- 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.
3 points
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.
10 points
What a bunch of scammers
5 points
What’s 85% of zero?
13 points
Lol this is why I wouldn’t trust a marketplace with Redditcorp (and spez) in control.
14 points
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.
14 points
If somebody cashed out a substantial amount the price would have gone down right?
3 points
8 points