this post was submitted on 18 Oct 2023
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Reddit’s blockchain-based “Community Points” tokens crash after sunsetting (arstechnica.com)
submitted 1 year ago* (last edited 1 year ago) by ijeff to c/reddit
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  • Reddit is discontinuing its blockchain-based Community Points system, affecting tokens like MOON, BRICK, and DONUT used in specific subreddits for tipping and premium features.
  • The announcement led to a drastic decline in the value of these tokens, with MOON losing more than 85% of its value shortly after the news.
  • Reddit cited scalability issues and regulatory concerns as reasons for the discontinuation, shifting focus to its newer Contributor Program that rewards users with actual money.
  • After November 8, Community Points will be removed from users' Vaults, and any remaining points will be "burned" by year-end; however, Reddit's NFT marketplace will remain operational.
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[–] gullible@kbin.social 14 points 1 year ago (2 children)

https://www.coingecko.com/en/coins/moon

A week ago, the price jumped up 20%. Methinks someone learned that the end was near and decided to cash in/out.

[–] Selmafudd@lemmy.world 14 points 1 year ago (1 children)

If somebody cashed out a substantial amount the price would have gone down right?

[–] gullible@kbin.social 3 points 1 year ago

It depends on quite a few factors, but generally yes.

[–] stolid_agnostic@lemmy.ml 8 points 1 year ago

There is nothing on Reddit that is not manipulated.