this post was submitted on 18 Oct 2023
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Reddit’s blockchain-based “Community Points” tokens crash after sunsetting (arstechnica.com)
submitted 1 year ago* (last edited 1 year ago) by ijeff@lemdro.id to c/reddit@lemdro.id
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  • 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.
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[–] 567PrimeMover@kbin.social 17 points 1 year ago (2 children)

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

[–] athos77@kbin.social 9 points 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.

[–] Taako_Tuesday@lemmy.ca 8 points 1 year ago

Yes, they literally announced it like 3 months ago