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Reddit’s blockchain-based “Community Points” rewards crash after sunsetting (arstechnica.com)

submitted 11 months ago by L4s@lemmy.world to c/technology@lemmy.world

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Reddit’s blockchain-based “Community Points” rewards crash after sunsetting::Tokens based on subreddit reputation saw dips over 85% after the announcement.

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[–] givesomefucks@lemmy.world 119 points 11 months ago (2 children)

While most people likely never noticed the loss of their Community Points, some who actively acquired them, or even bought more on the blockchain, are reporting losses of thousands of dollars. Conspiratorial claims of Reddit having "rugged" the currencies—pulling money from the system before a sudden shutdown—floated on social media.

I'm gonna laugh so hard if people get insider trading charges on shit coins because of this.

[–] Usernameblankface@lemmy.world 31 points 11 months ago (1 children)

Someone spent thousands of dollars? Or many users collectively spent thousands of dollars?

I'm not sure which is more believable.

[–] RootBeerGuy@discuss.tchncs.de 28 points 11 months ago (1 children)

Well, it is likely the same as with mobile gaming. A few whales spend thousands of dollarinos on a game because they just happen to be rich.

[–] luciferofastora@lemmy.zip 6 points 11 months ago (1 children)

...or at least so addicted they'll spend themselves into trouble

[–] deweydecibel@lemmy.world 3 points 11 months ago* (last edited 11 months ago)

Even then, they're not likely spending as much as the rich fuckers. No matter how addicted you are, there's only so much you could spend before you're just out of money.

There's streamers to consider nowadays, too. Many live service competitive mobile games have streamers that get fed money from advertisers to fund their in-game purchases.

[–] stolid_agnostic@lemmy.ml 4 points 11 months ago

Why on earth would you invest money into reddit coins?