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Medium's got all of that and a paywall for mediocre articles. Contrast that to Substack which is really about the brand of the author and not about the brand of Substack.

It is a problem though that Substack may not be a viable business, I mean they make all their revenue from two handfuls of million dollar plus bloggers. Any of them would be better off if they left Substack, paid somebody $20,000 to mate an email newsletter script to a payment gateway, and kept all the subscription money for themselves. The remaining creators don't bring in another money to bring the lights on so sorry for them.

Sure, Substack is better than Medium. But for a reader, it's worse than, IMO, Ghost, Wordpress, etc. Anything where, when you click a link to a blogpost, the first thing you see is the blogpost
Substack is high status. When I read Substack I feel like a high status Silicon Valley dweller Thielian. It’s all about the customer experience.
I think that's what they sell to writers. Does a reader experience this? I sure don't
This post was like any Substack piece I’ve read. Poorly developed and a bit of a rant. Stop whining. Don’t like it, don’t raise its social status by criticizing it.