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1y ago

Reddit mods dumped tokens hours before blockchain program termination

cointelegraph.com Reddit mods dumped tokens hours before blockchain program termination

At the time of the announcement, the moderators of most of the subreddits involved with the community points program claimed to be unaware of the decision.

Summary: Reddit warns mods that it's ending its crypto program, before it warns the other users. What could go wrong? /s

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Reddit mods dumped tokens hours before blockchain program termination

cointelegraph.com /news/reddit-mods-dumped-tokens-hours-before-blockchain-program-termination

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Reddit mods dumped tokens hours before blockchain program termination

cointelegraph.com /news/reddit-mods-dumped-tokens-hours-before-blockchain-program-termination

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Reddit @lemmy.world

Reddit mods dumped tokens hours before blockchain program termination

cointelegraph.com /news/reddit-mods-dumped-tokens-hours-before-blockchain-program-termination

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34 comments

When I heard this I knew they'd be stupid enough to tell people before it happened which means insider trading
- I mean they kind of deserve it at this point.
- Crypto continuing to speed run the history of financial regulations

I'm sure the SEC will be very interested to hear this, particularly as reddit staff are likely involved.
PAHAHH I can't even keep a straight face while typing that.
- Wonder if it will somehow hinder their IPO, lol
- Sec doesn't give a fuck. If pressured enough they will pretend by issuing fines that are a fraction of the profits made.

Absolutely fucking hilarious

concidering mods are not staff but volunteers on reddit, would this be concidered insider trading even? It's not like the mods are on payroll for reddit. If this information was shared on the reddit which is a public info source, it could also be deemed public knowledge at that point regardless if I understand it right.
edit: looking into it, it appears the info "might" have been shared an hour before launch in a moderator only call, if that's true I'm still curious if it was insider trading but it's definitly a bigger chance it is
- I'm not informed even in the laws of my own country, let alone some other country like USA. That said, based on this Wikipedia link, it would - because for a small time period, they didn't disclose the info at large, but only to a handful of individuals.
  And regardless of the applicability of the law, on the best hypothesis it's Reddit Inc. doing stupid shit again, screwing with the userbase for no good reason, because whoever is in charge of the company is as insightful as a brick.

Why did moderators have 100's of thousands of those things anyway, and who the hell was buying them?
- For some reason they thought it would gain value as an investment.
  TBH I never saw a shitcoin holding value. Once the hype for the launch is gone, they always nosedive in value. You need to have some gambling issues to believe that no, this coin is special and this time it will gain value
  Monopoly money is and will always be worthless

Hell yeah

I still know some people that mod on reddit. Gonna ask if any were notified by reddit like these peeps lol.
And does this have any ties to the Fortnite subreddits with their own crypto stuff that came out earlier this year? I had almost modded that sub this year but decided against it when I found out they were dealing with crypto crap.
- Well, the article only mentions shady trade with $moons from r/CryptoCurrency, not with $bricks from r/FortNiteBR. However I'm not surprised if some investigation dug some shit with other subreddits too, so perhaps you avoided a lot of future annoyance in your life?

So basically they dumped mods and admins moons before cancelling them? Of course they did.

The new and exciting revolutionary version of Wall Street can uplift humanity and save the planet by having the same old grifts with a new coat of paint, less associations with tangible objects, and also a much larger carbon footprint per transaction!
- I don't disagree with you that this shit shouldn't've even started on first place. It's just Reddit trying to milk its userbase, and the world be damned, as usual.
  However, once started, Reddit had the responsibility to bring its closure in a fair way. And by "fair" I mean not "tipping" some individuals before the userbase at large knew it, so they could trade them off before the price crashed.
  
  I know that. My point is that those "tokens" and related cryptogrifts are just a sillier and even less tangible Wall Street, complete with insider trading and golden parachutes.

Money laundering.
- It's not money laundering, but it is insider trading.
  
  Dondong, both can be true, they are not mutually exclusive.

34 comments