Of course, the data Reddit is selling is user information. Once again, Web2 proves that if the product is free, then the users are the product. Will Reddit share any of that $60 million with its users? Probably not.
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This is a false narrative that people like to believe it. It is not user information, it is the company information.
It is that simple. Users created it, by choice. Nobody forced people onto Reddit and post for years on end. But people do.
As long as people play victim and claim these tech companies are unfair because they stole data that is on their network, those individuals are screwed.
Even today, with it known what they companies are doing, people flock to these application. Look at all the people "on Hive" who spend their days on Twitter and Reddit feeding those databases.
It is true, they're doing it by choice. I didn't say they're being forced to do it. But people don't see that information as valuable. They've been trained to give it up for free, then the company monetizes it. Many of the users don't even know it's happening, sadly. Or don't care.
I would say for years, it was the first part. Now it is the second. There is plenty of info out there about it but people run to X and Facebook. Even those on Hive do so.
Yeah, I agree. I think people see a net benefit to an extended reach with their social media posts, even if they have to give up some of their personal data. The question remains, will the scales ever tip the other direction?
I believe it can. Network effects work in reverse. As more activity is taken away, it has a greater than 1 impact.
But you need people to start pulling away, especially who are who essentially hubs.
True. But I think the time it will take will be longer than it took to move from Web1 to Web2, which was essentially 8-14 years depending on when you pinpoint the beginning of Web2. I would say the transition was culminated with the advent of YouTube in 2005.
If we begin counting when the bitcoin whitepaper was published and count 21 years from there, we're looking at 2028 at the earliest but most likely sometime around 2032-35 before we start to see a mass migration over to Web3. The beginning of the early mass adoption phase.
The other likely date is the first use of Web3, in 2014. That's about the time there was any real consensus developing in the crypto community that a new layer of the web was on the rise. Counting from there, it could be 2034 at the earliest before the early mass adopters start to make the move.
To me, I would say the start date for Web3 was smart contract technology. That was the real game changer (after decentralized consensus from Bitcoin).
Hard to create much with those contracts.