There was no way that coin was going to sustain itself like Spez claimed it would.
People weren’t going to buy crypto coins, just to give content creators medals. And the idea that medals would give more power to these people, except not really and only in polls.
This was such a jigsaw puzzle of shit, before you realized that each community was supposed to make their own coin that could only be used in that community.
At that point, it is a coin trying to be as complex as possible, without really doing anything that you paid money for.
Was Spez the one backing crypto? I thought that was Alex Ohanian the other living founder.
a coin trying to be as complex as possible, without really doing anything that you paid money for.
Sums up the state of crypto pretty well
I do think that crypto does have a place in the future, but not as a security, which is the current mindset behind most crypto.
Where others deposit large amounts of wealth into a pile… and that money is supposed to grow infinitely…
That’s not how you use a currency like the USD or British pound are used. Money is a tool for us to understand the value of our items that we exchange or our labor that we create.
It has to circulate like a blood flow through an economy. And crypto is treating it more like a blood clot.
I think cryptocurrency has the best shot at relevance as a medium for internet tipping. Unlike processing most financial transactions its comparatively quite easy to accept tips and donations via cryptocurrency plus it allows very good portability between exchanges if you setup your infrastructure correctly. Almost everything else people and companies try to use it for appears to be nothing more than a grift of some sort, or at the very least profiting off of someone getting grifted
I guess people are just tired of the currently rigged stock market. Wall Street and Hedge Funds have made it such that they never lose. It’s not cool that the SEC is not unbiased and even the U.S. Govt has interest in making anybody lose vs. the incumbents.
If this is true not sure if anyone should be surprised.
Next time reddit will cut out the middleman and just sell rugs.
The “fuck spez” rug will be the best seller. When it inevitably gets pulled out from under each buyer they’ll act all shocked, say “better not do that again, spez” and then go right back to standing on it because their friends are all standing on theirs too.
Every time I see a rug pull, I giggle and consider making Rugcoin until I remember that it already exists along with several others, all instantly rugged.
my favorite is $SAFERUG
🐑
What does this mean?
it means that filing the proper complaints will get them investigated by the SEC.
It definitely sounds like some sort of insider trading thing.
It’s not a registered security, and reddit isn’t public… but if this is true it must have broken some sort of rule.
Reddit introduced a crypto as a way to monetize Reddit gold so users would get paid for posting. They abruptly cancelled the program after people had already bought into it but it looks like some insiders at Reddit got the news first- they sold their shares before they announced the cancellation. Basically Reddit committed investment fraud.
I’m not sure this is correct.
The community tokens crypto has been around since 2020. I think that’s separate from the new gold monetization scheme.
I don’t really use Reddit anymore, but my understanding was some subreddits had crypto coins, but Reddit withdrew gold and formally started supporting these crypto tokens instead after the API exodus had happened.
That is what I remember as well. After the API change, they did this whole crypto-instead-of-gold announcement.
Are they back to their traditional gold now?
Wait, Reddit and Reddit Mods are pieces of shit!? surprised_pikachu.jpg
Ppl still use reddit? 🤔 weird.
The majority of communities I followed on Reddit did not live to Lemmy, or they did and got abandoned in a couple weeks. None of the sports or gaming communities I followed are here/alive here.
Gaming and sports communities? Not missing much most of the time 😛
Not the main communities, but the smaller ones. I’ve had to resort to Facebook for getting information and news about teams I follow, and for new indie games that get released the only communities I can find are on Reddit.
Keep letting people know that this is an alternative to Reddit! There’s still hope, and getting Lemmy to grow starts with you.
From TFA:
moderator u/Mcgillby. On-chain data reveals that this moderator transferred more than 100,000 MOON over two different transactions on the Arbitrum Nova blockchain, turning it into more than $23,000
If there’s a dollar sign, it’s not play money anymore and the FTC should get involved.
I’m laughing at all the idiots who bought those coins.
…in Etherium." You left that part out. It’s still crypto.
I’m not saying that makes it any better, but your own quote invalidates your own statement.
Power corrupts, money corrupts, water is wet.
What did we expect from volunteer power positions with crypto?
Lol ain’t no way, so reddit basically just pulled an exit scam?
Must have been refreshing for them to get to dump something after constantly having loads dumped in them.
Oh no! Unregulated market is bad‽
This is a regulated area, one that the SEC oversees. They’ve prosecuted insider trading on crypto: https://www.sec.gov/news/press-release/2023-98
iT rEgUlAtEs ItSeLf
Lol.
Reddit migration… $
Fuck spez… $$$
Reddit mods and admins getting fucked by the FTC/SEC… Fucking Priceless.You go to bed with capitalists like Spez, you wake up with fleas.
And likely one less kidney.
Anyone who invests in the Reddit IPO is a sucker.
People are going to short the shit out of it, so the big guys are going to pump it early to milk the retail investors.
Call me surprised that reddit mods have no morale and ethics.
They should name themself reddit cunts.
Ha. Ha ha. Ha ha ha. HAHAHAHAHAHAHAHAHAHAHAHHHHHHHH!!!
