[vernon99]

> All platforms go through this cycle, but Reddit felt special to me and it hurts to find that wasn't true.

This is not always true and there’s an important correction to this: all VC-funded platforms go through this, especially monetized by ads.

There are examples of privately owned platforms with subscriptions that are doing great and show no sign of quality decline. Telegram most notably being one of those.

This chase for constant high returns and also the focus on an audience very ortogonal to your actual users (ads buyers) are what seriously misaligns the incentives of users and platform owners.