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I don't think we can quite extrapolate the SN to the Reddit experience just yet. But I'd say SN is about as active as a mid tier subreddit, yet we're operating just fine using sats as the moderator
Although new users on SN don't get explicitly blocked, I do observe them having a hard time getting engagement. But that's partly coz we've been inundated with bots and it's hard to tell who's a genuine new user and who's a bot
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I think I stumbled upon SN in 2022 and made my comment a few months later then came back a few months later in 2023
What helps is creating a 'bio' or profile... I was surprised by the welcome reception or orientation
You are right, it is difficult for a new user to break through
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That was my experience. I think it's still undecided whether sats alone are enough to solve the problem of users who have no reputation/karma/history, but it might be.