empireOfLove comments on Reddit is killing blockchain based Community Points

this post was submitted on 17 Oct 2023

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Reddit is killing blockchain based Community Points (techcrunch.com)

submitted 2 years ago by Number1SummerJam@lemmy.world to c/reddit@lemmy.world

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[–] empireOfLove@lemmy.one 96 points 2 years ago (2 children)

More like they realized they couldn't grift any extra money from it.

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[–] BolexForSoup@kbin.social 27 points 2 years ago*

Consuming basically no resources and yet it was still losing money.

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[–] jarfil@lemmy.world 27 points 2 years ago* (last edited 2 years ago) (1 child)

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.