I agree that venture capital is a major distorting factor in the economy. It is definitely a fiat-driven phenomenon. But still...

mudbloodvonfrei

Newsletters are very different. You dont need servers, devs, qa, HR for a email newsletter. 

kepford

Why are so many big newsletters profitable but not Reddit?  It seems like targeting for ads would be precise based on the subreddit topic...

tech

Why is Reddit currently not turning a profit?

Honestly, I'm more surprised to hear that a social site like Reddit makes a profit. I've never got the business model knowing how bloated companies like Reddit can be due to the venture capital model.