I disagree strongly. My complaints are not merely theoretical. Addressed in the Reddit post below and the three internally-linked articles. That subreddit itself is a failed experiment at community-building and fostering. One of several. (There's also been the rare modest success.)
https://old.reddit.com/r/dredmorbius/comments/8rq08y/i_wont_...
There was a time that intelligent conversation was ... reasonably easy to find online. You'd head to the appropriate Usenet group, later an email list, or, for a time, Slashdot.
Hacker News seems to be about as close to that as I can find at the moment. It has numerous flaws, and it definitely has its own niche. The moderation philosophy is excellent and the practice nearly always lives up to the goals.
I came to have a strong appreciation for the site by voicing disagreements to dang, generally in email, and though I sometimes disagree with specific decisions, the actions which are made are in general fair and serve the site's goals. The increasing politicisation over the past four-plus years has clearly been problematic, but HN's breasting of that surge has been largely admirable. Not that the occasional thread doesn't fall flat, and not that there aren't rampant attempts at manipulation. But as a whole, and compared to other platforms, the bottom's not fallen out, and the site's not become a complete cesspit.
Usenet was small. I've a copy of John Quarterman's The Matrix, an overview of online conversation forums and networks published in 1990 (it covers Usenet, it does not include WWW or Gopher). That includes DEC's estimates of Usenet activity. The total population with access was ~880,000, and I believe fewer than 150,000 active participants (posting activity). HN alone, a minuscule site by modern standards, is roughly comparable in size (precise statistics don't seem available, though this is my general understanding).
Usenet also had high barriers to entry, though based largely on interest and aptitude (by way of university campus access) rather than market-based rationing. Campus-based administration also helped moderate behaviour, though more overt mechanisms had to be developed with time, and ultimately Usenet could not scale to the hygenic-controls needs of a multimillion-user network, on several fronts, so discussion migrated elsewhere. (Yes, a tiny fraction remains on Usenet, but for all intents, it's dead, Jim. https://old.reddit.com/r/dredmorbius/comments/3c3xyu/why_use...)
It's not that you get trapped in some ED mutual admiration society. It's that the folks trying to launch or join an earnest discussion ... often cannot.
I do fundamentally believe that markets and information goods are a poor match. Attempts to "market it harder" to fix news, academic publishing, ratings, community, and most of all, conversation, seem to be a category error. https://old.reddit.com/r/dredmorbius/comments/2vm2da/why_inf...
Advertising seems remarkably pernicious, particular in its adtech instantiation.
Bitcoin ... well, that's another story ;-)