Midseason split.

A friend of mine is saying that at this upcoming midseason split rewards will be given out and ranks will be reset. Is this true?!?! If that is not true, what exactly does the midseason split mean to those of us not playing high elo games?
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We're testing a new feature that gives the option to view discussion comments in chronological order. Some testers have pointed out situations in which they feel a linear view could be helpful, so we'd like see how you guys make use of it.

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