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Could such a model still succeed?
Yes quite probably.

I was always massively sceptical, as I think the idea of paying & receiving money for speech is inherently flawed.

I've always found this site very US American flavoured, and the USA is obsessed with tipping, while a large majority of the world is not, and finds it a distasteful practice.

I'm not completely sure of this but it seemed to me that when this site was solely using BTC via lightning (i.e. prior to the Cowboy Credits days) it was receiving regular injections of credit into its tipping system from its VC funders. And so the seeming 'success' of the model was propped up by this outside, unsustainable source. So again, no, I don't think a discussion forum founded on a pay/reward money system can, ultimately, succeed.