Early Reddit isn't what what most would call a "bad result". Ditto for early 4chan and for a lot of smaller communities that have very little restrictions on content beyond civility and anti-spamming.
The problem is that having uncensored speech doesn't scale, because eventually you'll become big enough to attract media scrutiny, which inevitably cherry-picks the worst parts of the user base. This cause 1) advertisers to pull out and 2) starts attracting more of the wrong type of users.
The problem is that having uncensored speech doesn't scale, because eventually you'll become big enough to attract media scrutiny, which inevitably cherry-picks the worst parts of the user base. This cause 1) advertisers to pull out and 2) starts attracting more of the wrong type of users.