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this post was submitted on 09 Aug 2023
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I do not disagree with much of the criticism Reddit is getting right now, especially the action taken leading up to this being the reason many of us are here right now.
What I will say though is that this community points system is not brand new and has been operating in the big crypto subs like R/cryptocurrency for some time using MOONS.
Now this system does not prevent the over arching power Reddit can exert on its platform but what it has done is meant is moderators are paid, well paid actually from the one I know personally. The value is determined by market forces so Reddit has little to no control over this.
Also because the points are tokens on the Ethereum ecosystem users can move there points to another wallet that is not controlled/created under the Reddit vault system meaning they can't just be taken away.
Again, this move far from fixes many of the problems with Reddit, causing us to move to the feddiverse but as far as the idea of "points" go it's actually the best system yet.
What makes me laugh is what Reddit did recently forcing users to spend or lose the last iteration of points, this is the kind of thing the new system should protect against.
The coins aren't used anywhere else besides Reddit. Do you expect to be buying a hot dog with your reddit gold? lol
After Reddit banned my account, I got some sucker give me 40-odd USDT for my MOONS tokens from r/cryptocurrency, then got some other sucker give me $40 for those.
How many hot dogs is that?
The point of tokenisation is to create an ecosystem currency, it's not for buying hotdogs with unless you're using hotdog coin.
I'd invest in carne asada fries coin.
An investment for sure but how long could you hold on to them?
Hotdog coin would be the first stable coin as it'd actually be tied to a stable asset lol
When the world economies collapse and the people are trading in hotdogs atleast I know who to blame... or thank ?