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this post was submitted on 09 Aug 2023
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How the fuck would this work, I wonder? I tried to read through some but it makes little sense to me. It sounds like putting karma on blockchain and making it into a currency acting as reddit gold.
Rest is just regular cryptobro talk formulated so that Reddit looks like it cares about communities - or am I missing something?
I don't think you're missing anything.
It's just tradable karma on a blockchain.
Community points have been used on the cryptocurrency subreddit for years, now, called Moons. They're fine I guess. You can withdrawal them relatively easily and do whatever with them. They're given out based on up votes
So you can basically cash out if I understad you correctly?
Pretty much. You can use them to get additional rewards in the community and/or withdrawal them out to the Ethereum blockchain if you want to. Could even sell them if anyone would bother to buy
God, but that just seems like the worst. The fun of karma was that it was worthless but hey, a lot of us liked seeing big number go up and that was fulfilling in itself. Now people are going to be incentived to post for the sake of posting to try to earn something. Low effort, contentious, engagement driving spam.
Every time a crypto bro says that users "should be paid for their posts" I think about what a horrible hellscape a platform would be when the main motivation to share on it is financial profit. Look at how many people on Tiktok are slaves to the algorithm and they don't even make money directly from that.
Right? It's already bad enough how it feels like the sole purpose of every blog is to push affiliate links. Every product review I have to wonder if the author for paid for it. Every YouTube video feels like the creator will push whatever scam pays them money.
Actually, on the YouTube video note, Legal Eagle has a great video about how many YouTubers pushed this scam claiming you could "buy an official lord/lady title by purchasing a 1 square foot plot of land in Scotland". Basically a rehash of those star registries from the early 2000s. So many massive YouTube channels promoted them with blatantly false claims. And frankly every time I see a VPN ad (because it feels like pretty much every YouTube channel is sponsored by one or another), I just know they're going to make misleading claims.
Yeah it's a pretty lame system. It also incentivizes downvoting everyone so you get more of a share of the distributions