What even was the point of lounge? I've been gifted gold and platinum several times and never really cared about posting there.
Also unrelated but this reminds me of one time somebody faked dying of cancer to get gold. Like "I only have a month to live and I've never got gold" lmao
I used to consider it a way to highlight a comment that I thought others should see. I have no idea if it holds the same power now, since gold, platinum, and a million other little "award badges" are now available. Yet once upon a time, seeing a gold icon next to a comment seemed to draw people's attention. If a comment got gilded early, you'd see a huge difference in upvotes and replies for that particular comment.
There are quite a few subreddits that require vast amounts of karma points (like 12,000) to reply, and there are heaps that require high karma points to post, meaning you have to effectively buy them.