The new system to replace Reddit coins and awards is here. You got out at the right time.
Read all about it at the above link. There's way too much to process here. This is going to be wild.
https://www.reddit.com/community-points/documentation/introductionOpen linkView original on 816am.ddns.net1407
Comments549
The way to be independent of Reddit is by having a token on a blockchain maintained by Reddit?
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.
Holy shit.
I did not expect the next wave of new users on Lemmy to be happening this soon.
Poor Lemmy servers.
Batten down the hatches mateys. Tharrr be a storm brewin' ☠️ 🏴☠️💀
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)
Yeah same. There are a couple of communities over there that I kind of miss, although one or two of them have been recreated on Lemmy basic nobody posts on the yet, or they get continually brigated.
I need to check out the other servers though. Lemmy is just so far superior to what Reddit was in how it's fundamentally designed.
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.
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.
I’m still using Old Reddit so the second it goes down you’ll definitely be hearing about it, at least from me 😉
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
Same
Oh well, can’t wait for the all new people to come here
Guys, you missed the block chain boat, this isn't going to save your IPO
They'll do something with AI in 3 years or so, if they still exist.
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.
Dot.com bubble was web 1.0. Big centralized sites like Reddit are web 2.0.
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.
In a few months all content in Reddit will be AI generated
*weeks
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
What are you talking about? By the way, could I interest you in some GameStop stock?
Lol
https://youtu.be/YQ_xWvX1n9g
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.
That's hilarious, when they literally just trapped users in their app and killed 3rd party apps.
Is this a fucking joke
Reading this: are they implementing ActivityPub?
Oh sweet lord, no. No, they are not.
Someone at Reddit had Blockchain missing in their buzzword bingo for 2023, I swear.
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."
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.
Simple - the illusion of control. And, I'm sure the users will.
Thank goodness, I wasn't the only one. I really thought they were talking about activitypub.
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.
Yeah, it is. It's nothing new. Here is a post about it from 3 years ago:
https://www.reddit.com/r/CommunityPointsHelp/comments/gj779g/reddit_community_points_faq_guides_multiple/
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.
Link here, specifically 5.1
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.
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.
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..
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.
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.
$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.
I think this also clarifys the mystery of why they said offering the API was costing the too much.
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."
"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*
Exposure beans! For everyone!
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"
" 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"
WTF???!?! They literally just took communities away from the members because they were protesting Reddit intentionally degrading their site....
Guaranteed that people smarter than the reddit staff will exploit their processes or code to cause mayhem and chaos.
100% guaranteed.
I hope so. It'll be fun to watch.
I can hardly wait for someone to find a vulnerability in their blockchain implementation that allows community points to execute arbitrary code.
After watching the literally insane ACE that speedrunners have been able to figure out, I'm pretty sure you're hitting the nail on the head. Someone is going to get up to some serious skulduggery with this one.
Is this old, or just something that has been in the works for a long time? No one is talking about it on Reddit, so I'm pretty sure that it is old information. This is a post about it from three years ago:
https://www.reddit.com/r/CommunityPointsHelp/comments/gj779g/reddit_community_points_faq_guides_multiple/
So it's basically Reddit NFTs. Let's just call it as it is.
Lol. You're still on Reddit. You're not controlling shit.
You don't own it, it's made by Reddit, distributed by Reddit, and only useful on Reddit and not anywhere else. What's the meaning of decentralization and ownership if it's only useful in one place?
So you get points for posting and for moderating. It's this literally being "paid in exposure"? Don't we joke about this all the time how worthless it is?
Oh God, now they've actually monetized all the repost bots. It's like they WANT their site to turn into a bot hellhole.
Well, they kinda do. They don't have to be human to look like users from the outside.
Looking at this screams that they're planning to cut and run, though. It's arson for the insurance money. Nobody would look at this longterm and think it was going to turn out well
When you get 100,000 exposure, and there are suckers paying $4 for each, how many USD do you have?
(Spoiler: none, but if you're smart, then you may get USD 200K)
A crypto scam? All this was building to a crypto scam? They burned Reddit to the ground to pump some shitty Redditcoin going into the IPO?
I expect nothing and I'm still let down.
Lmao how can they say that with a straight face
Lmao
Trapped in apps like the official Reddit app? Because they ruined 3rd party apps? What are they sniffing over there, the trapping of communities is their own doing.
I'm done with reddit, so either way I don't really care. Tbh I don't think this will necessarily be a dumpster fire. It might even be interesting, depending on the specifics of this implementation. It's probably fueled by higher ups hearing hype words like blockchain. My expectation is that things will mostly just continue as normal, but now the management and CEO's etc can masturbate to the idea of having a blockchain application.
It's time for communities to take back ownership and control says company that just took away ownership and control from communities.
Today's online communities are not like this. They are trapped inside apps and platforms,
How ironic... Reddit trying to lock me in was the exact reason why I stopped being active there....
My god, that copy makes me want to vomit. It reads like it was written by an executive in a coke bender.
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.
blockchain social credit scores 😭😭😭
Oh, fuck off.
How the fuck would this work, I wonder? I tried to read through some but it makes little sense to me. It sounds like putting karma on blockchain and making it into a currency acting as reddit gold.
Rest is just regular cryptobro talk formulated so that Reddit looks like it cares about communities - or am I missing something?
I like how they stripped communities from their members during the protest but now they are all like "Oh yea... members should own their communities!"
Can crypto fucking die already?
That's what I did when I came to Lemmy after you killed 3rd party apps you troglodytes. Do you fucktards not even know what a walled garden is?
It's where the landed gentry lives.
It's where spez goes to look at his special "Community Posts" if you know what I mean
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.
Or just create bots to farm community points and then you don't even have to pay that much at all.
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?
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!
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.
Can you spend points to get spez fired?
Blockchain never does anything better than any other database, in fact it does pretty much everything worse.
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.
Points for contribution used in governance is begging for trojan horses in marginalized communities
That's the whole point. Want control over a community? Just buy it!
Nothing, that's the point :) Rich assholes pay, Reddit makes $$$.
Yeah... It's about "freeing yourself from Reddit's control"
"It is time for communities to break free of walled gardens and take ownership of their existence online."
So, literally the fediverse ?
Reddit is talking about decentralization and stuff like that like they aren't a centralized platform themselves. Giving control to the community, but remember if we don't like what you're doing with your communities we'll threaten your moderation team!!!
LMAO ITS BLOCKCHAIN
we called it, reddit goes fucking crypto bro
Too much text to just say that they are doing their own NFTs
Okay but "In order for contributors to claim the Points they have earned, they need to create a Vault within the Reddit mobile app. When a user creates their Vault, they will receive the Points that they have earned up to 24 weeks (~6 months) before. Points earned but not claimed within 24 weeks will expire." So... Yes, it definitely was about getting everyone to use the shitty app. This is their second wave of that. And also "Moderators receive their Community Points at the beginning of the following distribution cycle. The actual amount of Points they receive depends on how many Points were distributed to users' Vaults in the previous cycle." They are trying to rope in the mods to convince people to join the app.
Wonder what kind of wild exploitation someone is going to come up with, because rest assured this is going to happen.
Can someone copy/paste it? I refuse to visit Reddit and give them views.
This reads like the propaganda of a MLM church.
Yes, get the internet back to the people, with money, but we don't call it money. Also you were free to go and do what you want but we took this away, see you're restricted, but now we give this option back, well ...only partly because now it's soaked with
money, we mean community NFTs. Isn't this fucking exciting!!!!?? We make a shit ton of money, I mean... You will make money! Yeah! Get into the group!Instant eyeroll when I got to 'blockchain'.
I don't even understand the problem they are trying to solve? The only way we are 'second-class citizens' is how the reddit admins treat their users.
Apparently, this has been around for ages:
May 28 2020: https://consensys.net/blog/news/everything-you-need-to-know-about-reddits-new-blockchain-based-community-points/
May 15 2020: https://old.reddit.com/r/ModSupport/comments/gk0x6g/could_the_admins_please_explain_this_community/
IA History: https://web.archive.org/web/20230000000000*/https://www.reddit.com/community-points
Discussions of proliferating it and fantasies about the resulting weird exploitation it will enable have occurred as well:
March 17 2023: https://old.reddit.com/r/CryptoCurrency/comments/11tv5vz/when_community_points_are_introduced_to_other/
July 16 2023: https://old.reddit.com/r/CryptoCurrency/comments/151fg8h/which_subreddits_need_to_be_the_next_to_get/
Apparently, they also tried to do this before, almost 9 years ago:
https://www.engadget.com/2014-12-19-reddit-notes.html
https://techcrunch.com/2014/12/19/reddit-announces-redditnotes-a-way-to-share-equity-with-readers/
https://www.theverge.com/2014/12/20/7427491/reddit-notes-announced-give-5-million-dollars-to-users
https://slate.com/business/2014/12/what-reddit-notes-are-their-history-and-future.html
https://old.reddit.com/r/blog/comments/2pt25f/announcing_reddit_notes/
https://old.reddit.com/r/TheoryOfReddit/comments/5fyaec/what_happened_to_reddit_notes/
https://www.fortune.com/2015/01/30/reddit-notes-is-not-going-to-happen/
Kinda puts things in a new light. Ruining the site has always been the plan.
"It is time for them to take back ownership and control." Funny that this is coming from Reddit. Actually more like ironic.
That is absolutely hilarious. Yeah Reddit, I totally buy that you want internet communities to not depend on platforms like Reddit. This would be totally monetizeable for you, not that you care about monetization and not that monetization has proven to work at cross-purposes with making good internet websites/communities. And once you mentioned blockchain, well that's when I recognized the subliminal cues suggesting a well-thought-out proposal that positively impacts the world.
EDIT: Ugh just saw that again, they just linked an old post, this one apparently from 2021. I don't think it changes things much insofar as they're presumably planning to replace awards with something and this proposal presumably describes it. But I already didn't see them successfully implementing the thing as written, and knowing now that it's from 2021 it just makes me more certain that whatever they roll out is unlikely to be exactly what's described here.
I'd say knowing this was written two years ago makes the text less hilariously on-the-nose but that depends on whether they'd write something different today doesn't it, I'm not sure they wouldn't.
It says you get them by contributing, so like 10 people are going to own 80% of all the coins on Reddit.
3 questions:
I'm pretty happy not going to any Reddit links, I'll get it from the comments here.
They're not NFTs, NFTs are bad, no these token are called Community Points! Totally different than NFTs!
wow, thats impressivly tone deaf. "break free from walled communities, with our walled community! you will be free to do what you want with your community points, inside this one community you cant remove the points from!"
I see Reddit's solution to the class problem they created on their platform is to checks notes create another class problem.
Good lord. They've looked at the last few years of crypto and thought..."Yeah, that looks like a good way to do things! What could go wrong?" What a ridiculous scam. The fact that the Cryptobros at /r/CryptoCurrency are excited tells me all I need to know that this is a scam.
At least the way I see this going.
$$$ ------> Reddit -------> Redditcoin --------> Community coin ------- > Weighted polls in your favor.
Did you see it? Where the money went? It doesn't go to the creator, it goes only to reddit, the person that posts on reddit only gets community points. Which can only be used for "Premium services like a reddit subscription"
Think if twitch.tv basically took all the money you donated to a streamer and only gave the creator "exposure" for his hard work.
They have complete control. They can just ban the account who owns the coins, or block them from using it because they are the some platform that it's used on. Even if a user gets banned and gives their coins to someone else, it's trivial to track the blockchain transaction to see which account it goes into and ban that one.
They have just as much control as the old coins, except now it burns 1000x the amount of trees and is crypto scam shit.
As @schooner said ethereum uses POS which is environmentally friendly as it uses 99% less energy than the old POW mechanism.
Also yes the account could be blocked but the crypto wallet can't be. As far as tracking goes nothing stops as user selling on am exchange amd then purchasing more from another. Tracking is effectively stopped at that point.
Proof of stake might conserve power but it is the final evolution of cryptocurrency into a pure pyramid scheme.
I don't see how anyone is ok with the value of their currency being validated and effectively controlled by the people that have the most of said currency. I can't imagine people with more clear conflicts of interest in mantaining an honest value of the currency.
I think you need to read more about the technical aspects of how POW actually operates.
It has nothing to do with controlling value, a person who holds a large amount of that crypto can use it as a "stake" think collateral to operate as a consensus node, if they are caught cheating the stake is burned.
It's in their interest to operate efficiently and fairly or lose there stake and overall network value.
Define "caught cheating" and how accountability is maintained or else this means very little. Why wouldn't they constantly collaberate with other stake holders to manipulate the value of the currency to their advantage? How would they get caught if they do it carefully?
Also I had deleted my previous comment because it looked like it had failed to federate properly. Now I recieved a response to it. Idk what happened.
Cheating is a catch all term and there are various factors that play into it. Ultimately its not in the interest of holders to even try and mess with the system because the only thing it would do is cost them money.
I am going to leave you with this article as it talks about some attack vectors and compares POW to POS, it explains it better than I can: https://vitalik.ca/general/2020/11/06/pos2020.html
It's interesting how I am being down voted for relaying facts about the Ethereum blockchain, come on people you may not like what I am saying but what I'm saying is truth.
You are being downvoted because crypto is volatile, untrustworthy, and the favorite tool in the last 30 years of scammers and swindlers. Even if you described it perfectly, talking about it like it like it isn't a reprehensible thing will and should draw negative attention from people who know better than to tolerate con artists and their enthusiastic marks.
But again, exactly like how the big players happily maniuplate the stock market willfully for furthering their own goals and increasing their value, how does any of what you said provide any confidence for me or anyone else that people with dominant amounts of the currency can't cooperatively and subtly push it's value up or down as it suits their needs? I don't care either way personally, I wouldn't get involved with crypto with someone else's money if I was paid to do it. But idk why crypto people would trust this after the whole point was supposed to be a trustless system
Which is still 100% more than needed
You can transfer it to a wallet that is not linked to reddit.
And Ethereum is not like Bitcoin anymore, so the environmental concerns are reduced.
That doesn't matter. Transactions are easily visible and can just be followed to a new account.
Yes, but they can't be linked to a reddit account, which was your whole point.
...yes they can
No, they can't. How would an EOA created in any standard wallet be linked to a Reddit vault?
Much of this thread seems to be a case of blind leading the blind for the sake of hate.
The crypto community has more than its share of scams, memes, hype-driven projects, and speculations which give it a bad and unprofessional perception, but that's just the surface.
Ethereum/cryptocurrency has the power for great change and is actually a pretty complex topic under the hood, the details of which most people will never need to understand, just like the Internet.
Time will tell I guess!
It's trivial to see if they give you dumb reddit coins, that the wallet it's going into is yours. If they ban you and see that wallet to connect to your account, clearly it's the same person.
Bottom point is, it is very possible to do so, and it can be done in a safe-enough manner for most people without much hassle. Of course, that's theoretical; weither or not corporations care about actual privacy, control, and are willing to work toward these is another matter entirely. But the technology have been there for years.
I do not disagree with much of the criticism Reddit is getting right now, especially the action taken leading up to this being the reason many of us are here right now.
What I will say though is that this community points system is not brand new and has been operating in the big crypto subs like R/cryptocurrency for some time using MOONS.
Now this system does not prevent the over arching power Reddit can exert on its platform but what it has done is meant is moderators are paid, well paid actually from the one I know personally. The value is determined by market forces so Reddit has little to no control over this.
Also because the points are tokens on the Ethereum ecosystem users can move there points to another wallet that is not controlled/created under the Reddit vault system meaning they can't just be taken away.
Again, this move far from fixes many of the problems with Reddit, causing us to move to the feddiverse but as far as the idea of "points" go it's actually the best system yet.
What makes me laugh is what Reddit did recently forcing users to spend or lose the last iteration of points, this is the kind of thing the new system should protect against.
The coins aren't used anywhere else besides Reddit. Do you expect to be buying a hot dog with your reddit gold? lol
After Reddit banned my account, I got some sucker give me 40-odd USDT for my MOONS tokens from r/cryptocurrency, then got some other sucker give me $40 for those.
How many hot dogs is that?
The point of tokenisation is to create an ecosystem currency, it's not for buying hotdogs with unless you're using hotdog coin.
I'd invest in carne asada fries coin.
An investment for sure but how long could you hold on to them?
Hotdog coin would be the first stable coin as it'd actually be tied to a stable asset lol
When the world economies collapse and the people are trading in hotdogs atleast I know who to blame... or thank ?
This token has no source of value except what Reddit allows it to be redeemed for within their platform.
I'd bet they implement the ability to blacklist or freeze tokens like the major stablecoins do. And either way if the utility of these tokens depends on their use within the centralized platform of Reddit, that's a simple way to gate access and take them away effectively.
There's no way it does anything to protect against it. In fact it's basically guaranteed to go the same way; people spending money on future false promises from Reddit, and getting rugged.
I'm actually pro-crypto in general, but token speculation as a tacked on business model trends towards being pretty scammy just because of the incentives and how crypto token value works, basically always goes badly. There is no reason to believe this is or will be the "best system yet", it's worse than the old points system because the people buying will have some expectation of profit.
Well to am extent I agree with you, the ecosystem is the community and if reddit does not foster that it will be worthless. However the fact is MOONs as the example are traded on 3rd party exchanges with an ETH pairing.
I agree this is a possibility, and it comes into what I have said in other comments about the token implementation. Though again with the example being MOONs I have not heard of this being an issue.
It protects in the sense that I can trade my tokens with a 3rd part into another. However if Reddit kills tokens on the app then the value would be 0 making that void. I am not saying this is a perfect system, as with any crypto project the success comes from the developers and early users nurturing the ecosystem and driving the value.
Me too, I've been in the space for a long time and seen my fair share of scams and BS, but through it all I still believe in the potential crypto has overall. Based of the MOONs this current system has legs in my opinion and can actually financially compensate otherwise unpaid moderators in popular subs for the hard work they do. As a concept this is good.
You scepticism is healthy, and more people need to have this attitude in crypto in general to stop the wild speculation you talk about however it doesn't mean we should dismiss good concepts out of turn. Give it a chance, I'm not saying it will be the best system yet just that it has potential, I don't want to let my overall feeling of what Reddit has done totally blind me to that.
From what I can see the source code for the contract is not published/verified. That is not a good sign in this regard.
Disagree. Long term success requires a sound value model, and aligned incentives. The concept needs to be solid, otherwise it is doomed regardless of developer and community efforts.
Compensating content creators is potentially a fine concept and has worked for other platforms. But with what is a crucial part of the equation that can't be overlooked. In this case the "with what" on the surface seems to be an implied promise from a soon-to-be corporation that the tokens will be redeemable for "community governance" and "premium features". Both things Reddit has very recently been openly and explicitly scamming its users out of (protest crackdowns, deleting previously held stuff people paid for). They are obviously not good for it.
In the short term that probably won't matter, because speculators will buy the token off of creators regardless of the strength or weakness of its fundamental value proposition, because it has brand strength, and that can drive price on its own. There's probably manipulation going on as well to convince investors to buy just on the basis of what the chart is doing. But that stuff isn't sustainable. So in the end what's going to happen is you're going to have a population of bagholders who have watched their investment decline over years, begging Reddit to do something to pump their bags, and Reddit will shrug, point to some fine print saying they don't legally have to do anything, and redirect the systems that would have accrued value to token holders towards accruing value to investors in their actual stock. It would be incredibly naive to assume they will not do this. I believe that the idea here is to have a system to pay content creators for a little while, but where the money comes from the eventual losses of speculators and Reddit doesn't have to actually spend its own money.
Agreed
So initial concept is ofcourse the foundation but surly it's the developer and user participation that drive value long term?
The tokens can be traded into ETH and cash, the ability to leave the ecosystem with value for what you have added is a good concept in my opinion.
I totally agree Reddit has been a scummy actor, especially in recent months but I feel if they had acted differently up to this point the reception of this change would be more welcomed.
For example if they had not killed 3rd party app and instead of just wiping the old point system clean they essentially air dropped an equivalent of the new token to users.
I'm no fool, I can see how reddit could use this as another log on the trash fire however I think the concept is good and I'm on the fence to see how it will go from here.
I get that, but can you understand that this Eth and cash needs to come from someone? And that it will be someone who is only buying it because they believe they will be able to later sell those tokens for more? Does it simply not matter to you where that money comes from or whether someone is getting screwed over in the process? The 'value' created by interacting with Reddit is not magically transmuted into value for the token, you just happen to get the tokens after interacting with Reddit.
You need to watch this, friend: https://youtu.be/YQ_xWvX1n9g
Here is an alternative Piped link(s): https://piped.video/YQ_xWvX1n9g
Piped is a privacy-respecting open-source alternative frontend to YouTube.
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I will try and watch this when I have time however I want to give some initial thoughts now. I am a techy amd have been in the cryptosphere for a long time so have a pretty good understanding of the current state of play.
NFTs are a great concept but have a number of potential draw backs. The biggest issue, the one that was the real issue during the NFT hype some years ago, is that without the correct implementation they are worthless. So the common NFT at that time was essentially a blockchain item that contained a url that linked to an image on a centralised server, the server goes down and then you have a digital item that holds a dead link. Now what NFTs have the potential for is to hold the data such as an image directly on chain (however this has some scaling related issues at this time) that would address this issue. And NFTs have much more potential than just images, in game items ate one that is touted often, but really the limits are endless. They could solve practical problems like virtualised receipts/ proof of authenticity for real world items, membership and account management for digital content or real world events are some of the examples that come to mind.
It's important to note that NFTs (the ethereum ERC-721 standard) are not digital tokens (the ethereum ERC-20 standard) which is what the new reddit points are being implemented using. Tokens are inheritently on chain, they have there own potential draw backs and that entirely depends on the individual implementation of the token itself. They are programmable so the rules defined will outline if drawbacks exist.
The point of a toke is to create a medium of exchange within an ecosystem, the idea that each community has its own token is a great example of that. Yes the token will have little to no value to people outside the community but that is not to say it will have no value at all. The current test is r/cryptocurrency and the MOONs which have been in use for years now, this was the test bed for this system. Moderators and users receive MOONs and are able to trade them on an exchange to get ETH and then into cash of they desire. Its hard to argue it doesn't add value to the R/Cryptocurrency ecosystem when it does by evidence.
Is it perfect? No. Does it excuse Reddits scummy actions up to now ? Hell no but it is not a bad move in and of itself.
To those with the down doots, is there anything constructive you want add to the conversation ?
Correct it's built on an L2 of ethereum.
Without going into the technicals too much L2s address the some of the scaling issues of ethereum making transactions cheap. Combined with the POS system ethereum now uses, its the best choice. Cheap fees and it doesn't kill the environment.
The design of this website is trash:
Intentionally broken. You're not meant to use anything but the app on a mobile device.
Intro
ducti
on
Is this an out of season April fools joke?
I'm sorry but this is some dystopian bullshit that's all centred on the false premise that communities are anything other than the people who choose to count themselves among them and engage in them.
Reddit is just the tool some communities chose to use to gather their members and communicate. That's it. If a community decides that Reddit is no longer the appropriate tool for the job, they can leave and build their community elsewhere. That may be a bit of an oversimplification, given the resources and tools those communities might lose through the transition, but strictly speaking, Reddit can't do anything to stop the members of any particular subreddit going elsewhere, and a cryptocurrency absolutely is not going to fucking facilitate the ownership or mobility of a community.
It's a bullshit form of control that they want their users to willingly bind themselves to. Suddenly you're not just participating in a community, but you're genuinely invested, tied to something with a perceived monetary value, that even if you can theoretically remove from Reddit and take elsewhere, won't have any more value than people choose to place on it, and won't represent the community that generated it in any meaningful way.
It's literally "Hey, the more you use Reddit, the more of our crypto you'll earn, which could be worth more than zero one day! You better keep using Reddit, huh? You wouldn't want to lose that potential for more than zero eh? In fact, why don't you encourage more people to use Reddit too? Then they'll generate their own crypto, and the more people use our crypto, the more it'll be worth for everyone! See, if you get five more people to use Reddit, and those five people also get another five people each to use it etc etc etc..."
The fuck out of here.
I love how they talk about community independence yet Reddit can come in at any time and remove the mods if they don't like the content those communities are producing
Not often has bullshit been so transparent.
This reads like shit. it starts off with this ground breaking tone, then its just crypto bs? and then the article just ends abruptly. The fediverse is the solution to the problem theyre talking about not some shitcoin. sheesh
Okay. Each sub gets fresh points according to it's size, activity and admin preference.
Every month your karma in a sub gets converted into these new points. These points can then be used to tip others, buy animated emojis or badges to show off. They are also used to make your vote count more in polls.
Mods can give commenters fines for misbehaving and make posts earn less points.
Sounds very capitalist. I guess it makes everybody go to a few big subs, as little subs don't earn anything. And those big subs are overrun by a few big players who floated to the top and stay there because of their influence. Little subs get overrun by alt-right as the fines mods can give there are just pocket money.
But that's what you get when ideology and dictators rule.
The SEC or FTC or someone should sue Reddit for using the word 'decentralize' in connection with a feature that's only available within...Reddit! I don't care how many 'blockchains' and other buzz-terms they surround it with.
“Own” your community, but if you blackout or post John Oliver, we’ll take it away from you.
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.
The people are gonna love this as much as the Metaverse
Spez: "We are not profitable"
This is where Spez is spending money. Not on making the App/UI/UX better, but on crypto scams lol
Ah yes, the good ol' "let's solve this problem with blockchain". I thought we're already past that.
When karma-whoring repost accounts have more say than actual community members... What could go wrong?
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This is pure comedy at this point. I don't have a popcorn bag big enough.
Had to get blockchain in there somewhere to appeal to the idiot investors.
Looks like they want users to buy MeowMeowBeenz
Ah now they can add the buzzword "Blockchain powered" on every page of their IPO prospectus
Knew before clicking it'd be crypto crap
If this were written by anyone else, it would read as an absolutely sarcastic and ironically self aware lampoon-esque post
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 3.5 Blockchain!!!!111
Step 3. Pretend to …
Step 5. Cut a hole in a box
What the fuck is in the water over at the Reddit HQ, lead?
How many community coins make a Shrute buck?
Corporate centralized social media: advertises "decentralization" through crypto People on actual decentralized social media: "That's the stupidest thing I heard in the last 2 days"
I am so glad I made a bet with a friend about reddit being much smaller or dead in 5 years, it just keeps getting better for me.
Oh what complete fucking energy wasting bullshit that can be handled by a simple db. Just more corporate buzzword bingo from these jackasses in charge.
Is this just a way increasing their perceived worth by making people buy their shitty crypto and locking it into the platform that can only be spent on reddit features?
They should put their money where their mouth is - give out shares of their upcoming IPO for Karma. 10000 Karma = 1 share or something like that. If you thought their system was broken before, just you wait!
tl;dr, it's more crypto bullshit and it requires the reddit mobile app.
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.
Wow... You will be much more free... if you pay us...
What.
So, they’re saying they’re going to pay people to post and mod, but in a cryptocurrency whose value isn’t listed here? I’ll bet someone’s already coding a whole bot forum to get all the community points.
Missed the crypto craze a bit late there.
Oh! So they know most of the people still on their platforms are gullible doom scrollers they can milk with crypto or whatever monetization scheme they want. They know they're scum and are cool with it.
Called it. It's crypto.
Adblockers should add reddit.com as a shaddy and unsafe link
Lol. What a shit system. Apart from it being not as popular, Lemmy is a lot better than Reddit lmao.
It’s a fucking blockchain. I’m fucking done. That’s it. I’m going to put the Reddit app in a folder and pretend it doesn’t exist.
It isn't new, and framing it as though it were seems rather disingenuous.
Archive link from two years ago : https://web.archive.org/web/20211208000349/https://www.reddit.com/community-points/documentation/introduction
thought it sounded familiar. nothing on r/reddit, r/modnews, or r/modsupport on it
Am I the only one that used Reddit till just recently and has no idea what coins or awards are, or what purpose they served?
This seems quite silly.
FUCKING CRINGE REDDIT, FUCK SPEZ, FUCK REDDITORS AND ALSO FUCK EVERYONE WHO STILL USES REDDIT FOR ANYTHING AFTER THIS!
so what am i missing? how are these points awarded? just by purchasing them? like the awards? this sounds like some dumb mother fucking shit.
Reddit's hypocrisy is mind-boggling!
After proving in recent weeks that 1) they want anything but free and independent communities, and 2) they want nothing more than complete control over their communities and their data, and 3) they have no interest in being an open platform (where are the 3rd part apps? why force the app when you open Reddit in a browser?), they have the nerve to say all this about freedom and independence?
Who believes it? Is this a way to win back lost users? Restore damaged trust? It's obviously not what they say it's about. Companies don't give away freedom, Reddit least of all. There's plenty of evidence for that.
Reddit:
Also reddit: reduces control and takes away options for third party apps
Lmao the crypto bros on reddit are talking about how amazing this is - fucking morons lmao
How do people honestly not see that crypto is a ponzi scheme
Oh no they see it as exactly a ponzi scheme- they just think they're all soooooo smart and soooooo slick that they'll DEFINITELY end up being the Bernie Madoff at the top of the stack of cash, and not just another one of a million suckers left holding the bag when it all falls apart.
Lmao some crypto bro was lurking and downvoted this whole comment chain. 😂
I had to keep reminding myself that it’s August, not April 1st. This is asinine.
This'll surely help all the mods who have been begging for mod tools.
Community points=CP? Back in my day, CP was something else
Well, you see, spez was in charge of naming --
The fact that it just spits out a CSV in an announcement post per subreddit that you have to manually download and CTRL+F your username is hilarious for a company this big. They couldn't implement a proper dashboard?
I got their email about ending the old awards, etc.
I told them to shove what I had up their ass along with their shitty app.
I guess I'm off the mailing list.
IDGAF about fake internet points from people I don't know. I don't need validation.
I only needed to see blockchain tokens. No need to know anything else.
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.
Embarassing. Does anyone in Silicon Valley have original thoughts anymore?
"This limitation makes them second-class citizens"
You mean like being subject to arbitrary moderator abuse?
Rest in piss. "Got out at the right time" is underselling it.
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?
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”
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!
Monopoly money for services - if Reddit decides the games over money & board goes back in the box. 😐
Wow. I read through most of the pages. What a convoluted system! Besides several new terms that are interdependent and poorly defined, this scheme is going to be impossibly opaque to users and orders of magnitude more complex than upvote/downvote. I especially don't like that points are directly related to karma, when karma whoring and botting are prevalent. Last thing we need is karma earning one some measure of influence or control in a community.
They clearly think this is something people will simply get used to should they not enthusiastically embrace it. Why they think that in an era of other platforms dumbing down interaction to nothing more than an upvote I can't wrap my head around.
What a colossal waste of resources. Thankfully it appears to be opt in by sub for now, though I doubt that will last.
Cmon, grandpa spez... lets get you to bed.
Do they not comprehend the irony of this? "It is time for communities to break free of walled gardens and take ownership of their existence online. Imagine a crypto future"
So they cant take my Reddit coins like they took my reddit gold?
Got an email from Reddit the other day telling me to "spend my Reddit coins while I still can". It reminded me that I still have a Reddit account, so I just login and delete it (mass delete all my posts and edit all my comments since July).
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.
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You fool, that'd be worth a billion Stanley nickels these days.
Aww, poor spez, missed the crypto hype by about a year. They say timing is the hardest part of product management, and spez again proves he is really fucking terrible at it.
Knowing Reddit, this means implementing blockchain technology and crypto shenanigans...and I'm right.
They just took away a shit load of freedom and had a PR disaster, so they're trying to fix by gaslighting us with crypto scam bullshit? God this company can not go out of business fast enough.
Great, crypto shit, what's next?
techbros being techbros, gotta reinvent the database but worse except it sounds cooler (to them)
also a reminder that they had nfts for like an entire year
Ugh, I just left. Why does u/spez insist on coming up with all these shitty monetary schemes???
Bahahaha fucking NFTs, a bit late to the party
Call me when you get past the “first step” where Reddit controlled NFTs somehow make communities independent from Reddit.
Truth is sometimes more absurd than fiction.
reddit being reddit
From one of the pages describing "reputation":
I mean, what do you say to this? They've gone completely insane.
It sounds like a poor attempt at money grubbing and a ham-handed way to try to keep subs from doing a repeat of John Oliver, red pandas, and Christian minecraft servers.
If you have shill mods and users who have to spend corporate bucks to get a say in what the sub is about.....that's totally not putting your thumb on the scale or anything.
I don't if I trust crypto man now if they were paying in nfts which are totally lagit I might consider it
Am I just too old to understand this? I don’t get it at all. Does any of it translate to real money?
Well to be honest I never paid any attention to the old system either
I guess the people who run Reddit really think none of their audience was educated by say... Snoopy.... or seen a "no skateboarding" sign in their life. You can just hang out anywhere IRL!
Work shall set you As Reddit's Very Special Camper!
This is some green bay packers bullshit.
dont care, I dont use reddit
It is all about content and bragging rights. Everything else just distracts.
People consume media for fun.
People create media for feedback.
Feedback can be Upvotes, Money or stupid hats.
Your community is your live blood.
Everything else doesn't matter.
I'd sooner trust Cryptoland or Worldcoin over whatever nefarious blockchain scheme Spez has cooked up.
So this explains why they didn’t force Reddit premium for third party access. It was an obvious way to generate revenue, want API access become a premium user.
They had a whole new way of raising and paying out. Crazy.
For some reason this post is being showed in Portuguese to me
Maybe is the Jerboa app interacting with my brazillian lemmy instance, or is the reddit link recognizing the request came from a brazillian ip?
Pretty interesting interaction.
It could also mean that reddit could more easily see with whom to replace a mod. I still have to see what the upside is for the user
In case anyone missed it, it will cost 1000 Community Points or, more importantly, $5/subreddit to basically get some sort of "subreddit premium" status. The $5 is for users who don't accumulate 1000 CP's per month to retain their subreddit-premium status.
Any Reddit interns here? Now is your time to shine by adding: join feddiverse, at the end of the intro text.
I don't think this is new. Community points have been done for a few years.
Fuckin' Reddit.
This is how they are going to wash their hand of allowing fascists to overrun their platform isn't it?
Fucking Gobbledygook
"If it's fun, I'll take 1100 dollars worth."
They're supporting automod matching, so I guess something like this should remove all content from idiots stupid enough to use that thing:
Ick
Is there a thread on it on Reddit? I wanna know what people over there think.
What a bunch of fucking assholes.
Thank you!!
GROSS
Lemmy assemble! We need a bot to inflate that shitcoin to death right away, it's Reddit so that can't be that hard to do but definitely very fun!
As soon as I saw "blockchain": 🙄
Interesting idea but it's still too close to the reddit platform. Looks a lot like reddit gold, except you can take your 'gold' elsewhere. This is a cool idea, despite the knee jerk reactions in this thread.
It's a partial step towards a DAO, but looks rushed, half baked, and done for the wrong reasons. Some reddit profits will trickle into this currency. If they wanted to provide actual benefits instead of just making themselves rich they'd distribute profits to CP holders and allow CP holders some governance roles site-wide instead of being boxed into a community. Serfdom vibes.
subreddit will be a DAO basically? A plutocratic system?
Who cares? It's a completely different website.