Reddit’s blockchain-based “Community Points” rewards crash after sunsetting

L4sBot@lemmy.worldmod to Technology@lemmy.world – 387 points – Reddit’s blockchain-based “Community Points” tokens crash after sunsetting
arstechnica.com

Reddit’s blockchain-based “Community Points” rewards crash after sunsetting::Tokens based on subreddit reputation saw dips over 85% after the announcement.

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While most people likely never noticed the loss of their Community Points, some who actively acquired them, or even bought more on the blockchain, are reporting losses of thousands of dollars. Conspiratorial claims of Reddit having "rugged" the currencies—pulling money from the system before a sudden shutdown—floated on social media.

I'm gonna laugh so hard if people get insider trading charges on shit coins because of this.

Someone spent thousands of dollars? Or many users collectively spent thousands of dollars?

I'm not sure which is more believable.

Well, it is likely the same as with mobile gaming. A few whales spend thousands of dollarinos on a game because they just happen to be rich.

...or at least so addicted they'll spend themselves into trouble

Even then, they're not likely spending as much as the rich fuckers. No matter how addicted you are, there's only so much you could spend before you're just out of money.

There's streamers to consider nowadays, too. Many live service competitive mobile games have streamers that get fed money from advertisers to fund their in-game purchases.