418 sats \ 2 replies \ @mallardshead 18 Oct 2023 \ on: Reddit F'd up and why it's a great lesson on bitcoins safety. bitcoin
Reddit is a vestige of the 0% and low-interest rate world we all lived in up until early 2022. Same goes for lots of this crap that can only survive in a 0% rate environment. In such a reality, they need to centralize faster and extract more free labor, bomb the API bridges, develop more addictive algorithms, collect revenue with subscription payments, pop-ups and other abusive practices. Take, take, take, because they have to deliver quarterly to their own fiat overlords after an IPO, or worse, some fiat creation in the form of a wealthy individual buys it all and takes the thing private, willing to squander the money to satisfy megalomania, which is just a new version of the prior fiat creations buying ownership stakes in newspapers. It's all added too much distortion for me to deal with anymore. The SN and Nostr models are built around all that trouble of rates, closed-source, permissions, etc. They've impressively existed only in higher-rate environments and a bitcoin bear market.
We need a catchy name for such companies. Like "Low-Rate Zombie Companies" or something, but that's not quite catchy enough.
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Yes. I think you got it. LRZs (low rate zombies).
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