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As someone who was active on Reddit four or five years back, I can tell you that the slip toward cheap and easily-digestible material has been occurring since, well, four or five years back.
It's just another one of the reasons I like Hubski, and why I'm against seeing certain types of content here.
I've noticed that a ton of people of my highschool lurk reddit. This is a very recent event (maybe in the last 2-3 months). If you talk to them about the threads they read, they'll tell you that they only browse reddit because of the funny pictures. On one hand, this is pretty dumb because they are leaving themselves out of any meaningful conversation, but on the other I'm glad they are leaving themselves out of any meaningful conversation because I can't think that they would contribute positively. The day reddit dies for good is when these lurkers stop lurking and post their own meaningless content.