It can go one of a few ways.
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Apart from the few subs that remain offline, it'll basically be back to normal. Those that do remain offline indefinitely just get forcibly reopened or recreated by admins, especially huge subreddits like /r/videos. Smaller ones just get redicted to /r/topicnew or some other creative name.
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A lot of subreddits and more importantly moderators and users leave the site permanently. In order for this to happen however, there'd have to be a consensus alternative, which there isn't ATM. Otherwise, these communities are pretty much lost forever unless the mods put a message to go to X alternative service in the "subreddit is private" banner. Tbh, I don't think people are gonna stomach losing years of their lives in an instant so they'll just re create subreddits unless the mods provide an alternative.
No matter what though, they're not backing down on the effective removal of the API (still leaving the sneaky clause "you can pay us if you want but it'll be a king's ransom" for AI, even though they can just trawl the web manually lol). They'll probably announce some crappy customization features to hoodwink those who don't know what an API is and lie to them and say it's "API v2" or whatever.
I just honestly don't know how it's going to shake out and I'm scared im going to lose these communities. I don't give a single solitary fuck about Reddit the company anymore, and I never did really. I just hope all of the subreddits find a new home and don't just shrug their shoulders and say "welp, guess that's it guys".
re Squabbles: yes, hard agree.
re Tildes: yes, also hard agree. The invitation-only method of growing the community also is draconian and it's going to hit all the scaling problems a traditional site does.
These and others are why you're finding me with you here in the fediverse. I am with you mi beratna.
I've been here for a week and it already feels like home!
I think people underestimate how much people are unlikely to go back to an abusive relationship when they've found one that isn't. Reddit was a bad habit. I am actually going to be contributing to communities here once I figure it all out. The worst that could happen here so far is not getting any comments or votes which is fine by me. On reddit I could post a picture of my cat and someone could comment "insert random derogatory term" for no reason lol! So far so good here.
Two days and same!
Yeah. It really reminds me of reddit a decade ago. I hadn’t really realized how much it’d changed before now. Reddit slowly went from a feeling of community to me just sitting isolated and scrolling numbing content. This feels so much more alive.