Tokens based on subreddit reputation saw dips over 85% after the announcement.
  • 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.
    • athos77@kbin.social
      7·
      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.

  • tromars@feddit.deEnglish
    4·
    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.

  • Nobody@lemmy.worldEnglish
    3·
    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.