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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[–] Nobody@lemmy.world 3 points 1 year ago

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.