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It’s now a symbol of how deteriorated Reddit has become. I mean, yeah, you’ve summarized it perfectly. r/place is now the symbolism of everything wrong with Reddit. It’s repetitious, as much as all of the karma farming posts on Reddit have been for years. All the other places had contained a culture snapshot of everything that Reddit brought together.
All that this version of Place has brought, is all of the anguish towards one person and their poor decision making.