Reddit, which is still dealing with the fallout from its last controversial decision, said it plans to phase out coins and awards.

Reddit enrages users again by ditching thank-you coins and awards::Reddit, which is still dealing with the fallout from its last controversial decision, said it plans to phase out coins and awards.

  • HakFoo@lemmy.sdf.orgEnglish
    6·
    1 year ago

    It’s the obvious answer, but I wonder if it would implode in their face in some interesting ways.

    Reddit has been the epicenter of a lot of crypto communities over the years. They’ve been there for plenty of projects to rise and fall, and most importantly, the wholesale evolution of the market. The remaining crypto market is not a place where you can hope to launch a new, lasting project on hope, enthusiasm, or promises of future utility. For anything outside a few very narrow cases (actual CBDC or related projects), the announcement of a new project is little more than starting the count-down to the inevitable rug-pull, technical collapse, or financial meltdown. All this is documented in huge detail across their communities.

    Launching a new crypto-based product in 2023+ would be like Airbus saying “we’re going all in on propeller triplanes.” It’s sketchy, and they have full knowledge that it’s sketchy. I sort of wonder what promises and stories they’ve tossed towards their existing investors, who I imagine are frantically Googling the phrase “breach of fiduciary duty” already.

      • HakFoo@lemmy.sdf.orgEnglish
        1·
        1 year ago

        I suspect we’ll see products that end up getting branded CBDC (e-yuan, e-rupee, e-dollar), but it may look nothing like blockchain hype projects.

        There are plenty of real world problems that a natively digital transaction system can mitigate. The obvious use case is “I’m in Los Angeles, how can I pay someone in Edinburgh three pounds without spending days for settlement, worrying about inter-bank communication, or dealing with private firms that have turned it into a rent-seeking space that adds huge fees”. Note this can be done without some elaborate blockchain system. In fact, a centralized service operated by the state has the right incentive alignment: they are more beholden to the social and political goal of “efficient commerce helps economic growth” rather than the private-enterprise mindset of “if I can get people to consume the tokens I already own, I can be a kazillionaire.”

        • skillissuer@lemmy.worldEnglish
          2·
          1 year ago

          every time i hear criticism like this i have to notice that these problems exist mostly within heavily outdated american banking system. in my country i can send bank transfer to anyone within country for free and it will always clear within 24h, but less than ~3h if sent during normal working hours. transfers within bank are instant; when i pay my internet bill, for example, such instant transfer goes to payment processor (with little overhead ~0.3$). within EU, there are SEPA transfers

          then, outside of banks in usual sense of this word, there is range of solutions from revolut to m-pesa