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Dogecoin is already the cryptocurrency of Reddit... why not just buy a bunch of Doge?
The point is that this cryptocurrency will be exchangeable for (backed by) shares of reddit, which is rather unlike current cryptocurrencies.
This 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…
Earlier quoted context omitted.
In favor of Reddit managing the ledger centrally? That doesn't allow for the public transparency that they would like, and it would probably be much harder legally (they would be stuck doing a bunch of KYC/AML stuff, which doesn't really make sense for a company like Reddit to need to deal with).
I thought blockchain transparency is a bug and anonymity is a feature; it's hard to keep this stuff straight. If you need KYC, a blockchain doesn't provide that anyway so you can either add hacks or just admit that it's not the right solution.
The point I was making on KYC is that with blockchain-based shares the government doesn't even have an idea of how to regulate it yet, and Reddit can probably sidestep the KYC entirely. Anyway it's not them managing the books, it's the Bitcoin network doing it for them.
This 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…
> Finally there is the issue of "circle jerking". Reddit is already notorious for its annoying and dangerous group think. Can you imagine if people could actually turn their karma into straight cash? The incentive will be even higher to simply echo back to the group what you think it wants to hear. This was the first thing I thought about. If you check /r/subredditdrama and /r/karmaconspiracy you can see literally hu…
This 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 see the point Sam's trying to make by doing this, but does Reddit have a contribution problem? Hardly! If millions of people contribute to make a site awesome voluntarily, for no greater reward than the attention of their peers (and a desire to build a great community), introducing a new incentive might very well alter the magic bit that makes Reddit so great.
What about directing this 10% towards philanthropic or political goals instead? So by contributing my time towards making Reddit better, I'd get that attention I want and help make the world a better place.
This could have a dramatic impact on reddit's raison d'être, making it a powerful (and defensible) power for good.
Hope they use existing systems to issue their currency and don't try to create a new currency. Stellar could do the job perfectly IMHO!
Dogecoin is already the cryptocurrency of Reddit... why not just buy a bunch of Doge?
Hope they use existing systems to issue their currency and don't try to create a new currency. Stellar could do the job perfectly IMHO!
Stellar? What kind of joke is this? Why go with some small, centralized currency created by a private company (and owned by it to some degree), instead of going with the most adopted, most secure, most serious of all, and decentralized: Bitcoin.