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.
  • 👍Maximum Derek👍@discuss.tchncs.deEnglish
    110·
    11 months ago

    Next time reddit will cut out the middleman and just sell rugs.

    The “fuck spez” rug will be the best seller. When it inevitably gets pulled out from under each buyer they’ll act all shocked, say “better not do that again, spez” and then go right back to standing on it because their friends are all standing on theirs too.

  • ThatOneKirbyMain2568@kbin.social
    76·
    11 months ago

    What’s this? You’re telling me that crypto based on Reddit blockchain points—points from a company that’s constantly making rash decisions and removing large features—didn’t end well? And people with inside info were able to get out before this concept failed?

    Man, if only someone could’ve seen this coming….

    • neptune@dmv.socialEnglish
      14·
      11 months ago

      Reminds of that article about where crypto was speed running through the history of how all The securities rules got written in the first place. This is, of course, insider trading.

  • ExtremeDullard@lemmy.sdf.org
    581·
    11 months ago

    From TFA:

    moderator u/Mcgillby. On-chain data reveals that this moderator transferred more than 100,000 MOON over two different transactions on the Arbitrum Nova blockchain, turning it into more than $23,000

    If there’s a dollar sign, it’s not play money anymore and the FTC should get involved.

  • HuddaBudda@kbin.social
    52·
    11 months ago

    There was no way that coin was going to sustain itself like Spez claimed it would.

    People weren’t going to buy crypto coins, just to give content creators medals. And the idea that medals would give more power to these people, except not really and only in polls.

    This was such a jigsaw puzzle of shit, before you realized that each community was supposed to make their own coin that could only be used in that community.

    At that point, it is a coin trying to be as complex as possible, without really doing anything that you paid money for.

    • MyNameIsIgglePiggle@sh.itjust.works
      281·
      11 months ago

      a coin trying to be as complex as possible, without really doing anything that you paid money for.

      Sums up the state of crypto pretty well

      • HuddaBudda@kbin.social
        264·
        11 months ago

        I do think that crypto does have a place in the future, but not as a security, which is the current mindset behind most crypto.

        Where others deposit large amounts of wealth into a pile… and that money is supposed to grow infinitely…

        That’s not how you use a currency like the USD or British pound are used. Money is a tool for us to understand the value of our items that we exchange or our labor that we create.

        It has to circulate like a blood flow through an economy. And crypto is treating it more like a blood clot.

        • Trainguyrom@reddthat.comEnglish
          173·
          11 months ago

          I think cryptocurrency has the best shot at relevance as a medium for internet tipping. Unlike processing most financial transactions its comparatively quite easy to accept tips and donations via cryptocurrency plus it allows very good portability between exchanges if you setup your infrastructure correctly. Almost everything else people and companies try to use it for appears to be nothing more than a grift of some sort, or at the very least profiting off of someone getting grifted

        • eskimofry@lemmy.world
          72·
          11 months ago

          I guess people are just tired of the currently rigged stock market. Wall Street and Hedge Funds have made it such that they never lose. It’s not cool that the SEC is not unbiased and even the U.S. Govt has interest in making anybody lose vs. the incumbents.

  • hark@lemmy.world
    49·
    11 months ago

    So does this count as some kind of fraud or insider trading that can be prosecuted by, say, the SEC or CFTC?

    • Graz@feddit.de
      22·
      11 months ago

      Sure does! But nothing will happen, you’re essentially a 100% safe running pump and dump schemes as long as you only rip off poor people.

      Check out Coffeezilla’s yt channel, there’s loads of obvious fraudsters out there, nothing ever happens to them.

    • KairuByte@lemmy.dbzer0.com
      5·
      11 months ago

      Wasn’t this information public for days before the dump? I don’t think this can be considered anything illegal if that’s the case, everyone had the same information available. Mods don’t get some sort of special insider preview of most things like this.

      • hark@lemmy.world
        4·
        11 months ago

        When clicking on the article, the line under the title says: “Analysis suggests at least three Reddit moderators dumped thousands of dollars worth of Moons just minutes before the actual announcement.”

  • Naatan@lemdro.idEnglish
    37·
    11 months ago

    Doesn’t this constitute insider trading? Sincerely hope some redditor takes them to court.

    • Neato@kbin.social
      12·
      11 months ago

      Do insider trading and market manipulation laws apply to crypto, an unregulated speculative asset? This isn’t rhetorical, I’ve no idea.

      • SpiderShoeCult@sopuli.xyz
        1·
        11 months ago

        I am also curious. On the one hand, if you tax any gains from it you should also make sure it operates within some legal framework. On the other hand, would anybody investigate a magic bean salesman for insider trading? Would they rather charge them with scamming?

        • MrZee@lemm.eeEnglish
          5·
          11 months ago

          Edit: I just realized your comment wasn’t directed at the IRS specifically. I’ll leave my comment up because I still find the info interesting.

          I think the IRS tries to be agnostic to the legality of income. Yes, taxes are set in accordance with law, but their role isn’t make sure you obtained your income legally or ethically… not that I would trust them not to “tattle”.

          Here is an overview on the IRS’s guidance for reporting illegal income:

          https://taxfoundation.org/blog/irs-guidance-thieves-drug-dealers-and-corrupt-officials/

  • Gestrid@lemmy.caEnglish
    19·
    11 months ago

    I’m starting to lose track of all the changes Reddit’s made to its award system in the past few months. Is this the same crypto thing they started a few years ago, or was it part of the awards overhaul from a couple months ago?

  • uphillbothways@kbin.social
    4·
    11 months ago

    Lol.

    Reddit migration… $
    Fuck spez… $$$
    Reddit mods and admins getting fucked by the FTC/SEC… Fucking Priceless.

  • Lucidlethargy@sh.itjust.works
    3·
    11 months ago

    Does anyone need more reasons to never invest in crypto? Honestly, investing in stocks has similar issues, but it’s a lot more regulated. Still… Ultra wealthy people manipulate the market every few minutes.

  • Miclux@lemmings.world
    3·
    11 months ago

    Call me surprised that reddit mods have no morale and ethics.

    They should name themself reddit cunts.