Reddit to Discontinue Community Points Citing Scalability and Regulatory Issues, Sparking Community Backlash
(unchainedcrypto.com)
Posted by
NecroSocial
1 year ago
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the r/cryptocurrency sub is like a circus right now, with all the baggies complaining about losing their life savings after investing on fake internet points
Yeah that sounds like something they'd do
this is my first time hearing about Community Points
The biggest implementation of it was probably r/cryptocurrency's "Moon" tokens. Before this announcement moons were worth around 25 cents each and were trading on major exchanges like Kraken (which means some people were paying for moons and not just earning them on Reddit for free). Reddit basically just did a rugpull. There's people in that sub who lost thousands of dollars since the announcement tanked the price who knows how many people lost money outside of Reddit. I only had about 40 dollars worth earned myself so no sweat for me but I wouldn't be surprised if some people sue Reddit over this.
>unironically investing in a reddit-backed currency
at the risk of sounding callous, they kind of deserve it tbqh. anyone with a brain could have seen how insanely risky it was.