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Slashdot -> Fark -> Digg -> Reddit -> Lemmy
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I mean, since there's no central site to shut down, Lemmy failing would pretty much just mean that it stagnates and some of the bigger instances shut down, at which point there still would be some remnant of it left to stay on, if a smaller one. Failing that, it isn't the only reddit alternative that people have been working on, so maybe one of the others will be more successful.
Exactly; if an instance goes down, then users can migrate to a new instance.