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Reddit is going to let you turn gold into money
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this post was submitted on 25 Sep 2023
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All of the last 20 years of social media engagement on the internet has been companies falling for the Pepsi Challenge.
The Pepsi Challenge was an ad campaign by Pepsi to get people to blind taste Coca Cola and Pepsi side by side and decide which one they liked better. Pepsi won a majority of the time, which led to a disastrous reformulation of New Coke (before customer complaints caused a reversal back to Coca Cola "Classic"). Now the consensus is that the Pepsi challenge was given in the wrong quantity to measure: people preferred a sip of Pepsi over a sip of Coke, but the preferences shifted back the other way when asked to drink an entire can.
Modern internet feedback loops reward users for very short term bursts of preference, leading to an engagement loop where each step seems like the best step for happiness and engagement, but where the overall loop leaves people feeling shallow and disengaged. Clickbait works at getting clicks but people don't actually like or respect the sites that do it. Same with influencer accounts working the recommendation algorithm rather than user satisfaction.
Providing a monetary reward will speed up that disconnect, and I think places where influence is rewarded with actual money will bring out a downward spiral.