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Phonetically, readit could easily be mistaken for the immensely popular reddit. This seems rather important from a branding perspective.

I assume its meant to be "read" sounding like "reed," not "read" sounding like "red".. but it's easy to see how this could cause confusion.

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Actually, given that it's a log of what you have read, I'm going to assume it is pronounced red-it.

Originally it was going to be "Who Read It?" but then I realized that the domain name could be creatively interpreted. Hence, just Read It. When I say it myself, I pronounce it "reed", probably due to the similarity to reddit (which I don't find to be particularly bothersome).

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