Reddit to end Crypto-Based Community Points Programme – Reddit has made the decision to discontinue the “Community Points” program that it introduced in 2020 for its members who were interested in cryptocurrencies. The functionality, which allowed Reddit users to earn Ethereum incentives depending on the upvotes they received for either volunteering to manage the community or for submitting insightful content to a subreddit, was removed due to stability concerns. The social networking site notified its customers in a formal statement on October 17 that the Community Points program would terminate on November 8.
We’re scaling up a few products that achieve the goals of the Community Points program while being simpler to use and comprehend, which is one of the reasons we’re winding down Community Points. Reddit’s official statement stated, “Even though we saw some future opportunities for Community Points, there was no path to scale it broadly across the platform.”
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Eligible Redditors received Ethereum-based ERC-20 tokens, which were taken out of the “Reddit Vault,” the platform’s cryptocurrency wallet.
Since the announcement on Reddit’s site that community points were being removed, the value of the cryptocurrency tokens MOON and BRICK has dropped significantly. In the meantime, a discussion about Reddit’s choice has begun among community members on X.
Reddit may have “rugged” the investors of MOON and BRICK, according to some on X, but others are defending the site and arguing that it makes sense for it to remove features that aren’t working as intended.
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Taking to X (formerly called Twitter, a user @ByzGeneral said, “What the fuck, Reddit (yes actually the company Reddit) just rugged their users by “discontinuing” their native cryptocurrency. -90% just like that.”
Another user @THORmaximalist made his opinion known as he replied to the comment saying that “Reddit has been a dumpsterfire since they started allowing centralization of governance, astroturfers and AI bots. The majority of interactions there is bots talking to one another while manipulating their comments to be at the top. Just bad governance.”
Another user with the handle @Pratik_in_Web3 decided to go contrary to the popular views of others and said, “So, in general, if a company starts a feature they should continue till eternity?”
However, Reddit speaking on the matter said, “We still love the idea that inspired Community Points. Specifically, finding better ways to improve community governance and empower communities and contributions. Though the moderators and communities that supported Community Points have been incredible partners – as it’s evolved, the product is no longer set up to scale,” its announcement noted.
