26 votes

Reddit is moving forward with their Community Points ("donuts" in /r/ethtrader) experiment, including moving them onto the Ethereum blockchain

10 comments

  1. [3]
    doug3465
    (edited )
    Link
    TLDR: You get "Donuts" the same way you get karma. Admins are moving forward with allowing users to transfer these Donuts off of reddit onto Ethereum where they can then be traded like any...

    TLDR:

    You get "Donuts" the same way you get karma. Admins are moving forward with allowing users to transfer these Donuts off of reddit onto Ethereum where they can then be traded like any cryptocurrency. Mods are getting a lot of Donuts just for being mods.

    Edit: much more in depth comment here

    17 votes
    1. Abrown
      Link Parent
      God, the amount of vote manipulated spam I see roll through that sub... I can't believe an admin is okaying a real-world crypto-to-cash exchange based off of participation when a nice chunk of...

      God, the amount of vote manipulated spam I see roll through that sub... I can't believe an admin is okaying a real-world crypto-to-cash exchange based off of participation when a nice chunk of said participation isn't even real. Boggles my mind.

      19 votes
    2. mrbig
      Link Parent
      I cannot imagine any positive outcome for this idea.

      I cannot imagine any positive outcome for this idea.

      5 votes
  2. [6]
    Deimos
    Link
    I edited the title since I'm pretty sure there's no "monetization of karma" involved—the "donuts" give people more weight when voting in community polls, but there's no actual monetization as far...

    I edited the title since I'm pretty sure there's no "monetization of karma" involved—the "donuts" give people more weight when voting in community polls, but there's no actual monetization as far as I know.

    This is such a bizarre experiment though, I really don't understand what reddit is hoping to accomplish with it. Sure, it's kind of interesting in a theoretical "let's see what happens" way, but it doesn't really line up with how any subreddits on the site actually work. I just can't figure out why reddit's continuing to put effort into this instead of the thousands of other things the site actually needs.

    14 votes
    1. [4]
      doug3465
      Link Parent
      Alright. But you can sell them for ETH or any other crypto via decentralized exchanges. This was already happening before the admins endorsed it. So effectively, yes it is monetization of donuts,...

      Alright. But you can sell them for ETH or any other crypto via decentralized exchanges. This was already happening before the admins endorsed it. So effectively, yes it is monetization of donuts, which function the same as karma.

      Post content, receive upvotes, receive donuts, transfer off reddit, sell for ETH. Or just be a mod and receive this payment.

      10 votes
      1. [3]
        Deimos
        Link Parent
        Can you link to somewhere showing it already happening? How much are people paying for the donuts? (I'm not asking to try to discredit you, I'm legitimately curious because I haven't seen that at all)

        Can you link to somewhere showing it already happening? How much are people paying for the donuts?

        (I'm not asking to try to discredit you, I'm legitimately curious because I haven't seen that at all)

        4 votes
        1. [2]
          doug3465
          (edited )
          Link Parent
          When I sold mine, it was 20k donuts for 1 eth. And the price was going up because who knows. I will try to find screenshots that I might've taken because of how absurd it was. r/donuttrader Here...

          When I sold mine, it was 20k donuts for 1 eth. And the price was going up because who knows. I will try to find screenshots that I might've taken because of how absurd it was.

          r/donuttrader

          Here is the token's page on etherscan. Here's an address. You can see "Uniswap: Donut".

          People were using uniswap.info (a decentralized exchange). Admins refuse(d) to address this. At least I haven't seen it. I stopped following it closely after this because I was kind of appalled at the whole thing. But then everyone realized they could very likely be making money by earning karma in ethtrader, which has affected the subreddit in ways that other commenters have already expressed in this thread. Here is the product lead's first comment after the buying and selling began. No mention of donuts being traded and none since. The mods are corrupt almost certainly. The lead mod put this entire thing together. As for reddit's motives, hell, it's a subreddit currency. They can print them out of thin air.

          Some threads:

          https://www.reddit.com/r/ethtrader/comments/an5577/a_communityled_initiative_to_decentralize_donuts/

          https://www.reddit.com/r/ethtrader/comments/ajoj4e/where_donut_we_go_from_here/

          https://www.reddit.com/r/donuttrader/comments/aj07uw/lets_discuss_a_common_sense_approach_for_donuts/

          In the last couple of months, we have been following the work that u/carlslarson
          has been doing to decentralize Donuts. On behalf of the community, he has developed multiple smart contracts that allow Donuts to be moved to the Ethereum blockchain, along with much of their functionality (including distribution and tipping), and acquired assets (like the subreddit banner and badges). It’s great to see all of this progress.

          So they are endorsing the lead mod's efforts to make it possible to transfer donuts off of reddit, creating a token that can then be bought and sold, yet they will not address that that has already happened (thanks to the lead mod's work), and will happen again once reddit has implemented it into the site's UI itself. They just hammer home the subreddit governance, banners, badges, whatever the hell they want to come up with to justify the existence of these things. Here is the FAQ on r/donuttrader which explains exactly how the lead mod's makeshift project works. At the end:

          What can I do from here?

          Save your donuts in cold storage on a Trezor or Ledger.

          Convert your ERC-20 donuts back into Reddit donuts using donut.dance.

          Go donut whale watching on the EtherScan DONUT token contract page.

          Buidl a dApp that uses donut tokens!

          More information on donut functions:

          Intro to Community Points (Donuts on ethtrader) and Polls
          Buying badges
          Transferring and tipping Donuts
          Donut leaderboard
          Buy the banner

          Nothing about using a decentralized exchange to get money for them. That part is hush hush. The real question is who the hell was buying? And why?


          Edit:

          Lead mod’s reply to this

          Also, turns out you can just go to https://uniswap.info/ and type in DONUT as the ticker, go to "all time" and see for yourself. But there's no link.

          15 votes
          1. moriarty
            Link Parent
            Hey, thanks for that interesting insight into this weird phenomenon (and for the post). I'm interested in doing some basic analysis on this token and its proliferation. Could I ping you with some...

            Hey, thanks for that interesting insight into this weird phenomenon (and for the post). I'm interested in doing some basic analysis on this token and its proliferation. Could I ping you with some questions about it later on?

            6 votes
    2. LukeZaz
      Link Parent
      Just wanted to say thanks for doing this. While it definitely looks like karma monetization is happening, my first thoughts after reading through the linked post – that is, after all the "I'm...

      Just wanted to say thanks for doing this. While it definitely looks like karma monetization is happening, my first thoughts after reading through the linked post – that is, after all the "I'm confused, what's happening?!" bits I'd had because this is the first I'd heard of this experiment – was that the title felt like it was missing a huge quantity of context; the change is way better.

      Speaking of confusion though... I really have to agree with your second paragraph. This looks like a weird sort of off-beat "reputation" system, but implemented in what feels like all the wrong ways. Even after all the threads I read to get up to speed this is still confusing the hell out of me.

      2 votes
  3. Bullmaestro
    Link
    This almost feels like Reddit trying to copy one of their competitors... Steemit is a Reddit clone powered by the STEEM blockchain where comments contribute to the blockchain ledger. And that's...

    This almost feels like Reddit trying to copy one of their competitors...

    Steemit is a Reddit clone powered by the STEEM blockchain where comments contribute to the blockchain ledger. And that's why I think Steemit is a far more popular Reddit clone than the others with a decently sized community. Users actually make money in the form of cryptocurrency when they contribute.

    4 votes