At the time of the announcement, the moderators of most of the subreddits involved with the community points program claimed to be unaware of the decision.
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 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.
What does this mean?
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?
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.