Reddit launched their own cryptocurrency
- Thread starter bartosimpsonio
- Start date
GoGuerilla
Power Member
- Oct 15, 2018
- 744
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But this has a slight difference - and is just a small sliver of whats to come. Is it revolutionary in it's current form? No, definitely not. But it does show a glance into what is possible in the future with being able to have democratic digital communities.
These tokens are not controlled by the admins of Reddit, nor the moderators. They are controlled by the underlying ethereum network and the contracts in which dispense these tokens.
D
Deleted member 1333509
Guest
China is testing the Digital Yuan in 4 cities right now as well (their new national crypto).
Reddit adopting crypto + China adopting crypto + most major banks in the world adopting crypto + Facebook adopting crypto + lots of other instances.. bit of a pattern going on here.
Reddit adopting crypto + China adopting crypto + most major banks in the world adopting crypto + Facebook adopting crypto + lots of other instances.. bit of a pattern going on here.
- Apr 21, 2015
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AKQJ10
Regular Member
- Apr 25, 2017
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I don't think so I have these for months, never knew what to do with them.
That's the Community Coins, a different concept than Community Points. You can use it to award users in your sub.
https://www.reddit.com/r/modnews/comments/ci60j7/an_update_on_community_awards_we_heard_your/
- Apr 21, 2015
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ahh cool, thanks.
bartono
Senior Member
- May 18, 2009
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- Mar 21, 2013
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I think it's gonna be all of Reddit. Right now they're testing a few tho.
Your quote leaked from my Satoshi disclosure thread.
Send the 10 BTC pls sir
If you don't know by now, then you probably don't need to know.
All online communities are dying. I can't stand reading a single comment on Twitter anymore.
Users feel like they must vent all their hate and frustrations on everyone else.
This is good for Reddit though.
I think Reddit is the least monetized social platform [The owners make the least amount of $$]
Redditors hate -
Bunch of Suckers!
- ads
- marketing
- promotion
- sales
- billionaires
- millionaires
True. They hate work and anything that makes a profit.
RIP link. Thanks for all the fish.
Why would anyone buy any of the top 100 cryptocurrencies?
Yeah just milk it while it lasts. Good money maker.
Except it's on the ethereum blockchain which means you can trade it anywhere tokens get accepted.
If Reddit manages to turn karma into monetary value, it's gonna be revolutionary.
Wink wink.
- Sep 7, 2017
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Elvlin
Elite Member
- Nov 4, 2018
- 5,067
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can imagine the hate on this. let's say someone have so many coin, and make the community hate him with envy,or jealousy, than someone start a hate speech etc, making the community strike him and all his coin gone.
Peenoi
Junior Member
- Dec 6, 2018
- 157
- 73
True dat. I think the Mods of the sub-reddit will still have the final answer.
tb303
Supreme Member
- Dec 18, 2011
- 1,238
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Is this true though I cant seem to find an answer? Is it one erc token that reddit uses to handle the different points across different subs or an erc for each supported sub? The latter sounds like a nightmare.
Also I know they say they are paying the gas costs now but thats easy when its on testnet. What happens then will users need to buy ETH to cover the gas cost of tipping someone?
There are also going to be KYC issues down the road if you can withdraw from reddit and sell on an exchange.
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ScribScribScrib
Elite Member
- Mar 15, 2017
- 2,359
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Can't wait for this to be fully implemented and functional!
Fragmaster
Senior Member
- Apr 3, 2016
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This one will be interesting to follow. STEEM and it's fork HIVE are poor imitation of reddit. If you don't remember how these work check them out, they can give you a decent idea what to expect when reddit does it.
D
Deleted member 1333509
Guest
Decentralised moderation is one of the most interesting concepts I've heard of within the scope of the tokenisation of value in communities. The closest thing to it is Stackoverflow.
If a community can create a system that effectively promotes the production of high quality content while disincentivizing spam and malicious content, while rewarding users proportionately for their contribution to the quality of the platform, and all of this is done autonomously and in a truly decentralised way, it will be one of the greatest achievements of cryptocurrency and blockchain to-date and something that is at the core of the original, authentic aims of cryptocurrency.
If Reddit tries to do this and succeeds, it's more than a big deal. It's incredibly complicated - beyond difficult once you start to consider the vectors of attack that need to be protected against while not centralising the system, and how it has to evolve over time as the ecosystem develops while still remaining robust to attacks. Brain-explosion difficult.
If a community can create a system that effectively promotes the production of high quality content while disincentivizing spam and malicious content, while rewarding users proportionately for their contribution to the quality of the platform, and all of this is done autonomously and in a truly decentralised way, it will be one of the greatest achievements of cryptocurrency and blockchain to-date and something that is at the core of the original, authentic aims of cryptocurrency.
If Reddit tries to do this and succeeds, it's more than a big deal. It's incredibly complicated - beyond difficult once you start to consider the vectors of attack that need to be protected against while not centralising the system, and how it has to evolve over time as the ecosystem develops while still remaining robust to attacks. Brain-explosion difficult.
- Nov 16, 2011
- 19,802
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If they allow converting karma to crypto, a lot of members here will become rich. In my opinion, even if they decide to do so, they will limit it to aged accounts like 4-5 year old accounts.