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Reddit adds "Community Points" on the Ethereum blockchain - used for purchases, memberships, tips, and reputation-weighted voting (in polls)
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- Reddit - Dive into anything
Really says a lot about their target demographic. >.<
Did something significant happen with these recently? They've been doing this for about a year and a half now, they've only been available in a couple of subreddits: https://tildes.net/~tech/or5/reddit_releases_community_points_tokens_on_the_ethereum_blockchain_awarded_for_posts_currently
As far as I can tell, some recent rumors floating around about a larger rollout, but hard to say because the tweets they linked to have been deleted.
It's bizarre to see so much significance being attached to those tweets. The guy graduated from university a month ago and hasn't even started at Reddit yet, where he'll be as junior of an engineer as you can possibly be. But people are writing articles about it and making stuff like this, like he's a luminary influencing the future of social media. The cryptocurrency space is so weird.
Overall though, most of the major tech companies have projects tinkering with blockchain/NFT stuff right now because of the hype level. Zynga even announced a "VP of Blockchain Gaming" today. Almost all of it's not going to result in anything.
Edit: and then I ran across this thread, where an advisor for Reddit explains how NFTs will make it so that you can get hired and start working at a job 60 seconds after applying. I genuinely don't understand how people can take this kind of thing seriously.
In Irrational Exuberance, Shiller covers a number of bubbles... tulips, railways, dot com stocks, housing...
Tulips. As an investment asset. It was actually a thing.
According to the Gartner Hype Cycle, we might be near the peak, but according to my "it aint a bubble until Shiller publishes another revision of Irrational Exuberance with a new chapter dedicated to it" theory of bubbles, we may have more madness yet to come.
Edit: Bored Ape Yacht Club NFTs are worth $250k each
https://www.forbes.com/sites/tommybeer/2021/09/09/nfts-of-cartoon-apes-sell-for-over-24-million-in-sothebys-auction/?sh=bf17e6d13f9c
Here's an archived version of those tweets.
That's hilarious. These tweets made it sound like it was something Reddit was rolling out SOON and this guy was going to be a BIG PART OF IT -- no wonder they're deleted now. Sometimes it seems like the only thing crypto folks are good at is hype.
I have to admit I only posted this because I missed this the first time around and thought this was a new thing following the NFT bandwagon. Interesting that it doesn't seem to have changed much in the year and a half since it was announced
Oh god.
Wow what an ironclad system! /s
Any time someone mentions using the blockchain to solve a human/physical problem I want to scream. Not sure if these people are professional grifters or just unable to think critically about their problem whatsoever.
to save some clicks through their little story about what I believe to be gold 3.0.
Why would you bring market economics into posting in a community forum? This is a terrible idea.
VCs want returns.
https://www.crunchbase.com/organization/reddit/company_financials
If you’re a VC and think Reddit has some massive untapped financial potential I have bad news for you…
I'd love to see the meetings that lead to these reddit announcements.
I’m imagining the Wolf of Wall Street office hype up scene but with tech bros chanting blockchain.
I think it’s more American Psycho business card scene but they’re just coming up with stupider and stupider ideas until someone says something so colossally stupid that they all agree it’s a great idea.
haha -- that would explain it. Like they have a list of top searches for Google and say 'we gotta build these things.'
Reddit already does; it's called karma. People already heavily optimize their posting around the karma it will incur. As long as individual communities can choose what to do with these points, I don't think it's bad (for now).
Because this new karma is on the ethereum blockchain you can buy and sell it. You can’t do that with old school karma.
So community features gated by this new feature can all be bought for USD.
I mean, you can already buy accounts with lots of karma online. It's trivial to do so. Isn't this just doing away with the middle steps and just making it bare? And what if a community wants to use USD or <CUR> as a way to participate? Maybe have folks in a small sub buy rewards and have the community points fund a Minecraft server/group of servers? Have folks accumulate points to engage in a group buy? Fund a community project? None of this bothers me as long as it's something that communities can clearly and easily control.
I don’t know. There’s an air of anarcho-capitalism to this.
Shrug, I don't know what to say. I don't like to assign political valences to everything. Living in fear of differing or opposing ideologies doesn't seem like a productive way to live; it seems to reduce life into camps. I tend to trust before I mistrust, it brings me happiness.
In my mind, as long as communities have clear methods to control use of these Community Points (including banning their use in the community), then I don't see an issue here. Allowing communities to do what they want is a good thing to me. If the rollout ends up forcing communities to use these Points and add commercial dynamics where there is no desire to, that's when I'd be angry.
It is, but it's a fascinating idea. Annoying to see happen on a site that I regretfully frequent, but will be interesting to watch until it fails.
Reddit has something these sites didn't: A large, established audience.
One example is steemit.com - the ranking of content is based on how many tokens each voter holds. Whenever I looked at it I had an impression that all activity is focused on token farming and not on great content curation. Lots of meta content talking about how to earn tokens.
Since I was confused by this as well, it sounds like the only place that "Community Points" gets you any advantage is in Poll posts. It doesn't seem like it interacts with the vote-based display order of comments or posts at all.
Ugh, if you want a blockchain-controlled social news aggregator, Steemit is that way. Granted, Steemit isn't very good for content and is just full of spammers trying to milk as much shitcoin out of the platform as possible.
I thought Reddit would know better than to turn internet points into damn NFT's.
Maybe because I have localization blocked, this site only shows me posts in what I can only assume is Mandarin :P