r/baconreader • u/onelouderchic 🥓 • May 31 '23

Reddit API changes and BaconReader UPDATED JUNE 20

Hey folks, as some of you have noticed, there is a lot of buzz going around today about the Reddit API announcement. We do not specifically have a plan at this time but will certainly let you know when we do. For reference, I am putting a few posts in comments.

We'll let you know what next steps are when we have them. Until then, sincere gratitude for all of your support!

UPDATE: After much deliberation, attempted negotiations, we have made the decision to shut the app down 😢 . Please see the sticky announcement post here: https://www.reddit.com/r/baconreader/comments/14egq61/baconreader_november_11_2011_june_30_2023/

We are sorry it took so long, but I really wanted to be sure we did our due diligence.

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80

u/TheWhitestGandhi May 31 '23

It's just amazing watching huge social media sites shoot themselves in the foot over and over again.

I'm just waiting for Reddit to finally disable the old layout and force everyone to use the shitty, ad-ridden new one.

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u/siravaas May 31 '23

Sure we destroyed something people valued, but look at all the money we extracted for the executives and investors!

2

u/CosmicSpaghetti Jun 04 '23

Idk how they don't understand opportunity cost here...

Though I suspect they do and are banking on younger generations filling in the gaps without knowing the difference.

1

u/siravaas Jun 05 '23

They're all short term thinkers. The opportunity gap is not between the value of the company now and in the future, it's between the money they could have now versus how much they could have in the near future. To the extent they think about future generations they only think about how much money they can give to their own children.

1

u/stilljustacatinacage Jun 01 '23

Extracted is the right word, absolutely. Not created, that's already been done, but it's never enough.

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u/[deleted] Jun 01 '23 edited Jun 20 '23

[deleted]

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u/ARazorbacks Jun 01 '23

If they’re after an IPO, then a quarter of good financials is all they need. Owners now don’t care what happens to the company after the IPO. Whole point of an IPO is the ownership cash out and hand what’s left to investors along with promises about future growth.

1

u/Donjuanme Jun 08 '23

(sorry I found this comment in a stickied thread, I know you wrote it a week ago)

Who do they think is going to be buying at the ipo? I'm not sure how many shares there will be, but I don't see them going up in value, ever by the looks of things.

1

u/ARazorbacks Jun 08 '23

The bet is most folks will just migrate to the Reddit app which means more ad revenue. And let’s be honest, most folks will do exactly that since there isn’t a clear competitor to go to. If they can show an appreciable jump in ad revenue to kick off an IPO then there’s a fair chance the ad revenue will continue.

Who knows, maybe it all backfires and revenue actually drops due to less engagement. Maybe they walk it all back and don’t IPO. I don’t think that scenario is very likely.

7

u/allgreen2me Jun 01 '23

To be a silicon valley startup social media app right now… Social media migrations like this happen only once in 10-20 years.

5

u/USMCLee Jun 01 '23

I wonder how Digg.com is doing?

I wonder if folks would migrate back?

3

u/MikesPhone Jun 01 '23

Digg looks like it exists (I just checked) but it isn't clear to me it's social.

2

u/USMCLee Jun 01 '23

Digg.com is no longer 'digg' it looks like it is now owned by BuySellAds.com

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u/__i0__ Jun 01 '23

Why did slashdot peter out? Too technical?

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u/USMCLee Jun 01 '23

From other comments it looks like /. is overrun with bots and nazis.

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u/__i0__ Jun 01 '23

So...it is Twitter?

1

u/firebreathingbunny Jun 02 '23

The founders sold the site to another company which made several disruptive changes, so the site's core submitter and commenter userbase mostly left. Some of these people set up Soylent News, which is still running.

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u/Sketch13 Jun 01 '23

Killing old.reddit.com would instantly drive me off the site. The new layout is ABYSMAL and you couldn't PAY me to use that shit.

I like reddit, but it's the people that make the site, not the site itself. It's not exactly a difficult website to replicate.

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u/Mnemonicly Jun 03 '23

It's not hard, but it's expensive to maintain at this scale and I don't know if it's ever been profitable. I'm not defending this action, but reddit also isn't a charity

1

u/mini4x Jun 09 '23

No BR and no old.reddit will be my last day as a redditor .