I don't dispute any of those points, but I think it's still silly to talk about anything in terms of "product" that isn't their community. Reddit the software c

I don't dispute any of those points, but I think it's still silly to talk about anything in terms of "product" that isn't their community. Reddit the software could come and go, it's essentially irrelevant to the workings of the site (barring radical changes). Whatever you call the community of users that's still the thing you have to try and cultivate, the thing you are presenting to investors, the thing that increases your revenue.