on its road to literally becoming a corporation.

Literally what does he think Reddit is?

we can ban you.

Reddit has always been able to ban you for any reason.

We can send you malicious javascript attack ads that have the potential to get you banned.

Malware distribution is illegal lol.

We can spy on you in any way we want.

Nowhere does it say that; this depends and has depended entirely on privacy laws.

We can capriciously cancel your account for any reason

Reddit has always been able to arbitrailly ban you whenever.

can even hijack video content as ours, even if its from google -- so we can launder IP this way

Literally what? He has a bad habit of not directly quoting the specific parts he's referring to next to such statements and explaining how he gets from A to B.

I don't really understand how he phrased it, but if content is copyrighted by someone else and you post it, Reddit still has to follow said copyright.

"Your license does not include the right to: license, sell, transfer, assign, distribute, host, or otherwise commercially exploit the Services or Content;" -- I read this as "it doesn't give you a right, because that's what COPYRIGHTS are for"-- I wouldn't worry about this as much as I initially did

His reading is nonsensical. You retain copyright on your content, but you give Reddit some rights regarding its usage by them.

It's like with many open-source license you retain copyright but give others the right to reuse your code.

By the Services and Content they literally mean Reddit itself; the code and stuff which comprises the website. They're saying that you can't reuse their code.