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> great subreddits [...] that are thriving

The issue is, however, that the managers of that community, the ones that make it thrive, have basically no comeback if reddit decides to arbitrarily step in and alter how it's run, which has been done many many times with the admins clearly not operating in a good faith manner.

Subreddit mods are told 'add more mods' and they add more mods. They're then told 'no, add some of _these_ mods.' The mods that are added then immediately go full wrecker and destroy the community.

Alternatively, subreddit mods are told 'you have too many unanswered modqueue messages' - they reply in public 'we have no unanswered modqueue messages' - reddit replies by banning them.

Seen it happen many times. Not a viable platform. The admins simply enjoy fucking with the userbase too much. The contempt they have for the users is so obvious.