WTF is this new crypto scam on reddit? Karma is now on the blockchain????
I was searching info on a crypto scam and saw that now reddit has jumped on the crypto bandwagon too? Everything must be on a blockchain for some reason
That's not karma. Those are community points, which are subreddit-only points that have been on the blockchain for years.
If you're not on the crypto subreddits, you've probably been blissfully unaware they exist. But it sure gets the crypto subreddits excited, especially when they can announce that their pet coin is moving to a New And Improved Blockchain (tm).
I also believe they were used on the Fortnite subreddit. Because of course we need to be giving crypto to 10 year olds
Such a scam. Also completely believable - remember Reddit's NFTs?
How does blockchain make karma more secure and useful? Isn't it just a count of upvotes stored in a database? Or is community points something different?
By putting them on the blockchain it would at least make them a public database, where you'd be able to see if Reddit admins tried to do any tampering.
Community points are different. They are only used within a community, mainly in crypto communities.
The idea is that instead or in addition to worthless upvotes, you can send users a sort of tip for their comments and posts. The tip is a digital coin, and the recipient can give it to other users or sell it for real money (presumably to another user who will use it to give someone a tip).
Obviously if real money is involved then blockchain is preferable to trusting reddit admins. And the idea isn't totally stupid, IIRC there is/was a similar internet currency that you could use to "buy a coffee" for your favorite content creators in the pre-Patreon days. But I have no idea if the reddit version is implemented sensibly.
blockchain != crypto
the technology is no more the scam than eggs are a cake.
It's a crypto currency, and ethereum is a blockchain. Blockchains have little use outside of cryptocurrency. A cake mold to a cake would be a better comparison.
That is simply not true. Blockchain is a ledger and nothing more. Just like accountancy is more than just banking, blockchain is more than just crypto.
are you visiting /cryptocurrency for the first time? it's about their own parallel system of moons that you can suposedly trade (it's been around for some time)
yes first time
It is because you are on a crypto subreddit.
These motherfuckers went through all the trouble of integrating ethereum blockchain tech but they don't actually want to use it to pay anyone anything useful so they make up a stupid community coin instead of just letting people tip others in ETH.
It'd be interesting to do a REAL blockchain social network that did allow meaningful micropayments. Anyone aware of project like that either in progress or defunct?
stop trying to monetize every human interaction
Fucking preach.
No! Fucking why? What’s wrong with you
I think the point is, if you're going to add crypto, you might as well add one that's actually valuable instead of some new proprietary nothing coin.
This sounds a bit like steem, (which appears to be mostly hindi and korean content now.) They tried a scheme where you essentially get crypto for upvotes and engagement.
Holy shit I assumed this was a joke
It is, but not like a comedy joke.
The joke is Elon actually paying people real money for this.
The hell is a Community Point?
Deaddit
Is this real?
More secure and useful, but network feed have to be paid
I would love a single example of how they're more useful or secure being on chain.
Hasn't it been a long-running complaint that admins can just edit karma and so forth however they want? By putting this on a blockchain it creates a public record that can't be tampered with without public awareness, and depending on how they do it it can't be easily tampered with at all.
Again depending on the technical details of how they implement this, the network fees may be trivial - small enough for Reddit to subsidize without the users having to worry about it at all.