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I think we all underestimate how much smaller the internet was back then. Flickr, the premier photo sharing site back in the day, was acquired by yahoo for $25MM. Kevin rose of digg was famously on the cover of business week touting a $60MM valuation. In todays big business tech era those are small numbers even factoring for inflation.
Basically back then users were counted in millions and if the let’s say 5-10K power users and a 100k randos moved on that could kill a service. Today Reddit is too big to fail. It would take tens of millions of users in a mass exodus to make a dent.
Look at Twitter right now, which is about the fastest case of enshittification of the modern era. The weird trolls filled the power vacuum that proper power users left and it’s still plugging along. If something like this eventually happens to Reddit it’ll be more like Facebook, a very slow decline but even in its shell state boasting hundreds of millions of users.
The weird thing is rebellious shock-jock type folks like this would have rebelled against conservatives a generation ago, but these days “the system” is perceived as the left. Something to keep in mind when trying to make sense of the world.