I would like to see reddit release a product where I, can implement a forum system much like reddit but completely autonomous and hosted on their own service - basically a replacement to the dreaded phpBB. Hell, I'd pay for it.
That's true, however it's not really in a highly usable state. I believe it's one of their aims (although, that's been the case for a while) to remedy that situation, but you'd have a tough time using it in this way at the moment.
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I've mentioned this before in a different comment: http://news.ycombinator.com/item?id=2948396
I would like to see reddit release a product where I, can implement a forum system much like reddit but completely autonomous and hosted on their own service - basically a replacement to the dreaded phpBB. Hell, I'd pay for it.
You can already do that. You can assign a domain name to a reddit and they style it, which basically gives you exactly what you want.
The reddit code is open source
That's true, however it's not really in a highly usable state. I believe it's one of their aims (although, that's been the case for a while) to remedy that situation, but you'd have a tough time using it in this way at the moment.