Tokens based on subreddit reputation saw dips over 85% after the announcement.
  • Reddit is discontinuing its blockchain-based Community Points system, affecting tokens like MOON, BRICK, and DONUT used in specific subreddits for tipping and premium features.
  • The announcement led to a drastic decline in the value of these tokens, with MOON losing more than 85% of its value shortly after the news.
  • Reddit cited scalability issues and regulatory concerns as reasons for the discontinuation, shifting focus to its newer Contributor Program that rewards users with actual money.
  • After November 8, Community Points will be removed from users’ Vaults, and any remaining points will be “burned” by year-end; however, Reddit’s NFT marketplace will remain operational.
  • tromars@feddit.deEnglish
    0·
    1 year ago

    As of November 8, coins like the “MOON” that r/CryptoCurrency used for tips, premium features, and even voting shares will be removed from users’ Vaults. Noticing this, the value of most Reddit-based coins took a nearly straight drop on Tuesday after Reddit’s announcements. MOON was trading just over $0.20 at 1 pm Eastern, shortly before the announcement in its subreddit. Shortly before 3 pm, MOON had dropped just below $0.02, a loss of more than 85 percent, with fellow Reddit currencies BRICK (r/FortNiteBR) and DONUT (r/EthTrader) seeing similarly precipitous plunges.

    That is the most dystopian paragraph I’ve ever read, I think.