Reddit is sunsetting its blockchain-based Community Points product, the company announced on Tuesday. A Reddit admin (employee) shared the announcement about Community Points, which uses the Ethereum blockchain, on a few subreddits, including r/CryptoCurrency (which had its own “moons” crypto token), r/FortniteBR (which had its own “bricks” token), and r/EthTrader (which had its own “donuts” token).
The value of those tokens has, predictably, fallen off of a cliff, as CoinDesk reports drops of between 60 and 90 percent.
And Crypto once again fails to be a solution for another application. What a shock.
“Solution” is a bit of a stretch don’t you think?
The “we’re not making enough money” solution.
The only actual solution crypto does have is, as one would guess, encrypted transactions.
Banks have a use for it, financial institutions who want to send money from A to B have a use for it. Countries in civil war and strife who need funds and are blocked on most other methods have a use for it.
I don’t get the “doesn’t have a purpose” meme when it’s written right on crypto’s sleeve, and it is used for those purposes, and does a good job of it.
If a website creates its own cryptocurrency that means they are in control of it. If Reddit, Plebbit, and Brave really gave any sort of a shit about crypto as it exists, they would’ve used LTC or BCH or something easily transferrable that can’t rug because it isn’t in their hands to rug it, but then that defeats the purpose of milking short-term gamblers of their funds, which was the entire point.