Community Points allow members of Reddit communities to own a piece of their community, earn rewards for quality contributions, and unlock special features.
Read all about it at the above link. There’s way too much to process here. This is going to be wild.
They’ve updated their preview feature TOS as recently as last month to push forward with avatars and community points, I reckon they’re just biding time to sync it with the next bull run to maximise value and heighten chance of seeming like they have genius cutting edge foresight.
The bottom of that’s also funny because it makes it clear their smart contract is permissioned and if they don’t like what you do with your virtual goods they can remove them from you. Very immutable, wow, such ownership.
Thanks for this! I was having trouble finding anything with a recent date on it related to Community Points.
That makes me wonder if Reddit is trying to keep this under wraps until release date, so that their remaining userbase doesn’t have another protest. It’s kind of crazy that they have been working on this crypto garbage for three years, yet don’t have the foresight to see that this is going to backfire. Is there anyone, aside from crypto bros., that are even interested in crypto and NFTs anymore?
“Failure to follow and comply with the above rules may constitute a breach of the Previews Terms and result in a temporary or permanent ban from Reddit or certain subreddits or removal of your access to Reddit Econ Goods.”
So they can take your coins at any time if they don’t approve of something that you do.
“By using any Feature, you understand that the Feature may be canceled at any time for any or no reason, in our sole discretion, without advance notice or liability to Reddit. We reserve the right to modify, suspend, or discontinue any Feature (in whole or in part) at any time, with or without notice to you…There will be no refunds if any Feature is no longer usable on or through the Services.”
Also, they can get rid everyone’s coins at any time without reimbursing them. I hope Community Points will be the final nail in Reddit’s coffin. It would be really funny if Reddit was killed by crypto.
Oh there’s a ton of interest but just kept to shitcoiners for now - the subreddits are nothing like they were during the bear market around 2019, back then it was a ghost town even with a subscriber count of 800k but now they’re still very active due to an influx of millions of users (6m subs on the main shitcoin sub).
It’ll all likely swing back up in the next two years and become a media and scam frenzy again, then another crash, rinse, repeat.
Reddit shilling decentralisation and ownership knowing how they’ve acted the last few months is hilarious though, they’ve been prideful of saying “nope you don’t own shit,now fuck off somewhere else” and spez bootlickers have been parroting it endlessly too. Seems odd that they’re the people Reddit are going to have to advertise this… Fauxnership to.
I’m not sure if I agree that crypto is going to swing back up, or at least not like it did in 2021. The subreddit may have more than 6 million users, but it doesn’t have any posts in the past week with more than 1000 upvotes. In reality, the crypto subreddit has a smaller userbase than Lemmy. That’s probably not entirely representative of the entire crypto community, but I think that it does indicate that a lot of people have lost interest.
I’m definitely looking forward to seeing how it all goes down though. Makes me glad I’m on Lemmy now.
It was much worse in 2019, a post hitting over 100-200 was unusual and the comment sections were beyond dead. Most comment sections these days are still filled with hope, in 2019 suicide hotline threads were a weekly occurrence or more.
We’ll see anyway, the BTC halving has led to a run 3 times in a row so far, just like clockwork. Barring another recession I just see the same pattern forming.
They’ve updated their preview feature TOS as recently as last month to push forward with avatars and community points, I reckon they’re just biding time to sync it with the next bull run to maximise value and heighten chance of seeming like they have genius cutting edge foresight.
Link here, specifically 5.1
The bottom of that’s also funny because it makes it clear their smart contract is permissioned and if they don’t like what you do with your virtual goods they can remove them from you. Very immutable, wow, such ownership.
Thanks for this! I was having trouble finding anything with a recent date on it related to Community Points.
That makes me wonder if Reddit is trying to keep this under wraps until release date, so that their remaining userbase doesn’t have another protest. It’s kind of crazy that they have been working on this crypto garbage for three years, yet don’t have the foresight to see that this is going to backfire. Is there anyone, aside from crypto bros., that are even interested in crypto and NFTs anymore?
“Failure to follow and comply with the above rules may constitute a breach of the Previews Terms and result in a temporary or permanent ban from Reddit or certain subreddits or removal of your access to Reddit Econ Goods.”
So they can take your coins at any time if they don’t approve of something that you do.
“By using any Feature, you understand that the Feature may be canceled at any time for any or no reason, in our sole discretion, without advance notice or liability to Reddit. We reserve the right to modify, suspend, or discontinue any Feature (in whole or in part) at any time, with or without notice to you…There will be no refunds if any Feature is no longer usable on or through the Services.”
Also, they can get rid everyone’s coins at any time without reimbursing them. I hope Community Points will be the final nail in Reddit’s coffin. It would be really funny if Reddit was killed by crypto.
Oh there’s a ton of interest but just kept to shitcoiners for now - the subreddits are nothing like they were during the bear market around 2019, back then it was a ghost town even with a subscriber count of 800k but now they’re still very active due to an influx of millions of users (6m subs on the main shitcoin sub).
It’ll all likely swing back up in the next two years and become a media and scam frenzy again, then another crash, rinse, repeat.
Reddit shilling decentralisation and ownership knowing how they’ve acted the last few months is hilarious though, they’ve been prideful of saying “nope you don’t own shit,now fuck off somewhere else” and spez bootlickers have been parroting it endlessly too. Seems odd that they’re the people Reddit are going to have to advertise this… Fauxnership to.
I’m not sure if I agree that crypto is going to swing back up, or at least not like it did in 2021. The subreddit may have more than 6 million users, but it doesn’t have any posts in the past week with more than 1000 upvotes. In reality, the crypto subreddit has a smaller userbase than Lemmy. That’s probably not entirely representative of the entire crypto community, but I think that it does indicate that a lot of people have lost interest.
I’m definitely looking forward to seeing how it all goes down though. Makes me glad I’m on Lemmy now.
It was much worse in 2019, a post hitting over 100-200 was unusual and the comment sections were beyond dead. Most comment sections these days are still filled with hope, in 2019 suicide hotline threads were a weekly occurrence or more.
We’ll see anyway, the BTC halving has led to a run 3 times in a row so far, just like clockwork. Barring another recession I just see the same pattern forming.