Reddit Plans Cryptocurrency to Give Back to Its Users After $50M Raise • Hacker News Board

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

#91

Post by scrollaway » Thu, Oct 02, 2014, 2:18 PM UTC

Karunamon wrote: post #89

scrollaway wrote: post #70

Earlier quoted context omitted.

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. J…

If you think it's about the karma, you are seriously misinformed. Voting accomplishes two things - giving/taking meaningless points, and determining where (and if) your posts are ranked on the board. The problem with Unidan is that he used a botnet to cheat the system. When you're on the new queue or have just commented in a large thread, a single vote or two can be the difference between ending up at the top of the…

I'm not saying he doesn't deserve to be banned and what not. I'm saying it is stupid and pathetic that he is despised to the core more than a pedophile strangling kittens would be on that site.

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

#92

Post by _up » Thu, Oct 02, 2014, 2:29 PM UTC

gamblor956 wrote: post #85

rtkwe wrote: post #84

Earlier quoted context omitted.

The regulatory aspect only comes in when shares are cashed out probably. The new RedditCoin wouldn't legally be shares so it's not bound to the same regulations. Only once the Coin is cashed into a share would it transfer and get bound to the same regulatory hurdles. At least that's the way that they'll probably try to set it up to avoid those issues. IANAL

"Securities" includes more than stock--it includes debt instruments (i.e., bonds), equity instruments (i.e., stock), and derivatives of debt or equity instruments (i.e., options). A cryptocurrency backed by shares in reddit would probably be treated as a derivative security, and would almost certainly be regulated by the Securities Exchange Commission. Additionally--not sure what "former SEC" lawyer they talked to, b…

So if they give vouchers to 100 Mio users that are redeamable if the company gets public. This would work? I mean if they give 10% of the company to reddit users via vouchers and the company gets worth 100 Billion that would be 100 Dollars per person.

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

#93

Post by Karunamon » Thu, Oct 02, 2014, 4:03 PM UTC

scrollaway wrote: post #91

Karunamon wrote: post #89

Earlier quoted context omitted.

If you think it's about the karma, you are seriously misinformed. Voting accomplishes two things - giving/taking meaningless points, and determining where (and if) your posts are ranked on the board. The problem with Unidan is that he used a botnet to cheat the system. When you're on the new queue or have just commented in a large thread, a single vote or two can be the difference between ending up at the top of the…

I'm not saying he doesn't deserve to be banned and what not. I'm saying it is stupid and pathetic that he is despised to the core more than a pedophile strangling kittens would be on that site.

Know any pedo-kitten-stranglers that made the front page via one of the default subreddits? You seem to be very quick to disparage a lot of people who are mad for very understandable reasons.