147

Reddit’s blockchain-based “Community Points” tokens crash after sunsetting(arstechnica.com)

posted
*
by
Avatar
ijeff@lemdro.idA
in
Avatar
reddit@lemdro.id
14 comments
hidereport
  • 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.
Sort:
HotTopControversialNewOld
You are viewing a single thread.
View all comments
Avatar
567PrimeMover@kbin.social
31 points

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

permalink
report
reply
Avatar
Taako_Tuesday@lemmy.ca
10 points

Yes, they literally announced it like 3 months ago

permalink
report
parent
reply
Avatar
Whirlybird@aussie.zone
0 points

No it’s not.

permalink
report
parent
reply
Avatar
athos77@kbin.social
19 points

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.

permalink
report
parent
reply

Reddit

!reddit@lemdro.id

Create post

This is a place to discuss everything related to Reddit, including recent executive decisions impacting accessibility and other problematic leadership.

Memes are allowed.

Rules

  1. Stay on topic: All posts should be related to Reddit.
  2. Respectful discussions: Treat fellow community members with respect and engage in constructive discussions. Avoid personal attacks, harassment, or offensive language.
  3. No spam or self-promotion: Do not post spam or self-promotional content. This includes links to personal websites, blogs, or products/services.
  4. No illegal content: Do not share or discuss illegal content, including piracy, hacking, or copyright infringement.
  5. No misinformation: Avoid spreading false or misleading information.
  6. No inappropriate content: Do not post or link to any inappropriate or NSFW (Not Safe for Work) content.

Community stats

  • 1

    Monthly active users

  • 22

    Posts

  • 85

    Comments

Community moderators