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JoshuaZ comments on Voiceofra is banned - Less Wrong
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I mean, there's sound psychological reasons that having karma would increase participation and quality. That's why reddit overtook classic newsboards
Slashdot had Karma years before Reddit and was not nearly as successful. Granted it didn't try to do general forum discussions but just news articles, but this suggests that karma is not the whole story.
slashdot was very succesful... at least enough that I know it's name.