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“Reddit cannot survive without its moderators. It cannot.” - The Verge
(www.theverge.com)
This is a most excellent place for technology news and articles.
I don't think the issue is that users will abandon, but that the site was only as usable as it was because of the mod tools that allowed the people who worked for free to moderate.
Now spam, hate, and all other such garbage will be a lot more common. One subreddit I subscribed to only had a single active mod and the only reason the sub was functional was the mod tools that now no longer work.
It may take some time, but people will leave when the subreddits are flooded with hate and spam.