Posted 10/18/2023, 6:41:34 PM
Reddit shuts down blockchain Community Points as crypto boom fades, crashing subreddit token prices
- Tokens based on subreddit reputation saw dips over 85% after the announcement.
- Reddit's Community Points, a blockchain rewards system, is going away like other tokens from the crypto boom.
- Coins like MOON for r/CryptoCurrency fell from $0.20 to $0.02 after Reddit's announcement.
- Conspiracy theories floated that Reddit 'rugged' the currencies before shutting them down.
- Reddit says issues were scale, regulations, and having new rewards like the Contributor Program.