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Reddit Plans Cryptocurrency to Give Back to Its Users After $50M Raise

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Re: Reddit Plans Cryptocurrency to Give Back to Its Users After $50M Raise

#41

Post by baddox »

wmf wrote: post #30
mappum wrote: post #29

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.

Blockchain transparency isn't a bug or a feature per se, but the fact that it's truly decentralized is a feature. For Chaumian ecash, anonymity is a feature, but it's centralized. Stellar (or colored bitcoins, if they ever get around to implementing that) actually provides an interesting combination of features.

Re: Reddit Plans Cryptocurrency to Give Back to Its Users After $50M Raise

#42

Post by drewbug »

wmf wrote: post #27
mappum wrote: post #15

They 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 Al…

Or you could just not use a blockchain. I think some guy named Chaum is rolling in his grave.

Chaum's alive.

Re: Reddit Plans Cryptocurrency to Give Back to Its Users After $50M Raise

#43

Post by darkstar999 »

Igglyboo wrote: post #12
darkstar999 wrote: post #2

so "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.

They have agreed to give up 10%, not to do the crypto thing.

"We are thinking about creating a cryptocurrency"

Re: Reddit Plans Cryptocurrency to Give Back to Its Users After $50M Raise

#45

Post by jn1234 »

dubfan wrote: post #32
Karunamon wrote: post #18

Earlier quoted context omitted.

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…

Right, so you end up with these subreddits full of people reaffirming each other's viewpoints. Nobody wants to hear anything challenging their views, but at the same time they stomp their feet and whine without a hint of irony, "why doesn't the other side just get it?" This also leads to schisms resulting in vicious infighting. It's pretty much the complete opposite of an environment conducive to intellectual develop…

There is extreme group think in subreddits like /r/politics and /r/libertarian. The main problem is that the quality of content degrades extremely quickly as the community grows. It has been eternal september there since Digg v4.

Re: Reddit Plans Cryptocurrency to Give Back to Its Users After $50M Raise

#48

Post by dipso »

Seeing as the Dogecoin community is so active on Reddit, this could be an interesting use case for Dogeparty.

Dogeparty is an crypto-token (e.g. securities) application layer built on top of the Dogecoin blockchain. Now that Dogecoin is merged with Litecoin's asic hashrate, the network is pretty secure against attack.

There are other options built on top of Bitcoin (such as Mastercoin, Colored Coins & Counterparty), but certain Bitcoiners have been worried about blockchain bloat, so Dogeparty could be a decent shout on top of another secure blockchain. Other options exist on new blockchains, but I think these are too unproven this point.

Dogeparty: http://www.dogeparty.io

Web wallet: https://wallet.dogeparty.io (note: I do not endorse this, it's beta and as with anything in cryptocurrency be careful!)

Re: Reddit Plans Cryptocurrency to Give Back to Its Users After $50M Raise

#49

Post by nl »

Karunamon wrote: post #18
slg wrote: post #5

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…

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?

I think there have been some incidents which were dangerous and notorious. In particular, the misidentification of the Boston Bomber was one case that attracted mainstream attention[1].

[1] http://www.cnet.com/news/reddit-regrets-role-in-online-witch...

Re: Reddit Plans Cryptocurrency to Give Back to Its Users After $50M Raise

#50

Post by rmtew »

jn1234 wrote: post #45
dubfan wrote: post #32

Earlier quoted context omitted.

Right, so you end up with these subreddits full of people reaffirming each other's viewpoints. Nobody wants to hear anything challenging their views, but at the same time they stomp their feet and whine without a hint of irony, "why doesn't the other side just get it?" This also leads to schisms resulting in vicious infighting. It's pretty much the complete opposite of an environment conducive to intellectual develop…

There is extreme group think in subreddits like /r/politics and /r/libertarian. The main problem is that the quality of content degrades extremely quickly as the community grows. It has been eternal september there since Digg v4.

What is the difference between describing something as extreme group think, and describing it as a circle jerk? How does one differentiate between this being a valid description, and an unwillingness to accept that one's position is the unpopular one?
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