A lot of folks already pointed out Voat's main issues, but the biggest thing here is that any sort of open source thing like this can't really totally fail if anyone is still using it. Voat was still centralized if I'm not mistaken.
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People seem super jazzed about the decentralized nature of Lemmy and other stuff in the “fediverse”. I don’t really understand how it works but it seems cool that Lemmy isn’t a single company/website. Can’t have a power tripping CEO or a board that panders to shareholders that way.
People over complicate federation. I write federated software so lemme break it down. Federation just means data sharing. When you post something on a federation enabled website it sends a copy of your post to everyone who follows you and tells their service to store your data in their database in addition to their own data. What this means is that you can't just blow up a server to shut it down because everyone in the game has a copy.
This is just the start of Reddit's board going for the big money. It's at odds with a volunteer modded site and volunteer created content. Mods aren't going to be happy to do unpaid work just so the CEO can get rich. This API stuff is just the first exposure of this conflict. As more mods wonder why they are doing this for free just so what's his name gets rich, more will abandon Reddit and come to Lemmy.
I don't think Lemmy will have the same fate as Voat. Voat was just loonies going...well....loose. This time, its all of Reddit users.
Well for one Lemmy is open source and federated. It's not one site, so even if the developers get tired of fooling with it, the servers don't depend on them and other people could take over development without express permission from the original developers.
Voat was a racist, fascist hell-hole where the most terminally-online and unlikeable people on the internet were corralled together. It was the social equivalent of shooting fish in a barrel.
Lemmy seems to be insulated from Voat's fate because it was a hard left-turn in the face of a platform implosion.
Oh my god I forgot voat existed. Isn't that a far right hell hole now?
It's gone now, thankfully but yes it turned into an alt right paradise before it went kaputt.
Voat was a replica of Reddit in design. One centralized server. We would have ended up in the same crappy place even if that were a success because at some point they would have wanted to monetize it also.
You have to do some reading and learn about the technology behind Lemmy and federation to understand.