As long as they don't tie this to imaginary internet points I can't see a problem. If karma is involved they better have a pretty advanced anti-gaming algorithm.
Reddit Plans Cryptocurrency to Give Back to Its Users After $50M Raise
11–20 of 93 posts
Re: Reddit Plans Cryptocurrency to Give Back to Its Users After $50M Raise
#12so "Thinking about" == "plans to"? Nice journalism.
"The investors have explicitly agreed to this in their investment terms."
So the investors have it in their contract and the actually talked to an ex-SEC lawyer, pretty sure that constitutes intent.
Re: Reddit Plans Cryptocurrency to Give Back to Its Users After $50M Raise
#13Re: Reddit Plans Cryptocurrency to Give Back to Its Users After $50M Raise
#14So, what kind of crypto currency would this be? Does anyone know if there are plans for a mining operation like bit/lite/doge coin that one could participate in, or is it just a block chain that is allocated to reddit "shareholders" by some other means? (all of this is assuming that "considering a cryptocurrency" == "planning to implement a cryptocurrency")
Re: Reddit Plans Cryptocurrency to Give Back to Its Users After $50M Raise
#15They will probably be using colored coins (assets issued and exchanged on the Bitcoin blockchain), not their own blockchain/altcoin. Otherwise, they would have to worry about keeping enough miners to make their blockchain secure.
Colored coins also offer some cool features, such as trustless trading. It's possible to construct a transaction that sends Alice's Reddit shares to Bob, and also send's Bob's Bitcoins to Alice. Since they are in the same transaction, either both sides of the trade happens, or neither do.
Re: Reddit Plans Cryptocurrency to Give Back to Its Users After $50M Raise
#16Well, that explains why they were looking for a Cryptocurrency Engineer. http://www.reddit.com/r/redditjobs/comments/2c9d61/cryptocur...
That is a neat profession
Re: Reddit Plans Cryptocurrency to Give Back to Its Users After $50M Raise
#17I find it very unlikely this will happen, for legal reasons- They want to link their currency to shares in reddit corp and the SEC isn't going to be happy about that. (Though if they can pull it off that would be positive development in my book.)
Re: Reddit Plans Cryptocurrency to Give Back to Its Users After $50M Raise
#18This seems like an interesting but risky experiment if Reddit really does tie something like this to user contributions. First it seems like a massive regulatory headache. From Reddit's perspective, are they going to send out 1099s to their users? Will they require them to have real names and addresses on file? From a user perspective, will I need to worry about my Reddit activity when filling out my tax returns. It…
I have to ask, how notorious? Is this a documented effect (on Reddit, not in general) or just the noise that people on the site are repeating much like any other meme?
Most accusations of "circle jerking" I hear there consist of shock and horror that certain communities seem to have certain beliefs/thoughts/ideas in common and that they were dared to be disagreed with. (I.e, you really should not be all that surprised when you try to float progressive ideas in /r/republican, or vice versa, and find your comments downvoted)
It's to the point where I almost reflexively downvote anyone on Reddit who brings it up, since 99 out of 100 times, it's a complaint that they were disagreed with, rather than anything that adds to the discussion at hand. (Which, IMO, is the explicit purpose of downvotes)
Re: Reddit Plans Cryptocurrency to Give Back to Its Users After $50M Raise
#19This seems like an interesting but risky experiment if Reddit really does tie something like this to user contributions. First it seems like a massive regulatory headache. From Reddit's perspective, are they going to send out 1099s to their users? Will they require them to have real names and addresses on file? From a user perspective, will I need to worry about my Reddit activity when filling out my tax returns. It…
I have to ask, how notorious? Is this a documented effect (on Reddit, not in general) or just the noise that people on the site are repeating much like any other meme? Most accusations of "circle jerking" I hear there consist of shock and horror that certain communities seem to have certain beliefs/thoughts/ideas in common and that they were dared to be disagreed with. (I.e, you really should not be all that surprise…
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Re: Reddit Plans Cryptocurrency to Give Back to Its Users After $50M Raise
#20What will happen to reddit gold?