I’m guessing they think it would be like Facebook where you need an account to see the bulk of it. But Facebook, Instagram has the whole “Talk to your friends and family” angle and Reddit doesn’t have that.

They are trying to build a moat. Yes, it can keep people in but it also stops new folks from coming in. This might be the Digg moment of Reddit but then we have heard that many times over the years in the past. It is probably just a long slow bleed.