Reddit

This is a link to the coin/gold discontinuation post. Copy of the post text below:

Hi all,

I’m u/venkman01 from the Reddit product team, and I’m here to give everyone an early look at the future of how redditors award (and reward) each other.

TL;DR: We are reworking how great content and contributions are rewarded on Reddit. As part of this, we made a decision to sunset coins (including Community coins for moderators) and awards (including Medals, Premium Awards, and Community Awards), which also impacts some existing Reddit Premium perks. Starting today, you will no longer be able to purchase new coins, but all awards and existing coins will continue to be available until September 12, 2023.

Many eons ago, Reddit introduced something called Reddit Gold. Gold then evolved, and we introduced new awards including Reddit Silver, Platinum, Ternium, and Argentium. And the evolution continued from there. While we saw many of the awards used as a fun way to recognize contributions from your fellow redditors, looking back at those eons, we also saw consistent feedback on awards as a whole. First, many don’t appreciate the clutter from awards (50+ awards right now, but who’s counting?) and all the steps that go into actually awarding content. Second, redditors want awarded content to be more valuable to the recipient.

It’s become clear that awards and coins as they exist today need to be re-thought, and the existing system sunsetted. Rewarding content and contribution (as well as something golden) will still be a core part of Reddit. We’ll share more in the coming months as to what this new future looks like.

On a personal note: in my several years at Reddit, I’ve been focused on how to help redditors be able to express themselves in fun ways and feel joy when their content is celebrated. I led the product launch on awards – if you happen to recognize the username – so this is a particularly tough moment for me as we wind these products down. At the same time, I’m excited for us to evolve our thinking on rewarding contributions to make it more valuable to the community.

Why are we making these changes?

We mentioned early this year that we want to both make Reddit simpler and a place where the community empowers the community more directly.

With simplification in mind, we’re moving away from the 50+ awards available today. Though the breadth of awards have had mixed reception, we’ve also seen them - be it a local subreddit meme or the “Press F” award - be embraced. And we know that many redditors want to be able to recognize high quality content.

Which is why rewarding good content will still be part of Reddit. Though we’d love to reveal more to you all now, we’re in the process of early testing and feedback, so aren’t ready to share official details just yet. Stay tuned for future posts on this!

What’s changing exactly?

• Awards - Awards (including Medals, Premium Awards, and Community Awards) will no longer be available after September 12.
• Reddit Coins - Coins will be deprecated, since Awards will be going away. Starting today, you’ll no longer be able to purchase coins, but you can use your remaining coins to gift awards by September 12.
• Reddit Premium - Reddit Premium is not going away. However, after September 12, we will discontinue the monthly coin drip and Premium Awards. Other current Premium perks will still exist, including the ad-free experience*.*
• Note: As indicated in our User Agreement past purchases are non-refundable. If you’re a Premium user and would like to cancel your subscription before these changes go into effect, you can find instructions here.

What comes next?

In the coming months, we’ll be sharing more about a new direction for awarding that allows redditors to empower one another and create more meaningful ways to reward high-quality contributions on Reddit.

I’ll be around for a while to answer any questions you may have and hear any feedback!

Because they are unilaterally removing benefits that people have already paid for, and are explicitly stating that they will provide no refunds.

If you paid for a year of premium, a good chunk of the benefit has been the coins to buy awards.

After they get rid of both coins and awards, well, you have still paid for premium in advance, but it is now worth a fair bit less to some people.

Also bad, but more arguably in regards to the law, they are choosing to remove all past awards on posts and comments.

Which means that people who have bought coins (or premium to get coins) are having all of that undone, again, without any possibility of refund.

Arguably, this is much more problematic for people who had purchased coins, but who had not used them all before the announcement. Because that's taking the money, and then simply choosing not to provide the service that was paid for, while simultaneously stating that there will be no refunds.

You could try to argue that, well, they can use those coins up until they turn buying awards off... Except, well, one of the nice things about awards is that they last as long as the post or comment does.

This is... Problematic.

Extremely problematic.