2y ago

It seems reddit really will use crypto trading for it's icons and awards

Reddit ‘Moons’ Token Surges 300% Amid Rule Change Allowing Points Trading

Popular news aggregation and discussion website Reddit has changed its terms of service, allowing users to earn, purchase or sell currencies and items that can be cryptographically verified. The change in terms also explicitly outlined a clear separation in the definition of non-tokenized Web 2 virtual goods and tokenized Web 3 virtual goods, with a member of the Reddit product team disclosing plans to sunset the former.

59 comments

I thought we all agreed web3 was dead and killed by shills and get rich quick schemes. Why are people still on this bandwagon?
- Because of shills and get rich quick schemes.
- A lot of their recent moves reek of desperation. Literally anything that might squeeze keep the valuation from dropping any further is going to be thrown at the wall.
- Maybe Reddit’s investors haven’t caught up yet and love buzzwords like “crypto” and “blockchain” and NFT?
  
  There was a guy joined my last organisation who would not shut the fuck up about Blockchain.
  It was a retail org that sold branded mass produced stuff. There was no need for Blockchain but it was like, the only thing he knew about and his USP at interview stage.
  He got fired. It was a good day.
  
  Definitely a move just for the investors.
- I think whoever is still on it is just jumping from one hype train to another in denial, following other web3 bros news. They really believe it is the future without any understanding how it works.
  
  if selection of non-paywalled icons for reddit app is any indication this makes sense
  
  I believe it's the future and I 100% understand how it works. There are a ton of bad ideas, scams, and money grabs... But at the core the fundamental technologies have a lot of potential.
  Edit: to those that downvote, I'm willing to be civil and discuss if you want. If you want to down vote and move on that's cool too, I definitely get the skepticism.
  We all want a free and better Internet, that's why we are on lemmy. The core principals of bitcoin, Ethereum, monero (and a few others) are that. I don't want scams, or a bunch of "digital collectible"/nft cash grabs either.
- you know lemmy is web3, right?
  
  No it’s not. It doesn’t use blockchain as it’s distributed data store.
  
  Yeah I was gonna say. I'm guessing OP meant cryptocurrencies in particular, but you're not wrong. Federated services are an example of Web3 as well, since Web3 is defined by decentralization, which is the core premise of Lemmy
  So I absolutely agree, lambasting Web3 as a whole is rather disingenuous
- Because is still alive even if you don't like it.
- noo arbitrum nitro is le bad you have to use SQL instead
  would you chill the fuck out? it's just a database for fake internet points.
What a shit show.
The dumpster fire has reached a critical level of stupidity now, if someone would use that same stuff for a comic villain it would be dismissed as too far-fetched and unrealistic. Maybe he and ol' Muskie have a bet who can ruin their platform faster?
The folks at /r/cryptocurrency thinks this is a sign that community points (specifically their Moons) are going to be used as part of their program to reward Redditors monetarily for content. Personally, I have my doubts. This program is rumored to apply only to people in the US at first. Given the hostile reaction of the SEC right now to crypto tokens, I doubt any company that aims to go public will pay Americans in Crypto right now. It seems more logical that those payments will be in good old cash.
However, as someone who holds some Moons, I don't mind that people are confused, and aim to sell mine while the hype is still here.
- I have several hundred "Bricks" which is some cryptocurrency from r/FortniteBR ... It's stored in my "Vault" but I dunno how to use it or what I can buy with it. I dunno if I can sell it, but I remember them specifically referring to these Bricks as crypto when they came out, and they are earned by posting content and comments.
  
  Bricks are crypto just like Moons are, they're not quite worth as much though, 6 cents each or so the last time I looked. These crypto tokens are smart contracts on the Arbitrum Nova network, which is itself a layer on top of Ethereum. If that all sounds a bit complicated, that's because it is. Selling is a bit of a chore. It looks like there are services under development to make it easier, but of course those services will act as a middleman and probably take a bit of profit along the way.
  In your Reddit Vault Settings, there is a way to extract your Recovery Phrase. This is a way to access the crypto wallet inside your Reddit account in a standard form. You should save it in a safe place, on paper. Using that phrase in crypto wallet software will enable you to transact without needing the Reddit app to do so. But be careful! That phrase is like your crypto bank account, credit card number, SSN, and mothers maiden name all in one package. Anyone with access to that phrase can access your assets in that wallet. Dont use it in anything electronic until you are looking to sell. In the unlikely event hackers gain access to your personal files (on the cloud or your PC), they know what Recovery phrases look like and can use them to steal your funds.
  Regardless of whether you intend to sell or not, it's a good idea to save that phrase, so it gives you the option in the future, even if Reddit dies.
How much crack did spez consume?!?
- spez is going to bail on reddit the second his stock options vest.
  all he has to do between now and then is make reddit as bullshitty as possible so idiot investors line up to buy stock.
  
  This. All the signs point to Spez being done with Reddit. He wants out, but not before he makes as much money as possible.
- Yes
  
  /c/InclusiveOr ?
at least at twitter you could block everyone with nft pfp. have they learned anything from last time they tried this bs?
This just keeps getting weirder. There’s no shortage of fools on the internet, though, so it might actually work. Whatever.
- It is the 202* (brainless) CEO red flag. Don't make money? Try speculating on crypto and saying it is your new core business
  Proudly tested by teams at
  Twitter
  Tesla
  Signal
  Discord
  Telegram
  Facebook
  tens of others I have forgotten, but which also miserably failed
  Further proof of how isolated these CEOs live from the real world
  
  what signal and telegram did
The hi-res version of the standard Reddit mobile app icon will be an NFT.
That reminds me, i haven't gotten around to deleting my Reddit account yet. What should I use to delete all my posts/comments on there while I'm at it? I did get the data from my GDPR request
- Use https://github.com/andrewbanchich/shreddit
I don't care what reddit does.
- Then why are you subscribed to the Reddit community on here?
  
  They might not be browsing the subscribed tab.

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