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Reddit mods dumped tokens hours before blockchain program termination (cointelegraph.com)
submitted 1 year ago by Number1SummerJam@lemmy.world to c/reddit@lemmy.world
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[-] Bishma@discuss.tchncs.de 194 points 1 year ago* (last edited 1 year ago)

Next time reddit will cut out the middleman and just sell rugs.

The "fuck spez" rug will be the best seller. When it inevitably gets pulled out from under each buyer they'll act all shocked, say "better not do that again, spez" and then go right back to standing on it because their friends are all standing on theirs too.

[-] gullible@kbin.social 53 points 1 year ago

Every time I see a rug pull, I giggle and consider making Rugcoin until I remember that it already exists along with several others, all instantly rugged.

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

my favorite is $SAFERUG

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[-] ThatOneKirbyMain2568@kbin.social 136 points 1 year ago* (last edited 1 year ago)

What's this? You're telling me that crypto based on Reddit blockchain points—points from a company that's constantly making rash decisions and removing large features—didn't end well? And people with inside info were able to get out before this concept failed?

Man, if only someone could've seen this coming….

[-] Number1SummerJam@lemmy.world 57 points 1 year ago

Spez and the whole Reddit company culture seem to be very in touch with the whole crypto ~~scam~~ industry. I wouldn't be surprised if Reddit admins moderate the crypto sub part time and they got in on this.

[-] partial_accumen@lemmy.world 28 points 1 year ago

I get the feeling Spez and other Reddit execs tried for years to make money out of reddit seeing only modest returns, then crypto comes on the scene and with conversations on Reddit being a large part of the success. Crypto grifters get in, pump, dump and cash out rich. Spez and other Reddit execs are looking at each other shocked saying "WTF just happened!? A bunch of folks just used the platform we built to get rich and we're still not! How can we do the same thing they did?"

[-] neptune@dmv.social 25 points 1 year ago

Reminds of that article about where crypto was speed running through the history of how all The securities rules got written in the first place. This is, of course, insider trading.

[-] N0body@sh.itjust.works 119 points 1 year ago

Anyone who invests in the Reddit IPO is a sucker.

[-] Speculater@lemmy.world 36 points 1 year ago

People are going to short the shit out of it, so the big guys are going to pump it early to milk the retail investors.

[-] ExtremeDullard@lemmy.sdf.org 98 points 1 year ago

From TFA:

moderator u/Mcgillby. On-chain data reveals that this moderator transferred more than 100,000 MOON over two different transactions on the Arbitrum Nova blockchain, turning it into more than $23,000

If there's a dollar sign, it's not play money anymore and the FTC should get involved.

[-] Rhynoplaz@lemmy.world 12 points 1 year ago

...in Etherium." You left that part out. It's still crypto.

I'm not saying that makes it any better, but your own quote invalidates your own statement.

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[-] HuddaBudda@kbin.social 84 points 1 year ago

There was no way that coin was going to sustain itself like Spez claimed it would.

People weren't going to buy crypto coins, just to give content creators medals. And the idea that medals would give more power to these people, except not really and only in polls.

This was such a jigsaw puzzle of shit, before you realized that each community was supposed to make their own coin that could only be used in that community.

At that point, it is a coin trying to be as complex as possible, without really doing anything that you paid money for.

[-] MyNameIsIgglePiggle@sh.itjust.works 39 points 1 year ago

a coin trying to be as complex as possible, without really doing anything that you paid money for.

Sums up the state of crypto pretty well

[-] HuddaBudda@kbin.social 24 points 1 year ago

I do think that crypto does have a place in the future, but not as a security, which is the current mindset behind most crypto.

Where others deposit large amounts of wealth into a pile... and that money is supposed to grow infinitely....

That's not how you use a currency like the USD or British pound are used. Money is a tool for us to understand the value of our items that we exchange or our labor that we create.

It has to circulate like a blood flow through an economy. And crypto is treating it more like a blood clot.

[-] Trainguyrom@reddthat.com 17 points 1 year ago

I think cryptocurrency has the best shot at relevance as a medium for internet tipping. Unlike processing most financial transactions its comparatively quite easy to accept tips and donations via cryptocurrency plus it allows very good portability between exchanges if you setup your infrastructure correctly. Almost everything else people and companies try to use it for appears to be nothing more than a grift of some sort, or at the very least profiting off of someone getting grifted

[-] eskimofry@lemmy.world 5 points 1 year ago

I guess people are just tired of the currently rigged stock market. Wall Street and Hedge Funds have made it such that they never lose. It's not cool that the SEC is not unbiased and even the U.S. Govt has interest in making anybody lose vs. the incumbents.

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[-] Naatan 76 points 1 year ago

Doesn't this constitute insider trading? Sincerely hope some redditor takes them to court.

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

Do insider trading and market manipulation laws apply to crypto, an unregulated speculative asset? This isn't rhetorical, I've no idea.

[-] thantik@lemmy.world 54 points 1 year ago

The federal securities laws do not exempt crypto asset securities from the prohibition against insider trading, nor does the SEC.

Found here: https://www.sec.gov/news/press-release/2023-98

[-] resin85@lemmy.ca 13 points 1 year ago

Yup. Anyone who received this non-public information and then traded based on that information is guilty of insider trading. I would also think that reddit has some liability here, as they shared this information to non-employees.

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[-] hark@lemmy.world 50 points 1 year ago

So does this count as some kind of fraud or insider trading that can be prosecuted by, say, the SEC or CFTC?

[-] Graz@feddit.de 24 points 1 year ago

Sure does! But nothing will happen, you're essentially a 100% safe running pump and dump schemes as long as you only rip off poor people.

Check out Coffeezilla's yt channel, there's loads of obvious fraudsters out there, nothing ever happens to them.

[-] postmateDumbass@lemmy.world 6 points 1 year ago

Good look for a company positioning to IPO...

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[-] hperrin@lemmy.world 46 points 1 year ago

Wait, Reddit and Reddit Mods are pieces of shit!? surprised_pikachu.jpg

[-] Sho@lemmy.world 22 points 1 year ago

Ppl still use reddit? 🤔 weird.

[-] bl4ckblooc@lemmy.world 19 points 1 year ago

The majority of communities I followed on Reddit did not live to Lemmy, or they did and got abandoned in a couple weeks. None of the sports or gaming communities I followed are here/alive here.

[-] Number1SummerJam@lemmy.world 9 points 1 year ago

Keep letting people know that this is an alternative to Reddit! There’s still hope, and getting Lemmy to grow starts with you.

[-] folkrav@lemmy.world 6 points 1 year ago

Gaming and sports communities? Not missing much most of the time 😛

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[-] havokdj@lemmy.world 39 points 1 year ago

Lol ain't no way, so reddit basically just pulled an exit scam?

[-] LazaroFilm@lemmy.world 30 points 1 year ago

Oh no! Unregulated market is bad‽

[-] MelodiousFunk@kbin.social 21 points 1 year ago

iT rEgUlAtEs ItSeLf

[-] pc486@reddthat.com 14 points 1 year ago

This is a regulated area, one that the SEC oversees. They've prosecuted insider trading on crypto: https://www.sec.gov/news/press-release/2023-98

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[-] Neato@kbin.social 24 points 1 year ago

Crypto. Is. A. Scam.

[-] Number1SummerJam@lemmy.world 13 points 1 year ago* (last edited 1 year ago)

It’s a cult too. It feeds on hype and marketing so people will say anything to keep the value of their worthless investments up. That’s probably why you’re getting a couple downvotes even though you’re 100% right. Wouldn’t be surprised if some coins got big from bot network spamming on social media.

Edit: they won’t even argue about it, they just keep downvoting. Proves my point exactly.

[-] TeachersPet1992@lemmy.ca 18 points 1 year ago

Crypto is used to scam, it doesn't mean the technology or the idea is a scam. I find it really ironic how Lemmy seems to hate it so much. I don't have any investment in it anymore because I don't like how profit-focused it became but I first got into it for the same reason I'm here on Lemmy, Bitcoin was an open source and federated alternative to money. Anyone could run a node and mine it. No more proprietary apps like PayPal.

While I don't think we will ever recapture the original spirit the tech had in the early 2010s I do find it quite sad that people think crypto = scam. Is HTTP a scam because scam websites exist? Are phones a scam because scam calls exist? I really wish people would separate the underlying technology (which is actually really cool) and the people using it.

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[-] Gestrid@lemmy.ca 19 points 1 year ago

I'm starting to lose track of all the changes Reddit's made to its award system in the past few months. Is this the same crypto thing they started a few years ago, or was it part of the awards overhaul from a couple months ago?

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[-] AllonzeeLV@lemmy.world 17 points 1 year ago* (last edited 1 year ago)

You go to bed with capitalists like Spez, you wake up with fleas.

And likely one less kidney.

[-] argo_yamato@lemm.ee 14 points 1 year ago

If this is true not sure if anyone should be surprised.

[-] Number1SummerJam@lemmy.world 13 points 1 year ago* (last edited 1 year ago)

Apologies for the crypto website as the article source- it summarized things well and was written by someone who knows a lot about the subject. That being said, if you’re going to invest, invest in something real and tangible.

[-] psycho_driver@lemmy.world 12 points 1 year ago

Must have been refreshing for them to get to dump something after constantly having loads dumped in them.

[-] abbadon420@lemm.ee 8 points 1 year ago

What does this mean?

[-] Number1SummerJam@lemmy.world 39 points 1 year ago

Reddit introduced a crypto as a way to monetize Reddit gold so users would get paid for posting. They abruptly cancelled the program after people had already bought into it but it looks like some insiders at Reddit got the news first- they sold their shares before they announced the cancellation. Basically Reddit committed investment fraud.

[-] macarthur_park@lemmy.world 5 points 1 year ago

I’m not sure this is correct.

The community tokens crypto has been around since 2020. I think that’s separate from the new gold monetization scheme.

[-] Teppic@fedia.io 9 points 1 year ago

I don't really use Reddit anymore, but my understanding was some subreddits had crypto coins, but Reddit withdrew gold and formally started supporting these crypto tokens instead after the API exodus had happened.

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[-] uphillbothways@kbin.social 7 points 1 year ago* (last edited 1 year ago)

Lol.

Reddit migration... $
Fuck spez... $$$
Reddit mods and admins getting fucked by the FTC/SEC... Fucking Priceless.

[-] magnetosphere@kbin.social 5 points 1 year ago

Ha. Ha ha. Ha ha ha. HAHAHAHAHAHAHAHAHAHAHAHHHHHHHH!!!!!!!!!!!!!!!!!!!!!

[-] Miclux@lemmings.world 5 points 1 year ago

Call me surprised that reddit mods have no morale and ethics.

They should name themself reddit cunts.

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this post was submitted on 20 Oct 2023
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