Spez is wrong, and I'll tell you why. Look at my user account. This entire episode has pissed a lot of people off, to the point of going back to previously visited forums. This is as big as the Digg 4.0 debacle. Reddit owes it's current existence to that event, but has to realize that it can all come crashing down.
But this is 13 years since that event that exploded Reddit popularity. While it has become the next Facebook essentially, with local subs for nearly every city in North America and Europe, nothing stops it from losing all of this. If the mods abandon subs and the admins are forced to take over, only the largest subs will survive. All of the local city subs will disappear because they won't have the subscriber count high enough for the admins to care. All of the niche specialty subs with the information everyone searches Google for will disappear. All of the TV show subs will disappear. And at a certain point, all that will be left are the top 20 subs. And that's when user engagement will start dropping.
Reddit will survive in some form, but the soul will be dead within 2 years. Everyone will go elsewhere for the specialty discussions and the local content. It's already starting to happen. I'm just one example.
