Reddit’s blockchain-based “Community Points” tokens crash after sunsetting
arstechnica.com
Tokens based on subreddit reputation saw dips over 85% after the announcement.

Reddit’s blockchain-based “Community Points” rewards crash after sunsetting::Tokens based on subreddit reputation saw dips over 85% after the announcement.

  • AutoTL;DRBEnglish
    23•1 year ago

    This is the best summary I could come up with:

    Reddit’s Community Points, a blockchain-based rewards system for quality posts, comments, and other contributions in a subset of subreddits, is going the way of many similar tokens launched during the crypto boom times: away.

    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.

    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.

    Conspiratorial claims of Reddit having “rugged” the currencies—pulling money from the system before a sudden shutdown—floated on social media.

    Its newer Contributor Program, which rewards users with actual money from the Reddit gold and karma they accrue, is one such example.

    With a certain number of Community Points, moderators could offer “Special Memberships,” which would allow for badges, GIF embeds, animated emojis, or other upgrades.

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