Read all about it at the above link. There’s way too much to process here. This is going to be wild.
It says you get them by contributing, so like 10 people are going to own 80% of all the coins on Reddit.
10 repost bots will own all the coins
Honestly if the coins are tradable on an online market for real money, I’ll also be setting up repost bots. Might as well make money while you can.
Community Points are the first step towards a better future for online communities. In order to be truly independent from platforms like Reddit, communities need to be owned by their members in ways that platforms cannot take away. With the advent of blockchain technology, we now have a way to establish this freedom in a decentralized and secure way.
The way to be independent of Reddit is by having a token on a blockchain maintained by Reddit?
Guys, you missed the block chain boat, this isn’t going to save your IPO
Spez has been jonesing for redditcrypto since 2016.
Well yeah how else is he gonna pay for his jailbait cp
With their servers always going down I assume they won’t mine this thenselves. I bet they push that load out onto user clients lol.
right? Blockchain is so 5 years ago
They’ll do something with AI in 3 years or so, if they still exist.
In a few months all content in Reddit will be AI generated
*weeks
Y’all heard about that Web 2.0 thing?
Although I’m not in any way aware or alive when that was happening back then - that “.com bubble” blast I think? - I surmise that was a real crash-and-burn phenomenon, McKinstry’s “CR6” internet show being one of its casualties, despite its significance in online emergent media history.
Isn’t anything post dot com bubble considered Web 2.0?
So we’re still in Web 2.0, or when was the cutoff?
The dot com bubble was late 90s, early 2000s, tons of companies went under. Lot of jobs and VC money lost. People had to rethink how they could monetize, stop a lot of advertising scams, and what was really worth investing in that might return a profit.
Dot.com bubble was web 1.0. Big centralized sites like Reddit are web 2.0.
Here is an alternative Piped link(s): https://piped.video/YQ_xWvX1n9g
Piped is a privacy-respecting open-source alternative frontend to YouTube.
I’m open-source, check me out at GitHub.
Holy shit.
I did not expect the next wave of new users on Lemmy to be happening this soon.
Batten down the hatches mateys. Tharrr be a storm brewin’ ☠️ 🏴☠️💀
At least we got some better mobile apps now. Hopefully Photon gets replaced as a front page on more instances too. That’d get a lot more people to stay.
Photon is really amazing. I hope it gets the support and attention it deserves
Me neither. How long till old.reddit.com goes away? That was supposed to be the next big spike in the Lemmy growth curve.
I can’t believe I read that whole thing. I take that back, I can’t believe Reddit actually thought this was a good idea and put it out into the world.
I’m still using Old Reddit so the second it goes down you’ll definitely be hearing about it, at least from me 😉
Well in January I believe they told third party app developers that they weren’t going to charge for the API this year (but that someone was in the works). Then May I believe is when reneged on that? June? I know the charging went into effect on July 1.
In May/June Spez said that old Reddit wasn’t going anywhere. So we can extrapolate ~October for them to announce it’s ending, and then it being killed by the end of the year.
New LemmyFediverse boi since the Great Purge; this is seriously happening again, already? Glad I got out when I did. Compared to the old place, experiencing and interacting with Lemmy is like a calming dip in the Great Link (not a Changeling honest)
Poor Lemmy servers.
Same
Oh well, can’t wait for the all new people to come here
Also an odd statement from a company that just strong armed a bunch of communities into either conforming or having their leaders replaced.
Almost like they’re creating the problem in order to sell the “solution”
FYI, this isn’t exactly news, it’s been publicly announced over a year and a half ago. I’m not a fan of what Reddit’s doing either, but after reading this comment section I feel like this needs to be put into perspective a bit.
Oh wait that platform still exist? Damn it’s been so long… I’ve forgotten about it since June 12
In order to be truly independent from platforms like Reddit, communities need to be owned by their members in ways that platforms cannot take away.
Is this a fucking joke
Yeah, it is. It’s nothing new. Here is a post about it from 3 years ago:
I love shitting on reddit as much as the next guy, but I don’t think they are actually implementing this.
They’ve updated their preview feature TOS as recently as last month to push forward with avatars and community points, I reckon they’re just biding time to sync it with the next bull run to maximise value and heighten chance of seeming like they have genius cutting edge foresight.
The bottom of that’s also funny because it makes it clear their smart contract is permissioned and if they don’t like what you do with your virtual goods they can remove them from you. Very immutable, wow, such ownership.
Thanks for this! I was having trouble finding anything with a recent date on it related to Community Points.
That makes me wonder if Reddit is trying to keep this under wraps until release date, so that their remaining userbase doesn’t have another protest. It’s kind of crazy that they have been working on this crypto garbage for three years, yet don’t have the foresight to see that this is going to backfire. Is there anyone, aside from crypto bros., that are even interested in crypto and NFTs anymore?
“Failure to follow and comply with the above rules may constitute a breach of the Previews Terms and result in a temporary or permanent ban from Reddit or certain subreddits or removal of your access to Reddit Econ Goods.”
So they can take your coins at any time if they don’t approve of something that you do.
“By using any Feature, you understand that the Feature may be canceled at any time for any or no reason, in our sole discretion, without advance notice or liability to Reddit. We reserve the right to modify, suspend, or discontinue any Feature (in whole or in part) at any time, with or without notice to you…There will be no refunds if any Feature is no longer usable on or through the Services.”
Also, they can get rid everyone’s coins at any time without reimbursing them. I hope Community Points will be the final nail in Reddit’s coffin. It would be really funny if Reddit was killed by crypto.
Oh there’s a ton of interest but just kept to shitcoiners for now - the subreddits are nothing like they were during the bear market around 2019, back then it was a ghost town even with a subscriber count of 800k but now they’re still very active due to an influx of millions of users (6m subs on the main shitcoin sub).
It’ll all likely swing back up in the next two years and become a media and scam frenzy again, then another crash, rinse, repeat.
Reddit shilling decentralisation and ownership knowing how they’ve acted the last few months is hilarious though, they’ve been prideful of saying “nope you don’t own shit,now fuck off somewhere else” and spez bootlickers have been parroting it endlessly too. Seems odd that they’re the people Reddit are going to have to advertise this… Fauxnership to.
I’m not sure if I agree that crypto is going to swing back up, or at least not like it did in 2021. The subreddit may have more than 6 million users, but it doesn’t have any posts in the past week with more than 1000 upvotes. In reality, the crypto subreddit has a smaller userbase than Lemmy. That’s probably not entirely representative of the entire crypto community, but I think that it does indicate that a lot of people have lost interest.
I’m definitely looking forward to seeing how it all goes down though. Makes me glad I’m on Lemmy now.
It was much worse in 2019, a post hitting over 100-200 was unusual and the comment sections were beyond dead. Most comment sections these days are still filled with hope, in 2019 suicide hotline threads were a weekly occurrence or more.
We’ll see anyway, the BTC halving has led to a run 3 times in a row so far, just like clockwork. Barring another recession I just see the same pattern forming.
Reading this: are they implementing ActivityPub?
Blockchain
Oh sweet lord, no. No, they are not.
Thank goodness, I wasn’t the only one. I really thought they were talking about activitypub.
Like, they’re giving users monopoly money, and try to pass it off as control. Like, the fuck are they gonna do with the monopoly money?
Plus imagine if users actually believe the monopoly money is important. We’re back on the days of BB Forums where you can make a factual point but oops, you’re level 2 and the forum regular (4506 posts) just called you a cocksucker.
Edit: Oh god, the moderator wallet thing. They’re letting moderators moderate themselves. This is going to set off a massive amount of infighting as some admins will take the whole wallet and the other moderators will call them out and the seriousness of the whole thing (moderation teams not getting along) will get drowned out with all the people shitposting about fighting for monopoly money.
This is the stupidest thing I’ve ever read.
I think that’s their point, to sound like the Fediverse but is actually a different way for them to get money and control the narrative. They’re also possibly trying to take away shutting down shitty sites “by giving the communities control.”
Someone at Reddit had Blockchain missing in their buzzword bingo for 2023, I swear.
So long as you have Reddit Mobile installed since your vault is tied to it
That’s been their mission ever since they bought and killed alien blue and released a pile of shit in its place. They can’t make a good app so have been slowly tying more and more exclusive features to it, and to new Reddit, hoping that this new shiny useless thing that no one asked for or wanted will get people to use it. I think with interest rates rising, their investors are looking for profits higher than t bills and so this trend that has been going on for the past few years is now kicked into overdrive.
Step 1. Kick out all the mods from the past 15 years Step 2. Spez temper tantrum Step 3. Give ownership to ??? Mods and content creators??? Or some shit??? Step 4. Pr?f?t???
Step 5. Cut a hole in a box
Step 3. Pretend to …
Step 3.5 Blockchain!!!111
I wonder if whoever wrote that announcement really doesn’t see the irony in what they wrote. Or maybe they do and they secretly hate reddit?
Either way, lollercoaster. Lollercopter. Lollapalooza.
I’m convinced a lot of admins are not happy with the direction reddit is going. You tend to notice it in little things, like them accidentally using old.reddit.com in their monthly newsletter. I’d love to see the shitshow going on behind the scenes.
When I read it, it sounded like they heard everything we were protesting in favor of, harvested all those words, and put it on the press release in order to try to convince some of the people on the edge of breaking free to stay, and maybe entice some of high-karma people who left to come back. All while glossing over that what they’re saying is the exact opposite of what they’re doing.
Damn that’s just strange. Reddits explanation still doesn’t really explain what “community points” actually do. I don’t really get what their angle is with this.
Why would they do a 180 (from recent policy) and talk about how subreddits should be semi-independent? And are they really planning on making “community points” based off if you moderate and post, rather than paying for them?
Monopoly money for services - if Reddit decides the games over money & board goes back in the box. 😐
Why would they do a 180 (from recent policy) and talk about how subreddits should be semi-independent?
Well, the just dusted off the group of people who could read and do math. Now they have the people who will do what Reddit wants as long as it sounds okay. “These Are People Of Reddit. The Common Clay Of The New West. You Know… Morons”
Why would they do a 180 (from recent policy) and talk about how subreddits should be semi-independent?
PR, PR, PR. They have to tell all the little sheep to forget about that noisy kerfuffle and pile of sheared wool down at the end of the paddock. thats all in the past now. Only look forward to the new and shiny there’s nothing else to see, move along! The wolf has your best interest at heart!
This Reddit coins on a blockchain has been happening for a while. The cryptocurrency subreddit had “Moons” for years now.
I sold 110k Moons as soon as they came out, nobody tell me how much they’re worth now
$0.42 USD as of right now.
You fool, that’d be worth a billion Stanley nickels these days.
The cryptocurrency subreddit had “Moons” for years now.
Wasn’t there some kind of scandal a couple years ago where a mod of that sub monetized those “Moons” for something like 10k in cash?
EDITED TO ADD that I found some additional posts about it; looks like people have been discussing the misuse of moons, as well as how moons could be further pushed post IPO as an actual security, for at least a year (the third post listed is 8 days old):
https://old.reddit.com/r/help/comments/p6g7sq/reddit_has_a_rule_against_moderators_making_money/
Sometimes I wonder if the people who work at Reddit have ever heard of Reddit.
Honestly, they haven’t, it’s all just corporate managers and MBA’s.
My god, that copy makes me want to vomit. It reads like it was written by an executive in a coke bender.
Community Points are the first step towards a better future for online communities. In order to be truly independent from platforms like Reddit, communities need to be owned by their members in ways that platforms cannot take away. With the advent of blockchain technology, we now have a way to establish this freedom in a decentralized and secure way.
I can almost hear the zoom call they brainstormed this shit in. This is some PragerU level slime. “Crypto Currency will grant users autonomy that they would otherwise never possess!” Right, anything that can’t be bought has no value. Oh THANK YOU for creating this system where everything is tied to crypto, so we can experience real community again! Finally my voice can be heard. Not like that horrible, communistic, voting system that counts every user equally.
Earn points through generating content and moderation? Okay, sure, why not?
Use those points to weigh votes in community governance? Suuuure, okay I can see how that could be cool.
The points are on the blockchain? Uh… so what’s stopping rich assholes from buying up points and using their capital to take over communities?
If the points are non-transferable then I can see the merit of a points system… but then why would you need a blockchain at all? It’s all still a closed off walled garden despite what they are pitching.
so what’s stopping rich assholes from buying up points and using their capital to take over communities?
Oh silly boy/girl, that’s exactly why it’s set up that way. :D
JK. Seriously, though, I doubt reddit cares where the funds come from. Pretty short-sighted to me, tbh. When money takes over, I wonder how redditors will react.
Check r/cryptocurrency for a glimpse of future Reddit. So far it’s managed to become a shitpost cesspool.
Or just create bots to farm community points and then you don’t even have to pay that much at all.
Can you spend points to get spez fired?
This system basically encourages karma-whoring reposting behavior that slowly turns Reddit into a TikTok mirror. What could go wrong?
It also encourages the vague rule-making and arbitrary/excessive enforcement so that power mods can farm points. All the things people love about the site!
The points are on the blockchain? Uh… so what’s stopping rich assholes from buying up points and using their capital to take over communities?
That’s the whole point. Want control over a community? Just buy it!
If you get downvoted that means less points at the end of the month so you better conform.
That’s no different to now with Karma. And it seems like this new model doesn’t give them any real money so what’s the incentive to contribute at all?
so what’s stopping rich assholes from buying up points and using their capital to take over communities?
Nothing, that’s the point :) Rich assholes pay, Reddit makes $$$.
Yeah it’s not the worst idea in theory but implementation needs to be perfect. Even if they don’t allow token transfers I feel like this will make power users even more powerful without some kind of forced regulation. A repost bot could get the lion’s share of tokens and take over governance.
Blockchain never does anything better than any other database, in fact it does pretty much everything worse.
Right, there is a potential path here that could be awesome, non transferable tokens that represent voting rights/karma, and points you can sell that could later be use as “gold” used to be used. But I don’t think that’s what they are doing
As blockchain tokens
Thanks I read enough.
Hey… Hey boss. I got an offer for ya. How would you like a crypto that you cannot take off of reddit! Only exists on Reddit. And gives you “exposure.”
Exposure beans! For everyone!
“All the downsides of any other cryptocurrency, and like all the other ones, none of the upsides! It’s redditcoin!” *crowd jeers, C-suites look confused*
You should continue reading. It’s a comedy gold mine.
Ok truthfully I read more, but that’s where I was like “That’s not going to fly”
Ugh, I just left. Why does u/spez insist on coming up with all these shitty monetary schemes???
Glanced over it. Complete word salad. Corporate nonsense: baffle them with bullshit.
You get points from communities. These points are stored on the block chain, because why not? The points themselves come from reddit, but the communities distribute them. Since they’re on the block chain, reddit can’t take back your magic bean points or whatever once you get them. Nevermind that they’re worthless and that reddit controls the only platform that they’re even remotely useful on.
For now, Reddit will cover gas costs for distributing Points to users and allowing them to spend Points on features such as Special Memberships.
Emphasis mine. Someone has to pay for it, because that’s how the block chain works. For now it’s Reddit. In the future? Who knows!
How does this benefit the consumer? It doesn’t, really. Potentially it gives posters more control over a subreddit, but looks like mods will still hold essentially all the power when it comes to a subreddit, which is how it works now.
How does this benefit reddit as a business? It doesn’t, really. They’re handing out magic beans with the selling point being that they can’t take them away from you once you get them. It costs them money to do this, because it’s on the block chain as opposed to some in-house database. This replaced coins, right? They killed an income stream and replaced it with an expense.
They get to tell investors that they’re into the block chain when they launch their IPO, I guess. All I can say is buyer beware. Chances are high the powers that be unload their stock options in the IPO hype and then get the hell out of dodge. They might have waited too long, though. The tech bubble deflated, and I don’t know if the books are impressive enough to draw in the big bucks from investors.
If you want genuine control over your community, start one on the Fediverse and self-host an instance. No admins will kick you off since you’re your own admin and head mod rolled into one.
its main value to the owners is that it is a more direct means of controlling user behavior… once they get people used to “real” rewards, they can better use the platform as a means of controlling discourse… which is why the Mukser is doing it on the other thing, and where they got the idea…
they’re trolls… they want to use it to troll harder…
They’re handing out magic beans with the selling point being that they can’t take them away from you once you get them.
And that’s not even true in any practical sense. If reddit decides that the token in your crypto wallet is invalid, then it’ll stop working on reddit. And since they’re the only issuer every possible use is going to be tied to reddit in some sense.
I think this also clarifys the mystery of why they said offering the API was costing the too much.
Thank you for making this more understandable. It really feels like a “the people who pay us more will have a louder voice” and I am grossed out, if that’s the case.
Yeah, I had missed the $5 per month per community part, which does basically boil down to that.
How does this benefit reddit as a business? It doesn’t, really
$5/month per community
You may have missed it, but they snuck in that Special Memberships (subreddit subscriptions, which unlock badges and emojis and stuff) cost $5 a month per subreddit, outside of Reddit Premium. You can also spend 1000 Community Points, but if you don’t have the balance and want the benefits, you’ll be giving reddit money.
It feels like reddit has come to understand how much closer redditors feel to their communities than reddit as a whole - reddit is hated, but users still cling to their communities. A sitewide Reddit Premium badge is irrelevant, even repugnant and a badge of shame, but special flairs and features in close knit communities are still desirable.
This is reddit exploiting their users’ relationships with their communities with a stackable 5 buck alternative to Reddit Premium.
I still don’t really get who gets the money from this special membership? I understand people subscribe to YouTube and twitch personalities because they want to support the creator and they get most of the money, but what incentive does anyone have to buy this community membership here? Is it really just the special avatars/badges/whatever?
Clout in a community they care about. I can’t relate to wanting it, but people buy clout all the time online and in games. This is basically a more personalized Twitter Blue.
They also said something about community points being usable for moderation/governance. Does that mean people can come in and save/buy enough Community Points to enact a coup?
Like, Atheists could get enough Christianity sub credits and ban all the Christians? Or bigots could seize an LGBTQ+ sub? It seems kinda like a nightmare waiting to happen if so.
Holy. Fucking. Shit.
“Own your community with our blockchain bullshit, but fuck you gently if you try to exert any control over it if it works against our IPO.”
What a bunch of shitbirds. Fuck me, I’m so glad I’m shut of that dumpster fire. Let 'er burn.
