[News] The Internet Was a Mistake

A thread for updates on the various ways the internet is destroying everything and the undying hellsites of social media. Let's all laugh at the abyss.

hbi2k wrote:

You don't hoard that kind of wealth because you're mentally well-adjusted.

While Iso does the extra-$10K a year experiment, I'll go ahead and submit myself to the hoard-billions-and-stay-well-adjusted test.

Dang I heard they were doing IPO. Would have been a nice gamble to buy 1k, let it rise $10 and sell. That sh*t always happens. More reliable than sports wagering

Stele wrote:

Dang I heard they were doing IPO. Would have been a nice gamble to buy 1k, let it rise $10 and sell. That sh*t always happens. More reliable than sports wagering

Regular Jane/Joe investors cannot participate in an IPO event, so don't kick yourself.

Every billionaire is a policy failure.

Of course it did. If you thought the ensh*ttification of Reddit was already bad enough, just hold on to your butts. Any predictions on what awful things Reddit management will do now to keep the line going up?

Bring back /r/upskirt and a bunch of other neckbeard garbage.

the most obvious would be to follow the Twitter and Facebook model of banning any liberal and left accounts for even the most innocuous transgressions while letting rightwing accounts get away with pretty much anything short of the most egregious instances of prolonged harassment.

ruhk wrote:

the most obvious would be to follow the Twitter and Facebook model of banning any liberal and left accounts for even the most innocuous transgressions while letting rightwing accounts get away with pretty much anything short of the most egregious instances of prolonged harassment.

Except doing that has annihilated nearly 3/4ths of Twitter's value.

*Legion* wrote:
ruhk wrote:

the most obvious would be to follow the Twitter and Facebook model of banning any liberal and left accounts for even the most innocuous transgressions while letting rightwing accounts get away with pretty much anything short of the most egregious instances of prolonged harassment.

Except doing that has annihilated nearly 3/4ths of Twitter's value.

It’s gotten worse under the new guy but they did that pre-Elon as well. Leftwing accounts getting banned or suspended for things like posting screenshots of stuff posted by rightwing accounts while the rightwing accounts who posted the stuff remained untouched happened so often during Jack’s reign that it became a meme.

Luckily Bluesky seems to be safer for leftists.

croaker wrote:
Stele wrote:

Dang I heard they were doing IPO. Would have been a nice gamble to buy 1k, let it rise $10 and sell. That sh*t always happens. More reliable than sports wagering

Regular Jane/Joe investors cannot participate in an IPO event, so don't kick yourself.

They emailed me about participating in the IPO. Not sure what the criteria were for getting invited.

https://www.cnbc.com/2024/03/20/redd...

The 19-year-old social media company set aside 8% of the shares in its offering for certain users and moderators, along with some company insiders and their friends and family members.

Yeah my SoFi account gave me the option for participating, but I passed.

He desperately needs the $$$$$$$.

"Beta male move taking your social media platform public" - Elon Musk, maybe

Chairman_Mao wrote:

Truth Social is going public

I thought Truth Social had already more or less failed? How could it suddenly be worth billions?

Well everyone is just guessing as to what happens when it goes public.

But as they note in the article...

In the hours after the merger was announced, DWAC’s stock fell by as much as 12 percent. The company behind Truth Social has been bleeding money since the platform launched in 2022. Trump’s media company lost $49 million during the first nine months of 2023, according to an Axios report from January.
Nevin73 wrote:
Chairman_Mao wrote:

Truth Social is going public

I thought Truth Social had already more or less failed? How could it suddenly be worth billions?

IMAGE(https://static01.nyt.com/images/2021/02/02/us/gamestop-stock-promo-1612301679434/gamestop-stock-promo-1612301679434-superJumbo.png)

IMAGE(https://pbs.twimg.com/media/GJcjwG3WEAAYizd?format=jpg&name=small)

IMAGE(https://i.imgur.com/bZDOTFW.jpg)

Looking at that chart the big question that comes up for me is "how much Tik Tok were government employees watching?"

so he was hoping the backdoor IPO of Truth Social would provide the grift that would give him the cash, but it looks like the stock price tanked. at open (losing 15% of value). And he is locked out from selling for the next 6 months so he can't access any of it to create liquidity without a vote from the board. He is quite likely to bully the board into letting him sell earlier, but even the very hint of that would indicate that he intends to dump his 51% share in it and crater its value when folks beat him to the punch and a mass sell off occurs.

Paleocon wrote:

so he was hoping the backdoor IPO of Truth Social would provide the grift that would give him the cash, but it looks like the stock price tanked. at open (losing 15% of value). And he is locked out from selling for the next 6 months so he can't access any of it to create liquidity without a vote from the board. He is quite likely to bully the board into letting him sell earlier, but even the very hint of that would indicate that he intends to dump his 51% share in it and crater its value when folks beat him to the punch and a mass sell off occurs.

I think he's locked out for at least 90 days anyway due to SEC regulations, but a lot of that depends on how they filed the necessary paperwork (and if past performance is any indication, they probably did it poorly).

Keldar wrote:
Paleocon wrote:

so he was hoping the backdoor IPO of Truth Social would provide the grift that would give him the cash, but it looks like the stock price tanked. at open (losing 15% of value). And he is locked out from selling for the next 6 months so he can't access any of it to create liquidity without a vote from the board. He is quite likely to bully the board into letting him sell earlier, but even the very hint of that would indicate that he intends to dump his 51% share in it and crater its value when folks beat him to the punch and a mass sell off occurs.

I think he's locked out for at least 90 days anyway due to SEC regulations, but a lot of that depends on how they filed the necessary paperwork (and if past performance is any indication, they probably did it poorly).

I heard one hedge funder on Marketplace talk about how he was thinking it would be a "fun stock" to play. My take is that there will be a handful of folks looking to make short bucks off of MAGAt ignorance. Possibly playing to pump it right up to Day 89 and then walking off with meemaw's Social Security check.

Who’s Behind All the ‘p*ssy in Bio’ on X? I clicked all the way through so you don’t have to.

“If our twitter bid succeeds, we will defeat the spam bots or die trying,” wrote Elon Musk in May 2022. “The bots are in for a surprise tomorrow,” he threatened shortly after the purchase closed. A new subscription service, he claimed, would “destroy the bots” with his new “anti-bot bots.” In 2023, the threat seemed to evolve. “We’re trying hard to stop bots & trolls on this platform,” he wrote in July. “Fighting bot and troll farms is hard,” he conceded. “The bot wars continue,” he posted in an August update. January of this year brought a shift in tone: “Bots are the devil (sigh).” In March, more signals of an extended, brutal campaign: “Stopping crypto/porn spam bots is not easy, but we’re working on it.”

The bots have not been defeated — if anything, they have become much more visible across the platform in ads, searches, and, especially, replies. By early 2024, they seemed to be speaking in one voice, with a unified message, in response to virtually any post. They said: “░M░Y░P░U░S░S░Y░I░N░B░I░O░.”

They said some other things, too, styled in various formats intended to confound anti-spam measures, but the message was fairly consistent: NUDES IN BIO, PICS IN BIO, ░L░I░N░K░I░N░B░I░O ░, ░B░O░O░B░S░I░N░B░I░O░, and so on. Starting in January, “MY p*ssy IN BIO” spam, after this point referred to as PIB spam, was nearly inescapable on X. Accounts with names like @SusanHall269784 and stolen avatars portraying young women in various states of undress diligently replied to posts about pretty much anything: sports, celebs, war, crypto. Sharing a difficult personal update? PIB. Some breaking news? PIB. Are you, perhaps, a bot yourself? ░P░I░B░.

The flood of horny spam became a meme. There were articles about it. Someone created a PIB cryptocurrency that now has a market cap of a couple hundred thousand dollars. There’s evidence it has cooled a bit, but months later it definitely hasn’t gone away. Musk has addressed it directly — the “we’re working on it” quote above is a reply to a user complaint about the problem — and the joke is now stale enough that one of his companies is using it in PR material:

Spam is hard. No real platform has solved it completely, and none ever will. Spammers evolve, platforms catch up, spammers evolve again, and so on until the last post is posted and the last user signs out. Individual spam tactics, however, do tend to have short lives, and while PIB won’t be with us forever, it’s notable that it has been with us for so long — a consequence, perhaps, of the near-total elimination of the teams that used to deal with such things at Twitter. Long enough to become a platformwide joke. Long enough to become genuinely sort of annoying even to the users who think it’s funny. And long enough to get some idea of who is posting all that P in all those B’s, and why.

Keldar wrote:
Paleocon wrote:

so he was hoping the backdoor IPO of Truth Social would provide the grift that would give him the cash, but it looks like the stock price tanked. at open (losing 15% of value). And he is locked out from selling for the next 6 months so he can't access any of it to create liquidity without a vote from the board. He is quite likely to bully the board into letting him sell earlier, but even the very hint of that would indicate that he intends to dump his 51% share in it and crater its value when folks beat him to the punch and a mass sell off occurs.

I think he's locked out for at least 90 days anyway due to SEC regulations, but a lot of that depends on how they filed the necessary paperwork (and if past performance is any indication, they probably did it poorly).

I heard something that lockout rules can be changed by the board, who are all subservient to Trump, so absolutely expect that to happen cos Donny desperately needs deniro.

Well I know De Niro doesn't want to have anything to do with Trump, but for all I know, denero doesn't want to, either.

No I earned that one. Can't even play the foreigner card cos i spent a year with Spanish on Duolingo.

Deneiro.

WaPo Paywall, but they've got a very nice article up about the hopeful end of the "Beastification of YouTube".

Garbage Day wrote:

The importance of YouTube as a cable TV replacement and Netflix competitor is why MrBeast, the platform’s biggest star, is spending between $3-$5 million per video right now, up from around $200,000 a video just a few years ago. To put that absolutely outrageous number in perspective, a MrBeast video is roughly the same cost per video as any episode from the first five seasons of Game Of Thrones.

But it’s not just YouTube that is tweaked for retention editing. It’s happening on TikTok, as well. Guides last year were saying you had to capture viewers in the first three seconds. I’ve read a few guides from this year that are now saying hooking a TikTok user has to happen in the first 1.5 seconds. There’s an oft-quoted “shoeshine boy” theory of markets, usually attributed to Joe Kennedy in the late 1920s, who said that when the boy shining his shoes had stock tips, he knew the market was about to collapse. Well, here’s a similar rule for digital video: If you’re trying to optimize your video in microseconds, the video pivot is probably already over.

The question, as always, is what comes next? YouTube is laser-focused on capturing the world’s televisions. In fact, the platform’s CEO, Neal Mohan announced yesterday that the platform is adding even more features for YouTube’s TV app. And TikTok, if it’s not banned or whatever, is trying to use its massive inventory of short-form video content to prop up both a search engine and an e-commerce operation. And we haven’t even talked about Meta’s video products here. There is simply no incentive for these platforms to regress even though users seem to want them to.