Is "VC" tech's catch-all for capitalism? Reddit is pining to go public and Twitter just LBO'd. Neither is having its chain yanked by venture capital.
Took. Past tense. Limited need to take more. Look at Reddit's Board: it's ten people, only one of whom (Mike Seibel) is a VC.
No, they can ignore the venture capitalists' shares. Reddit's Series F was led by a mutual fund. Most of Reddit's shares are non-voting common stock, under a voting-rights agreement or held by non-VC investors.
The difference is meaningful when tracing incentives. Venture capital, almost by definition, involves a high-loss high-reward portfolio. Most bets are expected to bust. That makes a middling bet that doesn't return the fund essentially worthless, which in turn encourages shooting for the moon. Late-stage private portfolios cannot sustain heavy losses. They are looking at preservation of capital in addition to returns, which makes them fundamentally different from VCs.
Shorthanding all investors in tech companies to VCs denies you visibility into a rich spectrum of actors, incentives and alignments.
Most of Reddit's shares were issued in the era of founder-friendly voting rights agreements. The fact that those investors don't have anyone on the Board means they don't have the right to elect one to it. Private-company Board rules are Byzantine. But they're not thoughtless.
No. It's a term specific for those investors working with: I don't expect you to survive, but if you don't get at least 10000% of return, you could as well be dead.
Almost all of capitalism works differently.
Well, not anymore.
https://www.nytimes.com/2023/06/05/technology/twitter-ad-sal...
Thing is, Twitter was profitable in 2019. Then the venture capitalists decided "Now is the time to increase your workforce by a factor of two. You need to start losing money again or you aren't trying hard enough!"
You can’t just shrink it. That’s the problem. They still think of it as a factory where everyone is just a robot.
Most places lack enough documentation and processes that shrinking the teams reduce knowledge. There is never an even distribution of skill sets etc. You kill off team dynamics. It’s not the same.
You can’t just slot people in and out without impact in software.
Fine in what sense? There's less features, less capacity and more outages. They couldn't even hold someone's presidential announcement fine without it breaking. Is that fine?
As a business they've gained debt and lost a lot of income. Is that fine? With less income, less ads and less of everything it's a different scale. Something that's fine with 1 million users is not the same as 10 million.
I would say it's different - different ownership, different direction etc. Time will tell what the outcome is. Projects have been axed and new 1s will appear.
The changing of staff has definitely hurt Twitter. Whether they can recover is a different question.
If you double the number of employees of some place in a year, you have a really large risk of completely redefining its entire culture. And a software business has basically 2 things, a culture and locked-in people.
Lots of places reported people having nothing to do, don't know what to do and lacked direction. The hiring standards also went down.
If you didn't follow conventions, your onboarding wasn't great or reinforced, then very few things in your system will be consistent.
Heck, if you hire people because you might need them, give them nothing to do (as many people claimed happened to them) and then fire them it is the easiest of all.
If, on the other hand, you hire 100% more people, then fire 50% of the people and try to use that culling to get rid of a lot of older (and more expensive) employees, you can doom your company.
You've just rephrased the exact issue I had differently. It doesn't matter if it's a new division or not unless your organization doesn't interact.
People have to go via onboarding and other steps. It involves HR "people and culture", the internal IT teams, the reception, you might get assigned a mentor, etc. These interactions spread when people socialize.
It's also as people and possibly shareholders how you view the company. Watch any sports and a player in form in the right team can perform 10x better. These so-called minimal disruptions actually have an impact.
Meta was paying a higher salary because less people wanted to work there. I don't see all the negatives as "minimal consequences".
So they got investment and scaled up to everyday users. Terrible redesign but at least the site doesn't look nerdy anymore, right? There are now actual advertisers on board. People are paying for badges and hats. They are tracking the shit out of people and pushing the app. They're on the way to profitability, and the next step is to cut out the old guard - who they couldn't monetize anyway - by removing third party apps.
Their costs are almost certainly ridiculous but their plan is either to become the next TikTok or crash and burn.
Cynically, nobody is going to donate to a full or nearly full "donations requested" bar, so nobody is going to specify a bar that gets full.
I'd rather contribute to something that is actually going to be successful.
If you say you need £1000000 to go to space, and ask for £10 sponsorship, if you tell me you've so far raised nothing, what chance is there of my money going to use as intended? If on the other hand you've raised £999000 I can be more confident you are actually going to reach your goal.
Also personally, it seems to me that if you have a goal, then that's a minimum. If you don't reach it, the thing doesn't happen. A website never reaching its funding goals is one that seems more likely to shut down, and what's the point of supporting something that could shut down tomorrow because it can't pay it's way. I know that's self reinforcing but there it is.
Income is the same as profit.
https://www.statista.com/statistics/1260066/reddit-advertisi...
Shareholders care not for employee happiness, in so far as said employee is working and producing. Ditto with user happiness - if they're not happy they can leave. By not leaving, they must be happy to stay.
I think these proposals to "change" the metrics is as flawed as the current system.
The only way to avoid that I know is to address a specific target audience and scale up to dominate that. Tumblr has achieved this. A rival then can't dislodge you because you already own the relevant network. It's still risky though, because if a rival builds a product that covers the general audience and also servers that subset well, then the subset might decamp. Hence Tumblr trying to break out of it's niche. G+ addressed a lot of niches very well, but Google just wasn't interested in that kind of network.
Unfortunately any platform that draws >10 million daily users will reliably have people calling and offering billions of dollars to adopt that strategy and chase after revenue growth. Eventually the owner breaks down and agrees to take a huge personal payoff in order for the company to adopt a "Double or nothing" policy. Over, and over again.
There's too many enormous piles of money out there seeking a return for this to be a sensible self-regulating system with stable provision of goods & services.
Holdouts are few and far between, like Craigslist.
Twitter and Reddit are just run by incompetents who can’t figure out how to advertise anything relevant.
Trying to monetize that at scale is hardddd.
Facebook has got groups, yes. But they have instagram. Messenger. Whatsapp. They have my friends and family. They have my photos going back 10 years. Facebook is personal to many people.
I don't see Twitter and Facebook being interchangeable.
What does Reddit's core functionality cost? They have annual revenue of half a billion dollars. Tell me that you can't use that money to run a text distribution infrastructure.
I doubt Slashdot in its day cost half a million dollars to run.
I wish there was Usenet servers to back that up - which didn't carry the binaries or unsavory newsgroups.
The fact that I subscribe to r/woodworking, r/diy, etc, is really useful for targeting but I never see relevant ads.
I’ve literally given Reddit a big list of my interests and the asked to be served content, and the ads are almost completely unrelated.
Good thing nobody is asking for that.
Facebook is astoundingly profitable, and is the canonical example of network effects. Almost everyone I've ever known is or was on Facebook.
So I don't consider Network Effect Businesses to be terrible as for-profits in and of themselves.
The issue perhaps is that there is an expectation that they can become Google or Facebook.
Now we have a generation raised on social media that doesn't require your real name, maybe we will see a new platform reach Facebook levels.
TikTok and YouTube are obviously huge, but slightly different again to Facebook.
As an aside, people talk about how amazing Tik Tok is, but in the end, it's really just the creators uploading content that make it work.
Facebook captured Advertising dollars, in part, by investing in Ad infrastructure and building tools that companies could use to create targeted Ads. Every other platform, apart from AdWords, felt unfinished, especially Twitter!
However, the drawback is they had a lot of great ideas for improvements but the power users throw a fit over any changes.
Such a freq complaint it's a cliché.
Certainly been true for every software product and service I've worked.
The events leading up to the US 2020 election are burned into my mind. Sure people tend to talk about the craziness of the US far-Right but the non-centrist Left also got attacked and censored.
In one case a popular Youtuber on the Left (Kyle Kulisnki) had posted some commentary on independent attack ads that were extremely negative to the Democratic party. That led to a multiple threads on Wikipedia calling for the deletion of his page.
After 3 attempts to remove his page by the same editor, it finally got removed on the 4th attempt.
[1]:https://en.wikipedia.org/wiki/Wikipedia:Articles_for_deletio...
Watching this whole experience play out in real time was utterly disgusting and showed me how the site has since become captured.
Its a shame because despite calls for secondary sourcing in my experience many people do in fact trust Wikipedia whole heartedly. It is really dangerous that leadership did not clamp down on this behavior when it was happening. Now they have exposed themselves to attacks from the far right and eventually people with a lot of exposure (People like Musk) might call them out(if he hasn't already). That will begin the slow slide into half the country not trusting the site at all and their minds being made up no matter what Wikipedia does.
Interestingly the page was recreated over a year later after the election was over but the lasting damage has been done. I presume that in the next election it will be targeted again.
We see this behavior on other platforms such as Reddit during election season and you can be sure that Musk is whipping up something big for 2024 (and his rivals are probably developing some sort of countermeasure) but I thought I could always count on Wikipedia being a place of refuge. I guess not.
Back in the day (2006-2010ish, I think) I was a pretty active member of the Association of Deletionist Wikipedians. I was kind of on a crusade against people who would put up their own pages to try to promote themselves, in violation of the Wikipedia is an Encyclopedia policy. Mainly, I was worried that it would be untenable to keep WP accurate if we had too many pages. I also went on a rampage deleting pages for individual pokemon, which I'm not proud of. There was a well-established consensus at the time that most individual pokemon did not meet the notability threshold (I don't remember the exact criteria, but it had to do with multiple sources of the information being available) and therefore their pages should be deleted. Looking back, that was kinda silly... The Wikipedia is not Paper policy probably outweighs the Wikipedia is an Encyclopedia policy when it comes to Pokemon.
Anyway, I don't doubt that there is a political element in the case of this Kyle guy, but it's probable that I would have voted to have him deleted on completely apolitical grounds. (I haven't heard of him and haven't read enough to form a political or notability opinion on him at this point)
I find it amusing that pokemons get pages, but real people don't.
Yeah, notability, I get it. Still.
This is the principle of commodity fetishism, the domination of society by "intangible as well as tangible things" which reaches its absolute fulfillment in the spectacle, where the tangible world is replaced by a selection of images which exist above it, and which at the same time are recognized as the tangible par excellence.
"""
Society of the Spectacle, Guy Debord
And of course, giving back to Debord, we can say that the society of the spectacle is one of infinite supply of manufactured social objects.
"sometimes it's not political" is not really a defense to the claim of "this time it probably was".
Anyway, the problem is there's a lot of valuable content on wikipedia that is essentially borderline according to the rules, but also delivers a lot of value, and this content exists at the suffrage of whether or not they have some greasy nerd as patron or whether another one gets a bee up their ass about it.
"Lists" policy is a great example, and I've seen quite a few important lists go through cycles where despite being a de-facto resource for 10 or 15 years, all of a sudden some editor will get a bee up their ass and just delete it all, because WP:Lists. But of course having been the resource for 15 years, nobody external has bothered to collate a list that already exists on wikipedia, but if you point that out then you get the WP:OriginalResearch response. If you revert the changes, they'll lock it for "vandalism", etc. So we just lose that resource that's existed for 10-15 years, unless some other sufficiently greasy nerd pushes back on it.
The wikipedia editor cadre sucks, it's the definitive answer to the question of "what's the absolute least power that can go to someone's head". It's a real problem with the public trying to interact with wikipedia, much like stackoverflow answers everyone just knows it's not worth the time and does their damndest not to interact with it if they have any other alternatives.
And yes, "anyone can do it" in principle but it's not the public's job to push uphill to try and chase out bad actors in the organization. People won't do it and they'll just go do better things and you'll be left with only the toxic people - it's the "dead sea effect" in action. A sufficient concentration of poison will kill any life that might have any chance of remediating the poison.
https://medium.com/@jayhanlon/welcome-wagon-dd57cbdd54d9
Much like stackoverflow and the "come to jesus" moment a couple years ago when they tried to get SO members to stop being so fucking toxic to newcomers and people trying to ask the questions that let SO create content (to which the community basically shrugged and said they wouldn't "compromise community standards" by not shitting on people/pressing their mod buttons to suppress stuff for arbitrary reasons/etc), the cancer is so ingrown at this point that you can't save the organization without putting policies in that those greasies are going to hate, and that will kill the host organism. So it's terminal. Wikipedia editing is the same as StackOverflow commenting and has been for years. It's not that they're going to go under, but they're not everything they could be either, and there are often distinct points where the quality of the product has gone down over the years rather than up due to these problem children.
(I found a comment from myself 5 years ago saying this exact same thing in fact, lol)
Powermods on reddit are sort of another case of this too... it's not a great system to have some random greasy nerd from 2008 squatting on some common keyword/brand name while moderating poorly. But now it's entrenched and if you change the policy they're all going to shut down their subs in solidarity, so you have to essentially be willing to hammer down on the whole mod class and come in and replace all of them. It's the old "10% of the employees are real shitasses but they're protected by the union so we can't really do anything about it" problem.
Just in case anyone here is taking paulmd too literally, it's not possible for "some editor" or any one person to cause an article or list on WP to be deleted. If I remember correctly (and if it hasn't changed) speedy deletion requires at least 3 people, and if it's contested then there's a whole voting procedure. Speaking as a (former?) greasy nerd, I've actually always been impressed with the democracy and consensus systems on Wikipedia; it strikes me as pretty effective, especially compared to most governments.
You're probably right that self-aggrandizement and gatekeeping is a problem among wikipedians.
I'm sorry to hear the diagnosis is terminal... but since you say you've been complaining for at least 5 years, maybe WP has a few more years to live?
(anybody curious about how deletion works, see https://en.wikipedia.org/wiki/Wikipedia:Introduction_to_dele... )
Well, that's the point of the stackoverflow comparison. Nobody actually goes to stackoverflow to ask questions anymore. The culture is rotten and there are better places to ask. It's become "read-only" for most of its potential userbase, people actively avoid using it. But is there still a site called stackoverflow? Yes. It's just lingering in agony, like many cancer patients. Doesn't mean without some turn in fortunes (or leadership) that it's ever going to come back though.
> Did you try proposing a policy change
That's the thing I said though... why would I voluntarily choose to spend more time working with a toxic organization in a fruitless attempt to solve its organizational culture for them? Not only is that not actually going to change anything but it's a huge drain on me personally for little direct benefit. Why is it my responsibility to tilt at windmills to try and fix your organizational culture?
That's the whole point about StackOverflow and Wikipedia's culture problems in a nutshell: at a certain point you are just so toxic that nobody who's not interested in the game-playing itself is going to tolerate the game-playing. And at that point you have the "dead-sea effect" going, because the game-players will always stay around.
Is this a little unreasonable in the abstract? Sure, I am not engaging with the organization and then complaining when it doesn't work the way I want it to. But this is the practical reality - the public isn't going to build a better Wikipedia organization just for the sake of it. If you have a viable organization then some of them will contribute content, maybe. And if your editors piss it all away because it didn't meet X rule or Y rule then you will simply have a worse product, and in the long term people will stop contributing content because they see it doesn't matter (which is where we are with wikipedia right now in general).
I am not being prescriptive here - merely remarking on a phenomenon that is observable. Nobody likes interacting with career StackOverflowers or Wikipedians. They're, on the whole, kinda tedious and unpleasant people, and the product is worse as a result of this public disengagement. And this is not an uncommon opinion, you will not find a single person on Reddit who speaks positively of StackOverflow or Wikipedia's organizational culture, everyone (including their CEOs) knows they suck to interact with. The culture is toxic and rotten and the organizations cannot change it because a subset of the members relish in it being toxic and rotten, and over time the projects lose steam and falter due to public disengagement. You'll always have the greasies but the public is not beating down SO's door in 2023 to enlarge the community or to edit wikipedia and create content they know will be reverted by some basement-dweller.
Anything beyond fixing a minor typo or awkward sentence is kind of a waste of time on wikipedia, and that's really more than most people will even do to begin with. Just not interested in the social-game-playing aspects of it, and the content you create will be reverted and removed without you there being an advocate for it. The gameplaying matters more than the content, and that's what's killing SO too.
https://medium.com/@jayhanlon/welcome-wagon-dd57cbdd54d9
The problem for SO and Wikipedia is - those tedious, unpleasant people still generate a lot of short-term value even if they're a long-term problem. And just like the powermods of reddit, they wield a lot of internal power and can cause a lot of problems if you overtly (or even subtly) show them the door or put "please be nice" policies into place and anger them.
If it were just me, I'd keep my mouth shut (ok maybe not). Everyone knows SO and Wikipedia have culture problems, almost nobody has good experiences with their interactions on those sites, when that's the uniform experience you have an org problem.
But yeah, it's the paradox of intolerance in action. Being tolerant of shitty people leads to a shitty org culture or a shitty society/world. If they get too entrenched, you end up being unable to pry them off the levers of power and the dead-sea effect begins.
There's just also not really a way for them to move past them because the people causing those problems are powerful internal stakeholders. There's no easy solution to a rotten organizational culture and it leads to bad outcomes. It's a shame to see it happen but again, there's no magic wands to fix any of it. Whatcha gonna do.
I've had projects fail because of org culture problems (may have taken down the whole company at this point). But when the boss and the boss's boss are part of the problem, what can you realistically do? Not interact with that org anymore, that's about it.
Was it probably? I took a quick look at the deletions, the deletion reviews, and some of the older versions of the article. The article seemed to be very thin on actual citations, with way more text for a living-persons biography than I'd think reasonable for that level of sourcing. The deletion discussions were a hot mess, but my main takeway is what somebody else wrote there: "There's still not a single keep !voter here who has discussed which sources actually show notability."
Looking at the current article, my take is similar. I only skimmed, but I'm not seeing a lot of WP:RS compliant sources listed that would persuade me of notability even now; it's an awful lot of citation to his own works.
No need for such verbal contortion.
You're describing the far-right (Republican Party) and center-right (Democratic Party).
Left parties in the USA include Green Party, DSA, CPUSA, etc. They are largely irrelevant.
However, it doesn't have to be limited to legislations passed, but rather what is widely being discussed and pushed forward by the Democratic factions, the biggest example is the "Green New Deal"; more government intervention, increased spendings, massive expansion of state power.
US Senate and the solid blue core? Still firmly center-right.
For instance, Republicans are very unlikely to be elected in my city. So competitive candidates call themselves Democrats. And to establish their bonafidas, they might even hold a few select leftish positions to brag about. But when it comes to legislating and appropriations, the boring stuff that no one pays attention to, they're just as nimby, reactionary, regressive as any generic Republican.
Who are the likes? How many of them are there? AOC is a house representative; is there a progressive senator?
On the other hand there are sites like Danbooru which seem to thrive without advertising probably because the nature of their content drives advertising away.
I know that is a minefield of issues regarding access and moderation and it would make it a frequent election day financial harassment target but it would be nice to have something that is publicly funded, ad free, and not vulnerable to deep pockets stealing the entire system from the people.
I think doing feature development on big socio-technical systems with an entrenched user base, is fundamentally hard.
All of the BigTech companies are built on network effects and two sided markets