- cross-posted to:
- technology
- cross-posted to:
- technology
- Reddit is discontinuing its blockchain-based Community Points system, affecting tokens like MOON, BRICK, and DONUT used in specific subreddits for tipping and premium features.
- The announcement led to a drastic decline in the value of these tokens, with MOON losing more than 85% of its value shortly after the news.
- Reddit cited scalability issues and regulatory concerns as reasons for the discontinuation, shifting focus to its newer Contributor Program that rewards users with actual money.
- After November 8, Community Points will be removed from users’ Vaults, and any remaining points will be “burned” by year-end; however, Reddit’s NFT marketplace will remain operational.
If somebody cashed out a substantial amount the price would have gone down right?
It depends on quite a few factors, but generally yes.