Reddit Migration

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Reddit violates CCPA (youtu.be)

submitted 2 years ago by Danimals@kbin.social to c/RedditMigration@kbin.social

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This video shows that Reddit refused to delete all comments and posts of its users when they close their account via a CCPA / GDPR request.

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[–] hiyaaaaa23@kbin.social 25 points 2 years ago (3 children)

This is one of the many legal issues Reddit now has.
Reddit is very clearly eying an ipo, but who really wants to invest in this dumpster fire.

I’m not an investor but I l personally wouldn’t invest in a website as shortsighted as Reddit.

In an industry as cutthroat as social media having a site as active as Reddit, for 18 years. Should be celebrated.

In this world, where platforms live and die in the span of single years, why would Reddit throw away a formula that has worked for nearly 20 years.

[–] Froyn@kbin.social 12 points 2 years ago

As an investor, I can say with near certainty that the objective is extremely "short" sided.

[–] admiralteal@kbin.social 10 points 2 years ago (1 children)

Easy question to answer: they aren't profitable and the free money of years of near 0 or 0% interest rates is over. The constant VC dried up and the website is insolvent. They have a massively bloated staff roster. They're going to die if they don't make a major change.

And at the same time, all "traditional" monetization strategies for websites like these just... don't work with the way Reddit works. Making the changes they need to make will kill the site.

They never cooked up a monetization strategy that would work for them. They procrastinated. They felt free money would continue forever and underestimated how reliant their site was on volunteer labor. They got distracted by stupid side projects instead of refining the core product.

Reddit will absolutely survive all this. I expect it to still exist, at the end of the day. But it'll be smaller, and what remains will be a soulless shit hole. And it'll still be borderline insolvent.

[–] lemmyvore 1 points 2 years ago* (last edited 2 years ago)

There are many ways in which Reddit can continue to be self-sustaining as a platform and even turn a small healthy profit.

But let's face it, the owners don't want that. They see it as an opportunity for them personally to make a few millions. They don't care if it destroys the platform in the process.

The catch is that nobody's interested in Reddit as a social platform. Whoever buys it will do it for legal access to the comment archive, then gut it. And it will most likely be someone with LLM interests.

But they won't pay top dollar for that archive because, let's face it, everybody who wanted it already has it. It was freely accessible to search engines and the world at large for almost 20 years, it's a bit late to ask money for it now.

[–] FaceDeer@kbin.social 2 points 2 years ago

If I could get a controlling interest for fifty bucks I'd chip in on that.