This is a most excellent place for technology news and articles.
Remember when Reddit had a daily donation goal to cover "site maintenance costs?"
They already monetized their fucking users, they've had users straight handing them money for fucking years now (sometimes for basically nothing in return!), but that's never enough for these god damned vampires.
You know how spez was bitching about how reddit never made a profit? Yeah, now we know why. You know what his compensation was last year? $193,000,000. Fuck that arrogant prick.
But the mods are landed gentry. The gall
Excuse me, WHAT THE FUCK? 193 MIL?
Yeah, and they gave the COO like another 93 million. Yet somehow we're the "landed gentry".
Not even 200. 😢
Not to take Reddit's / spez side, but to clarify, that's not actually what he got in cash - what he got in cash on 2023 was something around 600k.
Those 193mil was in stock. Which kind of explains his drive to monetize users and kick out third-party apps: that piece of paper is only worth that much as long as he can keep the stock value afloat.
I just wish these platforms wouldn’t attract people like that. I get he is after a life changing amount of money no doubt, but 600k is a comfortable living by any metric.
Thank goodness for this decentralized stuff now. Communities are important, especially for the marginalized in society. There is a potential good in social technology without jerks with ad budgets and AI delusions of grandeur
I just wish these platforms wouldn’t attract people like that.
He was a Founder who left and came back. In all fairness, he was never attracted to it so much as he was instrumental in creating it.
The type of person he is is the type of person who created the platform to begin with...
Another example might be Jack Dorsey, who claimed that Elon Musk could be the only one to save Twitter.
In principle, I don’t believe anyone should own or run Twitter. It wants to be a public good at a protocol level, not a company. Solving for the problem of it being a company however, Elon is the singular solution I trust. I trust his mission to extend the light of consciousness.
These asshats are all alike. To get to the point where you can afford fleets of servers to create a service like this to begin with, you already were exploiting people and greasing palms. Other than Aaron Swartz, you should be pretty fucking skeptical of anyone who has been involved with Y Combinator.
I can't understand how investors would fall for this. For the sake of humanity and my own mental health I hope they don't. But I have a suspicion they will, and it goes to shows how fucked up the world is.
It's why they released news of the actual IPO on the same day they released the news of Google buying our data: they want to tie reddit and Google together in the public's mine, make reddit seem better than it is.
It would be HILARIOUS if Google declared Reddit shady AF and bailed on the contract
All I see is these fake fucks with no fangs tryna draw blood from my ice-cold veins.
Hmmm…I smell a massacre. Seems to be the only way to back these bastards up.
But back then Reddit still believed in opening up their platform, and their relation with their users was not adversarial. Their source code was even available on GitHub with an open source license! It didn't feel much different to us sending monthly donations to instance admins and Lemmy devs now on Lemmy. People genuinely didn't want Reddit to shut down back then.
Remember when Reddit had a daily donation goal to cover “site maintenance costs?”
Remember those paid rewards too, under which it was written that they are, eh, the monetization.
If you are in the EU file a complaint under the GDPR with your supervisory authority. They are processing data of people and especially children here that they have no right to at all. Users were not informed, no opt out, nothing. This is extremely illegal in the EU. Not to mention all that data on special categories like health data, sexual orientation ,ethnicity, etc. Etc.
I've made a write up for you to follow along and reference: https://kbin.social/m/reddit@lemmy.world/t/854162/Any-EU-based-users-of-reddit-should-immediately-file-a
tl;dr instructions towards the end.
I wasn’t really against Reddit when I left to go on Lemmy. It was mostly to try something which is luving because of its users.
Now I’m glad I did.
Ditto. I left during the api stuff, but left my account in case they calmed down and realized it was stupid. The whole 'selling data for ai training' and actually filing for an ipo is what actually drove me to delete my 15 year old account today
Eh, deleting accounts does little. I am just going to sell my old accounts to spammers/bots after IPO. They all are old and have no emails attached yet.
I still have my porn account over there but barely used it for anything other than lurking porn. They can have it.
company exists for 19 years.
is still in the "early stages" of figuring out how to even make money.
Yup, that is DEFINITELY a solid buy for institutional investors during the ipo!
figuring out how to even make money
Which, to be crystal clear, they have never accomplished
Paying pigboy 193M wasn't a great first step.
If selling all the data is early stages, I want to know what late stage monetization looks like. Pay a fee to get unbanned? Fines if the post gets down voted?
Karma microtransactions
already done and with crypto at that
Battle Pass maybe, since they already have subscription.
At each new monetization stage, we should once more advertise Lemmy.
Late stage capitalism
Reddit notes that it’s screwed if moderators decide they no longer want to do this free labor, and notes that last year the company’s decision to change its API policies caused many of them to do exactly that.
A lot of the good mods already walked back in July. Wonder what it'll take for most of the rest to throw in the towel.
I would think there are still plenty people who like having the power of being a "moderator" and would be willing to do it for free. So even though reddit lost plenty of mods, there will still be people who'd continue doing it.
Lots of mod also can't let go the community they spend years to build. Not an easy task to just leave. Though i know of some that already partially leave the platform and only occasionally check it
Yes. A bit like giving a slave a whip to look after other slaves.
An LMM modeled after the average redditor sounds like the most condescending thing ever.
A large manguage model?
404 Media – Bias and Credibility
Bias Rating: Left-Center
Factual Reporting: Mostly Factual
Country: USA
MBFC’s Country Freedom Rank: Mostly Free
Media Type: Website
Traffic/Popularity: Medium Traffic
MBFC Credibility Rating: High Credibility
*milking our userbase
I am not for sale
They're not offering money. They just take the data from their creators and act like their entitled to it.
"We are in the late stages of having a user base"
Question: Wouldn't Lemmy instances easy be able to this without many users knowing?
And would they also be able to sell data from other instances, because they can load data from federated instances?
Basically yes, but unlike Reddit which has control over its proprietary network, Lemmy instances would have a hard time locking down access to create artificial scarcity for their data without causing other problems.
This might be the first stock I ever short.
