{"id":1193787,"date":"2023-10-18T14:41:34","date_gmt":"2023-10-18T18:41:34","guid":{"rendered":"https:\/\/www.prime-wow.com\/?p=1193787"},"modified":"2023-10-18T14:41:34","modified_gmt":"2023-10-18T18:41:34","slug":"reddits-blockchain-based-community-points-rewards-crash-after-sunsetting","status":"publish","type":"post","link":"https:\/\/www.prime-wow.com\/?p=1193787","title":{"rendered":"Reddit\u2019s blockchain-based \u201cCommunity Points\u201d rewards crash after sunsetting"},"content":{"rendered":"<div id=\"rss-wrap\">\n<figure class=\"intro-image intro-left\">\n  <img decoding=\"async\" src=\"https:\/\/www.prime-wow.com\/wp-content\/uploads\/2023\/10\/GettyImages-1299869307-800x533-1.jpg\" alt=\"Reddit logo amidst darkened coins\" \/><\/p>\n<p class=\"caption\" style=\"font-size:0.8em\"><a href=\"https:\/\/cdn.arstechnica.net\/wp-content\/uploads\/2023\/10\/GettyImages-1299869307-scaled.jpg\" class=\"enlarge-link\" data-height=\"1707\" data-width=\"2560\">Enlarge<\/a> <\/p>\n<\/figure>\n<div><a name=\"page-1\" \/><\/div>\n<p>Reddit&#8217;s Community Points, a blockchain-based rewards system for quality posts, comments, and other contributions in a subset of subreddits, is going the way of many similar tokens launched during the crypto boom times: away.<\/p>\n<p>As of November 8, coins like the &#8220;MOON&#8221; that r\/CryptoCurrency used for tips, premium features, and even voting shares will be removed from users&#8217; Vaults. Noticing this, the value of most Reddit-based coins took a nearly straight drop on Tuesday after <a href=\"https:\/\/www.reddit.com\/r\/CryptoCurrency\/comments\/17a33ql\/serious_sunsetting_community_points_beta_and\/\">Reddit&#8217;s announcements<\/a>. MOON was trading just over $0.20 at 1 pm Eastern, shortly before the announcement in its subreddit. Shortly before 3 pm, MOON had dropped just below $0.02, a loss of more than 85 percent, with fellow Reddit currencies BRICK (r\/FortNiteBR) and DONUT (r\/EthTrader) seeing <a href=\"https:\/\/www.coindesk.com\/markets\/2023\/10\/17\/reddit-based-tokens-plunge-on-report-of-wind-down-of-community-points\/\">similarly precipitous plunges<\/a>.<\/p>\n<div class=\"image shortcode-img center full\"><img decoding=\"async\" alt=\"MOON's price, as seen on TradingView, during the day when Reddit announced its sunsetting of Community Points, such as MOON.\" src=\"https:\/\/www.prime-wow.com\/wp-content\/uploads\/2023\/10\/Screenshot-2023-10-18-at-1.00.57E280AFPM.png\" \/><\/p>\n<p class=\"caption\" style=\"font-size:0.8em\">MOON&#8217;s price, as seen on TradingView, during the day when Reddit announced its sunsetting of Community Points, such as MOON. (credit: TradingView)<\/p>\n<\/div>\n<p>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 &#8220;rugged&#8221; the currencies\u2014pulling money from the system before a sudden shutdown\u2014<a href=\"https:\/\/twitter.com\/lopp\/status\/1714385123494285449?ref_src=twsrc%5Etfw\">floated on social media<\/a>.<\/p>\n<\/div>\n<p><a href=\"https:\/\/arstechnica.com\/?p=1976847#p3\">Read 5 remaining paragraphs<\/a> | <a href=\"https:\/\/arstechnica.com\/?p=1976847&amp;comments=1\">Comments<\/a><\/p>\n<p>&#013;<br \/>\n&#013;<br \/>\nSource: Ars Technica &#8211; <a href=\"https:\/\/arstechnica.com\/?p=1976847\" target=\"_blank\" rel=\"noopener\">Reddit\u2019s blockchain-based \u201cCommunity Points\u201d rewards crash after sunsetting<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Enlarge Reddit&#8217;s Community Points, a blockchain-based rewards system for quality posts, comments, and other contributions in a subset of subreddits, is going the way of many similar tokens launched during the crypto boom times: away. As of November 8, coins &hellip; <a href=\"https:\/\/www.prime-wow.com\/?p=1193787\">Continue reading <span class=\"meta-nav\">&rarr;<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":1193788,"comment_status":"open","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[27,110],"tags":[73],"class_list":["post-1193787","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ars-technica","category-unfiltered-rss","tag-ars-technica"],"_links":{"self":[{"href":"https:\/\/www.prime-wow.com\/index.php?rest_route=\/wp\/v2\/posts\/1193787","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.prime-wow.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.prime-wow.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.prime-wow.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.prime-wow.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1193787"}],"version-history":[{"count":0,"href":"https:\/\/www.prime-wow.com\/index.php?rest_route=\/wp\/v2\/posts\/1193787\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.prime-wow.com\/index.php?rest_route=\/wp\/v2\/media\/1193788"}],"wp:attachment":[{"href":"https:\/\/www.prime-wow.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1193787"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.prime-wow.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1193787"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.prime-wow.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1193787"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}