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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

#61

Post by nl »

patcon wrote: post #55
nl wrote: post #49

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? 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..…

Funny, since i find that to be the best example of communal remorse and reflection that i can dredge up for reddit. Compare reddit's turnaround to how quickly and thorough redactions take place in establishment in-groups of journalists or business leaders or politicians. The fact that an amorphous group of humans can come to have reddit's institutional memory and remorse is astounding imho. The boston bombing error i…

Yes, that's true, and it's good that Reddit recognizes its mistake.

It doesn't make the incident any less notorious though (which I guess is why it was remembered so well).

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

#62

Post by ObviousScience »

solfox wrote: post #37
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…

slg really hit the nail on the head here. the overjustification effect is well known and hints at how potentially dangerous this idea is to Reddit's future. 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 co…

Even attaching a charity financial incentive to what I do is enough to trigger my time-for-money logic and conclude my time would be better spent working, eg, 1 hour of contracting a day instead of 1 hour of redditing a day would do WAY more for charity than my reddit contributions would.

The problem is that once you monetize my time explicitly in any way, it both transforms the class that activity is in (no longer recreational!) and causes me to evaluate how successful that time is at being monetized (worse than mowing my neighbors lawn!)

The reality is that the mere suggestion of reddit doing this has already caused me to start reevaluating my relationship with reddit, because they've made it so obviously commercial.

I think reddit may have seriously blundered in this idea.

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

#63

Post by bitsweet »

spolu wrote: post #40
oafitupa wrote: post #38

Earlier quoted context omitted.

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.

Cause bitcoin does not let you issue your own currency + Stellar is a not for profit.

Not true. https://coins.assembly.com

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

#65

Post by snowwrestler »

patcon wrote: post #55
nl wrote: post #49

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? 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..…

Funny, since i find that to be the best example of communal remorse and reflection that i can dredge up for reddit. Compare reddit's turnaround to how quickly and thorough redactions take place in establishment in-groups of journalists or business leaders or politicians. The fact that an amorphous group of humans can come to have reddit's institutional memory and remorse is astounding imho. The boston bombing error i…

Feeling remorse about being so wrong is not laudable, it's just normal. The problem is that they got it wrong in the first place.

> The boston bombing error is known and passed down like folklore from old members to new, keeping similar actions on check.

No it's not. The Boston bombing thing was just the most high-profile example in a long line of similar problems. Here's one from before the Boston Bombing:

http://gawker.com/5751581/misguided-internet-vigilantes-atta...

And here's one from after:

http://www.theawl.com/2013/09/i-was-a-hated-hipster-meme-and...

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

#66

Post by cheapsteak »

Throwaway12830 wrote: post #57

This seems incredibly strange. Personally, I don't see how it's going to add value to Reddit and help build the community. Mixing money into the site is going to complicate things, bring forward a lot of challenges, and it's going to be a large time sink. I think Reddit has more important things to focus on, and I don't find this to be a good use of resources. Reddit is also slow to roll out changes, so if this has a…

Perhaps they're hoping the cryptocurrency would become widely adopted It certainly has a large enough audience in the right demographics to pull something like this off

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

#67

Post by cheapsteak »

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…

>a transaction that sends Alice's Reddit shares to Bob, and also send's Bob's Bitcoins to Alice

Could you elaborate on why this might be desirable? Don't both end up where they started?

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

#68

Post by toasted »

The last person who tried a bitcoin based IPO outside of established legal frameworks and existing stock exchanges ended up having to renounce his citizenship, move to panama and was fined by the SEC

http://www.satoshidice.com http://en.wikipedia.org/wiki/Erik_Voorhees https://www.sec.gov/litigation/admin/2014/33-9592.pdf

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

#69

Post by scrollaway »

nl wrote: post #61
patcon wrote: post #55

Earlier quoted context omitted.

Funny, since i find that to be the best example of communal remorse and reflection that i can dredge up for reddit. Compare reddit's turnaround to how quickly and thorough redactions take place in establishment in-groups of journalists or business leaders or politicians. The fact that an amorphous group of humans can come to have reddit's institutional memory and remorse is astounding imho. The boston bombing error i…

Yes, that's true, and it's good that Reddit recognizes its mistake. It doesn't make the incident any less notorious though (which I guess is why it was remembered so well).

If by "Recognizes its mistake", you mean "have a majority of people who were not involved talk about how the other guys fucked up using the 'we' pronoun".

It sure is easy to point out your own flaws when you're in someone else's body.

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

#70

Post by scrollaway »

snowwrestler wrote: post #65
patcon wrote: post #55

Earlier quoted context omitted.

Funny, since i find that to be the best example of communal remorse and reflection that i can dredge up for reddit. Compare reddit's turnaround to how quickly and thorough redactions take place in establishment in-groups of journalists or business leaders or politicians. The fact that an amorphous group of humans can come to have reddit's institutional memory and remorse is astounding imho. The boston bombing error i…

Feeling remorse about being so wrong is not laudable, it's just normal. The problem is that they got it wrong in the first place. > The boston bombing error is known and passed down like folklore from old members to new, keeping similar actions on check. No it's not. The Boston bombing thing was just the most high-profile example in a long line of similar problems. Here's one from before the Boston Bombing: http://ga…

There's a hilariously sad current bandwagon effect going on about the user Unidan, a "reddit-famous" biologist who, after a petty argument with another user, turned out to have less credentials than he claimed and to have manipulated votes using sockpuppets.

This is possibly the most hated guy on Reddit right now. Not whoever started the whole boston bombing witchhunt. Not someone who actually did anything harmful. Just a guy who got "unfair karma". And unlike with the boston bombing, there is zero self-awareness about how idiotic this whole thing is (and how common it is for anyone remotely popular on that site to manipulate votes in some way). It's a sad display, and I cannot imagine what this would turn into with more concrete monetary incentives.

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