) ago 

[Deleted]

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[–] cointelpro_shill 1 points -1 points (+0|-1) ago 

I agree that reddit is trying to gentrify, but I have such a hard time believing the rest of that post. It's too perfect... like, the wolf of wall street in here, telling me how all-male companies dupe SJWs out of their money because they're trust fund babies and low-status males. And this is somehow ludicrously more profitable than exploiting any other demographic. Then the idea that 4chan is trying to head in this direction of becoming a space for SJWs...lol. The dude just seems like he's practicing his "writing assertive paragraphs like a hotshot who knows what he's talking about" game.

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[–] anatomygeek 0 points 17 points (+17|-0) ago 

Probable and plausible. Making 'the front page of the internet' a mellow buzzfeed duplicate, a solid cash cow.

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[–] BigDrunkBoat [S] 0 points 11 points (+11|-0) ago  (edited ago)

Precisely, I'm not quite sure what to call it yet. I suppose "The Miley Cyrus Effect" works. Basically the notion that once you are that famous it becomes almost impossible to lose your reputation. Once reddit effectively became 'the front page of the internet' it simultaneously became an unstoppable juggernaut.

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[–] MaxTrollbot 0 points 6 points (+6|-0) ago 

I have seen a lot of "Buzzfeed-ification" going on over there, now that I think about it.