Oh no! Unregulated market is bad‽
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
There’s no way we’ll know this soon but, given there’s been a huge push at the SEC to clamp down on crypto-related financial crimes[1], I wouldn’t want to be anywhere near this debacle.
Before I go, I’ll just leave this link: Report Suspected Securities Fraud or Wrongdoing.
- Dot your i’s and cross your t’s with crypto and dancing with the SEC. LBRY failed to register as a security when they pre-mined and yesterday it sank their company. Charges are pressed in bursts of new cases almost every month.
If this is true not sure if anyone should be surprised.
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.
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.
What does this mean?
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.
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.
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.
Wait, Reddit and Reddit Mods are pieces of shit!? surprised_pikachu.jpg
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.
