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From a market, not engineering pov: It's easy and effective to iteratively improve a website, to suit its present users. But once you've got most of that type of user, you're approaching a local maxima, and your growth slows.

When you want to grow beyond that, you have to appeal to a larger, broader, different segment - though hopefully a superset, not (too) disjoint.

For me, reddit is much less interesting than it used to be (HN also). Perhaps, if they alter it to become more like it was? e.g. subreddits partially achieved this.

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