this post was submitted on 19 Oct 2023
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Reddit’s blockchain-based “Community Points” rewards crash after sunsetting (arstechnica.com)
submitted 1 year ago by L4s to c/technology
45 comments fedilink hide all child comments
 

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 137 points 1 year 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 35 points 1 year ago (1 children)

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

I'm not sure which is more believable.

[–] [email protected] 34 points 1 year 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.

[–] [email protected] 11 points 1 year ago (1 children)

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

[–] deweydecibel 5 points 1 year ago* (last edited 1 year 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.

[–] [email protected] 5 points 1 year ago

Why on earth would you invest money into reddit coins?