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Is Reddit going all in on Web3?

news.ycombinator.com

21–30 of 34 posts

Re: Is Reddit going all in on Web3?

#21
post #17

Reddit can't build functional software. I would never consider letting thdm connect to my wallet.

> Reddit can't build functional software. I would never consider letting thdm connect to my wallet.

Seriously this.

I'll never understand how this platform has the traction it has when it is such a buggy POS, forums in the 90s worked better than the current version of Reddit. Not to mention their tendency to censor and shadowban: it goes to show that when it comes to Social Media (something I never really got into as it is entirely extractive) you don't need quality code to be a stand out.

How they convinced people to pay actual money for gilding makes me think that video game producers who moved to micro tx business models were actually way ahead of their time, prophetic even, in predicting what this demographic will tolerate.

I can't imagine how they're going to handle having such a lax approach to security when actual money is on the line (assuming they tokenize or create NFTs) and with adversaries from all sides trying to rip them off. It will be comical if a spin off of REvil was created just to screw over Reddit, I'd like to to see this materialize only to see that happen.

Sidenote: you used to be able to tip in bitcoin on Reddit via tipping bot, now you can only do it with small sums (bits) via LN, but this has been possible for a long time now.

Re: Is Reddit going all in on Web3?

#22

Here's a similar Reddit job post from October 2021 (3 months ago) regarding NFTs: https://boards.greenhouse.io/reddit/jobs/3454478 """ For Reddit, it will always be about community. As the “frontpage of the Internet”, Reddit brings over 430 million people together each month through their common interests, inviting them to share, vote, comment, and create across thousands of communities. If there is one thing we’ve n…

What an incredible example of doublespeak.

Re: Is Reddit going all in on Web3?

#23

Here's a similar Reddit job post from October 2021 (3 months ago) regarding NFTs: https://boards.greenhouse.io/reddit/jobs/3454478 """ For Reddit, it will always be about community. As the “frontpage of the Internet”, Reddit brings over 430 million people together each month through their common interests, inviting them to share, vote, comment, and create across thousands of communities. If there is one thing we’ve n…

What an incredible example of doublespeak.

Yes in a world where "selling for crazy prices" means a "sense of participation and belonging", word algebra can take you anywhere you want!

Re: Is Reddit going all in on Web3?

#24
post #15
post #5

Damn, you think karma farming is bad now? Imagine if upvotes actually translated to money, regardless of how bad the exchange rate is. The post makes it seem all high and mighty moonshot, but it's most likely they introduce their own crypto that you can trade and maybe earn. Maybe a tipping feature similar to twitter. I don't know if that's going "all in" but it could certainly change the dynamics. It's already highl…

They already have their own cryptocurrency. In r/cryptocurrency you can earn “moons” based on your monthly upvotes. Lots of karma farming going on like you said.

There is a sub on reddit that has their own cryptocurrency this has nothing to do with the company reddit.

Re: Is Reddit going all in on Web3?

#25
Reddit coins and reddit gold are already the future crypto is promising. It makes sense to experiment with this, if you can artificially inflate the value of your reddit currency by combining it with crypto hype.

There's some parallels between utility NFTs and rewarding a post you liked with a relevant jpeg badge, that provides a short subscription to reddit gold.

Re: Is Reddit going all in on Web3?

#27
post #15

Earlier quoted context omitted.

They already have their own cryptocurrency. In r/cryptocurrency you can earn “moons” based on your monthly upvotes. Lots of karma farming going on like you said.

There is a sub on reddit that has their own cryptocurrency this has nothing to do with the company reddit.

It's an official reddit thing called "Community Points", has integration with the reddit apps, ...

https://www.reddit.com/community-points/ "Community Points [beta] - Own a piece of your community"

Re: Is Reddit going all in on Web3?

#28
post #27

Earlier quoted context omitted.

There is a sub on reddit that has their own cryptocurrency this has nothing to do with the company reddit.

It's an official reddit thing called "Community Points", has integration with the reddit apps, ... https://www.reddit.com/community-points/ "Community Points [beta] - Own a piece of your community"

That seems more of a "coming soon" rather than an existing cryptocurrency.

Re: Is Reddit going all in on Web3?

#29
I seems sensible for them to have a "Crypto team" to "an entirely new model for the Internet" from a business point of view. It works - big money, doesn't work - shut it down.

I'm not sure about "people, not platforms, have real ownership and control" though. It seems to be more crypto bros and scammers who get the control.

Re: Is Reddit going all in on Web3?

#30
post #28
post #27

Earlier quoted context omitted.

It's an official reddit thing called "Community Points", has integration with the reddit apps, ... https://www.reddit.com/community-points/ "Community Points [beta] - Own a piece of your community"

That seems more of a "coming soon" rather than an existing cryptocurrency.

It's the basis for the mentioned above example.
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