If they don't call them creddits they've missed a trick.
Reddit Plans Cryptocurrency to Give Back to Its Users After $50M Raise
81–90 of 93 posts
Re: Reddit Plans Cryptocurrency to Give Back to Its Users After $50M Raise
#82ITT: Rich people finding ways to avoid giving money to people directly.
I'd love some extra money. I would use it to fix up the emissions system on my car so I don't spend twice as much as I have to on gas. Then I'd use that to drive to where the jobs are and get one.
I might write fewer comments on Reddit once gainfully employed, but is that such a bad thing? It seems like half the problems on Reddit are from people having too much free time to troll and make low-effort comments.
Re: Reddit Plans Cryptocurrency to Give Back to Its Users After $50M Raise
#83I think it's a great idea. I think redditcoin failed because of copyright issues. Myself I had the idea for "hoinz" but never really pursued it, although I'd like to.
"Embracing the new spirit of cryptocurrency. Obtain hoinz from your reputations and contributions on various websites. Because you owe it to yourself."
http://www.reddit.com/r/hoinz (nothing there)
Things like moderation tasks can be paid in hoinz.
Re: Reddit Plans Cryptocurrency to Give Back to Its Users After $50M Raise
#84This 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…
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
Re: Reddit Plans Cryptocurrency to Give Back to Its Users After $50M Raise
#85This 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…
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, but unless they structure this offering very carefully, they will run afoul of both state and federal securities registration laws. If they structure the offering to avoid those laws (which is legal, i.e., as a private or in-state offering), then the cryptocurrency would be so limited in its availability that only an extremely tiny handful of users would ever be able to own it unless Reddit goes public.
Re: Reddit Plans Cryptocurrency to Give Back to Its Users After $50M Raise
#86Earlier 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.
Seems like you don't know what Counterparty is.
Re: Reddit Plans Cryptocurrency to Give Back to Its Users After $50M Raise
#87Seeing 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),…
So you just copy/pasted Counterparty's code too? Do you have any plans on providing something of value, or only copycats?
Re: Reddit Plans Cryptocurrency to Give Back to Its Users After $50M Raise
#88Earlier quoted context omitted.
The point is that this cryptocurrency will be exchangeable for (backed by) shares of reddit, which is rather unlike current cryptocurrencies.
The fun thing is that as soon as I saw the plans to distribute ownership earlier today, I figured why not use their own cryptocurrency? I guess I'm starting to predict the future, albeit only a few hours in advance
Because it's stupid? Why peg millions of dollars to a currency with no security?
Re: Reddit Plans Cryptocurrency to Give Back to Its Users After $50M Raise
#89Earlier quoted context omitted.
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. 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 thread (or board) or never being seen at all.
It's not about the points, it's about the fact that the voting system is pretty damned sacred to Reddit. By breaking pretty much one of the only global rules, he cheated people out of a chance to have their own posts/comments seen. We can only speculate as to how long it was going on.
Creating "useful content" is not a valid excuse for usurping community for your own self-aggrandizement. Even HN has a voting ring detector. Why do you think that is?
Re: Reddit Plans Cryptocurrency to Give Back to Its Users After $50M Raise
#90Earlier 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 curious where it was determined he used a botnet? I thought he just made alternate accounts.