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If you didn't live through this (and, to be clear, I only lived through the dying days of this) it might seem like Hypertext and The Web have fully supplanted that earlier method of curation and distribution with something better.

This is a mistake.

The web and search engines enabled a different kind of distribution and curation, but they also robbed the earlier curation and distribution of one of it's key incentives (cash! I'll talk about this more in a bit) and one of it's key strengths (fellowship!)