this post was submitted on 21 Oct 2023
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Reddit is killing blockchain-based Community Points (techcrunch.com)
submitted 11 months ago by L4s@lemmy.world to c/technology@lemmy.world
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Reddit is killing blockchain-based Community Points::Citing scaling issues, Reddit is shutting down its blockchain-based Community Points in favor of prioritizing other rewards programs.

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[–] ShittyBeatlesFCPres@lemmy.world 31 points 11 months ago (2 children)

Who could have known by 2020 that Blockchain is shitty tech that doesn’t scale well?

[–] glockenspiel@programming.dev 21 points 11 months ago (2 children)

That’s not why Reddit is ending it. Reddit is copying Twitter and Musk with a “creator fund” revenue sharing scheme. That pivots around paying for subscriptions with real fiat money to have the chance to earn a fraction of the value you to contribute to the site.

And Reddit absolutely will not tolerate a competitor that they run themselves. People were earning hundreds or thousands of dollars worth of moons every month if their contributions really popped off on the CryptoCurrency subreddit.

I had about $600-$800 worth of Moons just from shitposting and trolling and asking clarifying questions. I never made it a priority to engage; it just happened organically.

So naturally Reddit is going to expunge the better version of what they want to implement because they can’t control it.

[–] stevehobbes@lemm.ee 9 points 11 months ago

They’re both fucking awful. The everything-is-hustle angle is garbage.

I don’t want people trying to figure out the optimal ratio of low but not too low effort posts to get paid turning everyone into a shill. Chasing karma was bad enough. People chasing money will be worse and less valuable.

Just like Twitter, when everyone is monetizing their posts everything will go to shit.

[–] PrometheusG@lemmy.one 3 points 11 months ago (1 children)

What are "Moons"?

[–] Eiim@lemmy.blahaj.zone 1 points 11 months ago

The version of Community Points used on r/CryptoCurrency

[–] topinambour_rex@lemmy.world 11 points 11 months ago

Blockchain is useful, but not in every domain.