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.
From what I can see the source code for the contract is not published/verified. That is not a good sign in this regard.
Agreed
Disagree. Long term success requires a sound value model, and aligned incentives. The concept needs to be solid, otherwise it is doomed regardless of developer and community efforts.
So initial concept is ofcourse the foundation but surly it’s the developer and user participation that drive value long term?
the tokens will be redeemable for “community governance” and “premium features”.
The tokens can be traded into ETH and cash, the ability to leave the ecosystem with value for what you have added is a good concept in my opinion.
I totally agree Reddit has been a scummy actor, especially in recent months but I feel if they had acted differently up to this point the reception of this change would be more welcomed.
For example if they had not killed 3rd party app and instead of just wiping the old point system clean they essentially air dropped an equivalent of the new token to users.
I’m no fool, I can see how reddit could use this as another log on the trash fire however I think the concept is good and I’m on the fence to see how it will go from here.
The tokens can be traded into ETH and cash, the ability to leave the ecosystem with value for what you have added is a good concept in my opinion.
I get that, but can you understand that this Eth and cash needs to come from someone? And that it will be someone who is only buying it because they believe they will be able to later sell those tokens for more? Does it simply not matter to you where that money comes from or whether someone is getting screwed over in the process? The ‘value’ created by interacting with Reddit is not magically transmuted into value for the token, you just happen to get the tokens after interacting with Reddit.
Agreed
So initial concept is ofcourse the foundation but surly it’s the developer and user participation that drive value long term?
The tokens can be traded into ETH and cash, the ability to leave the ecosystem with value for what you have added is a good concept in my opinion.
I totally agree Reddit has been a scummy actor, especially in recent months but I feel if they had acted differently up to this point the reception of this change would be more welcomed.
For example if they had not killed 3rd party app and instead of just wiping the old point system clean they essentially air dropped an equivalent of the new token to users.
I’m no fool, I can see how reddit could use this as another log on the trash fire however I think the concept is good and I’m on the fence to see how it will go from here.
I get that, but can you understand that this Eth and cash needs to come from someone? And that it will be someone who is only buying it because they believe they will be able to later sell those tokens for more? Does it simply not matter to you where that money comes from or whether someone is getting screwed over in the process? The ‘value’ created by interacting with Reddit is not magically transmuted into value for the token, you just happen to get the tokens after interacting with Reddit.