More like they realized they couldn’t grift any extra money from it.
Or rather… the tokens were held on a sidechain created in collaboration with FTX… yes, that FTX, the one that “misplaced” a bunch of billions of dollars, and for a long time it took a somewhat elaborate way to convert Reddit community points (Moons, Bricks) into USD.
A couple months ago, after the API debacle, the tokens got listed on Kraken… and their value took a quick nosedive.
They “IPO-ed” them, and it failed, so now they’re slashing them.
Man, how much institutional failure is one man’s ego actually worth?
Many moons.
Consuming basically no resources and yet it was still losing money.
Is reddit still a serious thing? I haven’t visited in months and it no longer appears in my search results.
To be clear, I don’t search for reddit specifically. What I’m trying to say is that when I search for something that is likely going to be found in a forum reddit does not even appear in my results.
Damn, didn’t they only release that a few months ago?
now to the big run to monetize reddit. guess the apps thing really was reddit’s nosedive huh.
I don’t think anyone was able to spin why this would be a good idea when it was first announced.
Any time anyone is pushing crypto they are either A) are a true-believer and think it’s the future or B) are trying to get more rubes to buy in so they can hand them the bag.
NFT
Cs were invented for reason B for etherum bag holders.There’s a ton of potential real-world purposes for blockchain, but none are going to come to fruition for decades. There’s one project I am still involved in, distributed cloud storage, nodes get paid for participation in tokens. It is not profitable, but I like keeping a toe in the water for a “real thing.”
Why would you want cloud storage to have an uneditable, append-only storage medium?
It’s not uneditable, append-only. Backups, log storage, large file media storage and streaming. It’s competing with Amazon S3, not Dropbox.
A blockchain is a distributed ledger with growing lists of records (blocks) that are securely linked together via cryptographic hashes.[1][2][3][4] Each block contains a cryptographic hash of the previous block, a timestamp, and transaction data (generally represented as a Merkle tree, where data nodes are represented by leaves). Since each block contains information about the previous block, they effectively form a chain (compare linked list data structure), with each additional block linking to the ones before it. Consequently, blockchain transactions are irreversible in that, once they are recorded, the data in any given block cannot be altered retroactively without altering all subsequent blocks.
Yes they are. If you need an uneditable log, I guess? There are no uses on the blockchain for large file storage. Zero. It’s a ledger, not a storage medium.
It’s competing with Amazon S3, not Dropbox.
Distributed cloud storage sounds more like old torrents with partial seeders. But if you’re using a chained ledger for that, sure. But like crypto, it’s going to balloon out of control.
The storage isn’t on a blockchain. The tokens are just used to compensate node operators based on storage usage, ingress, egress, repair.
Spez created both reddit crypto and reddit NFTs, and spent millions doing so. At the same time, he was literally paying all the infrastructure costs for some of the world’s wealthiest companies to mass-harvest reddit’s data for their latest projects, and spent tens of millions in infrastructure, development costs, storage and bandwidth to self-host videos and images and create a broken media player (after having spent 15 years refusing to do so).
He literally sees a techbro trend start, watches it peak, and then tries to drag reddit along in it’s wake as it starts to fail. He is a failure as a CEO, and he knows it. He also knows this is his last chance to make bank, which is why he’s so stubbornly insisting on following the current path: he wants “his” bag.
Some crypto bros lost thousands of dollars on this change
Going on the cryptocurrency subreddit can give a lot of schadenfreude
Interestingly, some mods sold all their tokens one hour before the official announcement and they’re deleting all mentions of it
crypto bros losing thousands on stupid crypto bullshit? UNPOSSIBLE!
I’m wondering the legality of this.
They promised many stuffs is coming from this fake worthless money, buy now cheap and make lots of money later when it raises value.
They then swindled 40 million out of gullible people, who bought an obvious scam as investment not realizing it was an obvious scam.
then they do a rug pull when the 40 million they cashed are instantly vaporized. One hour before killing the project, some important people have insider info and sell all their assets, leaving users with an empty bag.
if it was with stocks, this would lead to years of prison, i wonder if it’s done with magic internet money doesn’t bear any consequence.
This is not “anyway it was useless points for giving useless cosmetic rewards to other users”, this was marketed as an investment, with this fake money listed on official crypto markets
Thankfully the SEC has been cracking down on this sort of thing lately, correctly identifying how tons of crypto projects are being used as unregulated securities and pursuing charges.
About damn time, I used to browse /r/cryptocurrency and it was filled with posts farming moons.
