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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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[-] 567PrimeMover@kbin.social 31 points 1 year ago

Wait, is this the brand new system they just launched after trashing reddit gold and awards?

[-] athos77@kbin.social 19 points 1 year ago

No, spez fell in love with crypto like five years or so ago and they trialed a reddit crypto thing in like 3 subreddits. It never worked as well as they hoped it would and it's first more than they wanted, so they're dumping it and pushing everyone over to the new Community Points thing. Which has a whole bunch of restrictions designed to prevent the vast majority of people from ever being able to withdraw their fake money.

Fuck spez.

[-] Taako_Tuesday@lemmy.ca 10 points 1 year ago

Yes, they literally announced it like 3 months ago

[-] Whirlybird@aussie.zone 0 points 1 year ago

No it’s not.

[-] tromars@feddit.de 25 points 1 year ago

As of November 8, coins like the "MOON" that r/CryptoCurrency used for tips, premium features, and even voting shares will be removed from users' Vaults. Noticing this, the value of most Reddit-based coins took a nearly straight drop on Tuesday after Reddit's announcements. MOON was trading just over $0.20 at 1 pm Eastern, shortly before the announcement in its subreddit. Shortly before 3 pm, MOON had dropped just below $0.02, a loss of more than 85 percent, with fellow Reddit currencies BRICK (r/FortNiteBR) and DONUT (r/EthTrader) seeing similarly precipitous plunges.

That is the most dystopian paragraph I’ve ever read, I think.

[-] krellor@kbin.social 14 points 1 year ago

You load 16 tons, what do you get?
Another day older and deeper in debt
St. Peter, don't you call me 'cause I can't go
I owe my soul to the company store

[-] gullible@kbin.social 14 points 1 year ago

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

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.

[-] Rentlar@lemmy.ca 13 points 1 year ago

Lol this is why I wouldn't trust a marketplace with Redditcorp (and spez) in control.

[-] chicken@lemmy.dbzer0.com 10 points 1 year ago

What a bunch of scammers

[-] DrQuint@lemm.ee 5 points 1 year ago

What's 85% of zero?

[-] Nobody@lemmy.world 3 points 1 year ago

Reddit figures out cryptoscams are a thing 2 years too late and screws up the rollout. They should think about pushing back the IPO indefinitely. It's going to be a bloodbath.

this post was submitted on 18 Oct 2023
147 points (98.0% liked)

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