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So the basic idea is to trim down your content stream and to reset your "read later" list every week. I'm not so sure that's much better than simply picking off your "read later" list little by little whenever you have time -- who cares if the list grows faster than you can read it? The web generates more interesting content than any one person could possibly consume anyway, so you may as well enjoy all the gems you find. What's the rush?
I encourage the use of any kind of method that increases efficiency and the rate of information absorption. Consider how much information was available now from 10 years ago: no facebook, no reddit, no wikipedia, no social news aggregation sites. Sure, we had the internet, but at least personally I didn't find it as addicting. I feel apprehension for the new generation at the information boom that they are faced with: how will they possibly learn to distinguish what they need to know from what isn't as relevant? How will they possibly absorb massive amounts of information, and actually learn instead of using google and wikipedia and online sources as just references? References are useful and important, but of course there is a basic amount of knowledge necessary that you need to obtain.
Every day as I browse hubski, ycombinator, and other webpages for news, I find myself spending hours on this stuff. Sometimes it's easy to rationalize in my mind that at least I'm not playing videogames, that I am learning something. But it's still distracting and takes away from actual work time. In the end, it ()is() still an activity I do for leisure. So I installed Website Blocker for Chrome, where I specified the blocking of certain websites that I visit daily between certain hours on the weekdays, to force myself to get back to work. Thank you for sharing.