I was unaware of imzy, but reading between the lines of that article the cause of demise seems to be "not enough traction to be successfully run as a business".

I was unaware of imzy, but reading between the lines of that article the cause of demise seems to be "not enough traction to be successfully run as a business". sounds like there were communities there who were using it and enjoying it, so the real failure was the expectation that it would get as large as reddit and sustain a business model, not in the lack of usefulness to its users.