Steve Huffman is now a billionaire after a profitable quarter for reddit
If you ever needed a sign to stop using reddit, this is it.
Just a reminder if someone gave you $10,000 a day, youd be very rich and happy. Most certainly set for life.
And with that money alone it'd take 274 years to become a billionaire.
Nobody needs that.
Christ! This is a better description than the 'million seconds vs. billion seconds' one.
And you will still never catch up to the billionaires of today because they use that money to make more money even faster than that.
Technically you could catch up.
Say, first month you spend all that money on stuff you've ever wanted. New car, new flat/house (mortgage will be super easy with $300k a month guaranteed income), etc.
Second month, you already have everything you immediately needed, and money left over, so you put all your daily income into investment accounts.
That is $3.3mil by the end of the year, not including interest - which would be around $69k (nice) given the much higher interest rates you get for high value accounts.
Mind you at this point the banks you use also change from regular high street names to banks catering for the actually rich. At a 3mil increase in net worth in a single year, you are now member of this club. You get a personal account handler, and much like the casinos in Vegas, the bank will keep throwing free shit your way just to keep you on as a customer.
That 69k interest is now spent on your mortgage and daily expenditure, so at the end of the year your account does stand at 3.3mil.
Another year goes by, and your interest increases by FIVE TIMES, to $320k, and your account now holds just shy of 7 million.
Let's say you get on with the rich life and spend a million, for a new, fancy flat, and a supercar, and some new clothes. Still, you're at 6 million.
Year 3? Your base is up to 10 million, plus 760k interest!
Year 5? Interest at 2.4mil, base at 18mil.
Year 10? Total interest at 10 million, base at 36 million.
Year 14? At this point, the interest you earn in a year is actually more than what you contribute, just a smidge over 3.4mil.
Year 20? 122 mil in your account, 72 of that you contributed, 50 is interest.
Year 30, and you're hitting 250mil, with "only" 108mil of that being your contribution.
Year 40? almost at half a billion!
Year 50 and you're reaching 750mil.
Year 55? You hit the billionaire landmark, with $1.008bn in your account.
Year 60? 1.3bn.
And mind you this is with a fixed interest rate account of 5%. In reality your investment vehicles would be anywhere between 20 to 40-50% a year, which could put you on the billionaire list in as little as ~15 years.
Reality is, the moment one can break out of the paycheck-to-paycheck living, and start saving up, without the hindrance of a sudden emergency spending, it's not that hard to get enough money to consider yourself rich. Problem is, breakin out of that cycle is being made extremely hard by those who've realised this loophole and don't want mere peasants like us in their fancy circles.
People really do underestimate what a single million can do for someone. They always sometimes say "I need 3 Million" or "I want to be a multi-millionaire!"
No you don't. A single million can guarantee a single individual 15 years rent-worry-free of a $2,000 a month spot of an apartment of their choice. That's $360,000 with lots of space. You can have 15 years of guaranteed full-fridge and cupboards of groceries with a total of $48,600, basing on the top average an American spends on groceries which is 270. You can have 15 years of guaranteed gas to fill your vehicle with, with the national average an American pays at the pump to fill a whole tank is $50, factoring how many times they have to do it a month and with 15 years it's a little over $270,000.
And with all of those example values combined, it would total $678,600 with so much room leftover to do whatever the fuck you want with the remnants.
That's why I solely believe that no singular individual should ever possess a gross amount of money. And that's what we're seeing, people making multi-millions and billions, some people are now about to cap and become trillionaires in the future. They don't even know what to fucking do with that amount except try and live big, acquire things to fuck them over at the expense of everyone and status, that's all it really has been about.
The former mod of r/jailbait must be proud of himself
There is no justice. Aaron Schwarz is six feet underground while this pestilent boil of a man becomes a billionaire on the back of his achievements.
RIP Aaron
F
He took a great place, where there were tons of flourishing communities, that people spent an amazing amount of their free time building and caring for, and took a giant shit all over it to bundle it all up and sell it to the AI garbage lords. Hope it was worth it buddy. Fuck you.
Just left Reddit. Ain’t going back.
Welcome.
Thanks! :)
reddit ban most of us, because thier AI decided some accounts had previous violaitons in certain subs. and the most recent changes is that now they are unilaterally deleting comments and posts for no reason at all(looking for keywords)
Yep happened to me too. AI claimed harassment 🙄 definitely some bullshit. Done with it.
Welcome!
!newtolemmy@lemmy.ca can help you settle in
I speculate it's mostly Ouroboros style funding and phony metrics. Bots selling "engagement" to other bots is pretty profitable, I guess. At least for now. The only person I know who still openly uses reddit is an obnoxious drunk white woman in her 60s.
I wish more people converted over, but the user experience for the fediverse is very strange for many people, tech inclined folks I know included.
The lack of active niche communities is frustrating.
Okay so im new here and I can't figure out how to view all communities in one spot on desktop. I can on mobile through the apps. Like reddit's /r/popular
Where else are people going besides here?
When you say experience, do you mean the general UX (i.e. how the apps/sites work), or the communities (or lack thereof)?
it's all false growth. it's the same reason why the economy is tanking yet the exchange is "strong".
bubble economics.
AI, is largely an excuse by companies to deflect attention away form the layoffs, they are personally doing. because so much industries are now tied to AI, when it burst a shit ton of jobs will be lost outside of tech.
Fuck you spez.
I nominate spez for next neck piercing
Only further proving that he’s a greedy little pig boy.
Daily active users have approximately doubled since the summer of 2023.
Surely some of this is bots but... I have a hard time believing it is all of them. So much for the API protests in 2023... 😞
It most likely is.
Not ALL bots are Reddit-made. Sure, many are, but there's a growing interest by many states to increase their influence of social media.
Tons of Russian/Chinese bots pushing the tankie agenda for example, tons of bots pushing right-wing psy-ops and lies, lots of companies trying to push their own angles as well... and given the number of people who've left Reddit since, and who've been kicked off the platform, I'd say a majority ARE bots.
the main content creators and initial users have probably left.
I went back to Facebook recently, a very different and dire sight to back in it's hay days
I wish I could go back in time and tell my boomer family members to keep using email instead of Facebook. They were right and we were wrong. Now they're the only reason I still have a Facebook account.
What an absolute disgrace. I'm pissed that Aaron Swartz was the one who died, and that they fired Victoria. Steve Huffman can go choke on a bag of sweaty dicks.
Firing Victoria was really the end of the Old Reddit. It felt like the loss of that side of reddit - the un-guided AMA’s by famous people - just led to reddit descending further into bots and reposts. The site had nothing to talk about other than itself anymore.
"DADDY DADDY!" Spez screams excitedly to Musk "I BECOME LIKE U NOW! AND SOMEDAY, I HOPE TO GAIN AS MUCH AS U DADDY!"
Feels good knowing you aren't on a burning ship.
tbh, not for me. I just feel disappointed
it used to be a great place with tons of information and a functional interface. nothing has really replaced it in terms of content and accessibility to the masses
I get banned from that platform a couple of times a day when over 5 years ago my million karma original account got banned for "threatening violence" Any talk of organizing and rising up will get you the permaban stick. He is yet another complicit billionaire hell bent on killing the American work force and our democracy. He, too, will wear a blindfold when his sentence is read aloud.
I got a permaban just for saying I didn’t care that Trump said Liz Cheney should be shot, because she’s called for the deaths of millions as a warmonger. Didn’t encourage anything. Just said I didn’t care.
its popularity has exploded in the past couple of years. Daily active users have approximately doubled since the summer of 2023. Google searches increasingly surface links to Reddit: Organic search to the platform is up over 560% from two years ago, per data from digital marketing firm Semrush.
So depressing, I sure hope these stats are bullshit.
I'm willing to bet the new daily active users are largely bots. I remember Facebook pulling this shit last year: bots will count as active users, presumably so they can just keep adding bots and tell shareholders their active user base is growing. It's all such a scam.
and an of and link farmers, not even propagandas just can use 100s or thousands of bots at once(they use mutliple devices, proxies, fingerprint hiding broswers.
they are.
google is definitely helping reddit;s engagement, reddit is pretty might attached to the hip of google.
He fits in with the other scumbag billionaries...
I'd take it with a big grain of salt --- it's Forbes, they lube up people with money with pretty weak arguments. He is a billionaire, but mostly through overvaluation of the company he's ultimately gutting for profit. (Although if it died, he is still rich, unfortunately, just not a billionaire).
Some of the arguments being made in the article though, like it being an "authentic place" and having more traffic is a little misleading. For AI, we already know 50% of the Internet is AI made now, in a remarkably short amount of time and a hefty amount of that is going to be on Reddit. If the 90% by 2026 prediction holds true, he's basically an owner of a gold mine that's already tapped out. Users won't necessarily catch on, but they will be drowned out as a source of LLM data.
Admittedly, the traffic increase isn't all bots but to classify it as organic is misleading too- iirc, they have a deal with Google to push reddit in exchange for Gemini training. Even unrelated searches are propping up Reddit as the first result; it's like using SEO cheats. As with the poisoning of his data with artificial data, that deal may not last (and if the AI bubble bursts, that's certainly gone).
Frankly, we need the bubble to burst but we also need heavy regulation on these industries. I'm not too hopeful of the latter and the former isn't going to be pretty--- it's not like the .com bubble made the 90s a better era, for instance.
shit that reminds me to donate to the admin of my local instance
There's too many billionaires now, I think it's dinner time.
Nearly 1000 now in America. The funny thing is, that there are over 25 million millionaires in America now, too. They THINK they are part of the club which is patently false and their small businesses, farms, etc are starting to realize just how out of touch with reality of this McMillionaires are. The 1000 want nothing to do with any of us and want us all dead. We are an inconvenience for them.
Millions upon millions can't wait for the first taste testing.
He'll always be a greedy little pigboy
A billion dollars doesn't make 15 year olds legal, spez.
How many dollars does that?
Another billionaire nonce for the billionaire nonce club.
Billionaire he may be, but he remains a cunt
Congrats pig boy. You're now a billionaire and still an unlikable loser with no real friends. Enjoy.
"hes trying to keep up with the MUSKs" since hes been thirsting for him ever since.
Yay, another victory for enshittification!
The last year before the IPO he paid himself 200 million, same as the google CEO that year
Edit: it was the last year he could get away with it, I mean
Yea I mean he sold the whole site out to right wing propaganda peoples, that had to be worth a few billion
This guy is a total pos
Fuck spez
Do any of you know how I can get into 3d printing? It's for research.
We do we insist on creating these entitled special boys who don't give shit about us?
Greedy little pig-boy ruined Reddit to get his. Fuck spez.
Fuck that asshole. No, Steve, this isn't envy, it's disgust.
I'm less Reddit these days than Jerboa, mostly because of Reddit's extreme us-centricity. Jerboa is better, but our nutty downstairs neighbours still fill up every social medium in Canada.
I had to use Reddit a few days back because apparently that's the only place DuckDuckGo looks for search page bug reports
It felt bad
I used to spend a lot of time there but yeah fuck spez and the oligarchy dicksuckery he's blatantly committed to
According to the latest quarterly earnings, there has been increase in user engagement. However, I also read somewhere that 15% of engagements are from bots. My suspicion is that, in spite of the tiny minuscule amount of fake users posing as genuine, these bots create inflammatory comments to trigger and drive real users into responding more and thereby inflate user engagement and algorithms. These small amount of bots create a snowball effect of increasing user participation. So, in essence, the level of user engagement is fake and inflated.
Spez knows what he's doing. He is talking to the tech bros to get ideas on how to amass power and now he's one of them billionaires.
I really doubt it's only 15% anymore, the internet is dead and social networks are leading the charge in that.
its 50% last i read an article a few years ago , reddit omitting the truth. plus with AI posting i thinkts more now.
We did it!
Shittit
Maybe let's not tell them?
Lmfao reading articles like this makes me feel like I'm living in the upside down. The entire site is bots posting content for bots to updoot and comment. Yet here they are getting glazed as "the last site for authentic connection". Give me a fucking break.
They're about a decade and a half out of date.
I mean, before LLMs there were people trying to do the mass influence thing... but the only entities that could be effective were the ones that could hire a few hundred people to shitpost in the same direction.
Now any nerd with a graphics card and a python interpreter can operate hundreds of accounts. Large operations are probably creating multiple synthetic high 'subscriber' subreddits or buying mod accounts on large subreddits.
In the same article posted on Reddit one of the top posts is "BuT WhEn ReDdiT aLtErNaTiVe"? Who gonna tell them?
Anyway Reddit was cool up to 5 years ago. Now it's either bots, AI slop, Trump stuff or furries/hentai stuff.
Reddit's dead.
I'd go even further back, with hindsight. During the us elections 2016 it became basically transparent the platform was being manipulated, and it wasn't very sophisticated at that time. It's really only evolved since then - but there used to be real people to call out the BS.
All before we even get to the corporate fiefdom spez has decided he'd like reddit to be.
I noticed that r/technology bans some keywords, like if your comment says "PieFed" and you try to open it Incognito/Private then it won't show up, I have to say "Pie-Fed (without the hyphen)"
I think they also ban some mentions of Lemmy instances but I forget which ones, maybe lemmy.world
50% are bots, the rest are just on the verged of getting banned, or responding to misinformation/disinformation.polotics to keep the site going. eliminating actual users like us, seems to have a effect on reddit as of recently, no ORGANIC posts anymore.
Voat exodus imminent
I keep telling them about the Fediverse. I’m certain that because there’s more people on Reddit, they have a higher shot of engagement and attention. So they stick around.
It’s INSANE. The bot flooding started to become notably - and noticeably - bad around the time the API exodus happened. And it’s only accelerated. And most people seem to just be pretending it’s not even happening.
The most prolific posters left and/or came here.
thats when AI's started to make thier appearance around the same time.
Maybe the article was written by a bot.
Almost certainly. The future is a line of megaphones screaming "It's never been better!" on autopilot while the world burns
i always like to tell people to look up something they're really an expert at on these sites (or any kind of "news"/ad-mill shit, notice how wrong they are on the entire thing...then see if they put 2 and 2 together with regards to all the shit they're not experts on.
anything remotely mainstream and not behind a paywall is just ads and spin
To be fair, it probably looks a lot more human than all the microblogging socialmedias that are stuffed to the brim
You raise a good point.
Dammit.
Lmao what a joke. Glad I left that cesspool when I did.
there are 3 types of bots, propaganda bots, OF bots, and link farming bots. the prop ones are the trouble some, reddit has been going after the other 2 since the ban waves occured.
It's Forbes. One does not have high standards for Forbes content... They seem to write what they are told, not look very deep into issues.
https://andreazurini-it.medium.com/forbes-covers-and-scandals-a-match-made-in-capitalist-heaven-59dae8d2a5b3