"Reddit is providing little to no unique value to the world. The delta of the world with and without Reddit is close to zero. Hence no value."
That's not the definition of "value" that everyone uses.
Suppose there was a bread company called Breddit that baked loaves of bread and sold them. It's very easy to argue that if Breddit didn't exist, someone else would bake and sell bread. No duh. But that doesn't mean a company that makes bread doesn't have value.
There's pretty much no company in the world that offers unique value...
It's not analogous. The bread company is lowering the price by providing competition. That's value that I get from their existence, that I wouldn't get if they disappeared. But I do agree with the proposition that companies in perfectly competitive markets without a differentiated product, aren't adding that much value.
That's not the definition of "value" that everyone uses.
Suppose there was a bread company called Breddit that baked loaves of bread and sold them. It's very easy to argue that if Breddit didn't exist, someone else would bake and sell bread. No duh. But that doesn't mean a company that makes bread doesn't have value.
There's pretty much no company in the world that offers unique value...