I remember we talked a little about digg.com in class. I recently stumbled across reddit.com and found it similar to digg. Users submit links that they find interesting and people upvote or downvote it depending on if they like it or not. The links with the most votes get moved to the top. Everyone can check it out at reddit.com
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A student group in my other section did a nice presentation on Reddit. They noted that, although they compete to some degree, both Reddit and Digg have formed a friendship and that there is no direct animosity between the two ventures.