Reddit is sunsetting its blockchain-based Community Points product, the company announced on Tuesday.
Some Reddit posters claim thousands of dollars in value disappeared from their wallets immediately, while others are pointing at transactions made just prior to Tuesday’s announcement that they think are suspicious.
According to the announcement, the admin said that the company shutting down Community Points because “there was no path to scale it broadly across the platform.” While the moderators and communities that supported the feature “have been incredible partners,” the admin said that “the regulatory environment has added to scalability limitations.” The admin added that Community Points “wouldn’t migrate well” to the updated reddit.com experience “without an outsized commitment to resources.”
When Community Points are officially sunset, you won’t see them in your Vault on the Reddit app.
Reddit has already pulled its website about for Community Points, but you can see an archive of the page from September (where the company still called the product a beta) on the Wayback Machine.
Reddit is still supporting its blockchain-based Collectible Avatars, which are NFTs, spokesperson Tim Rathschmidt tells The Verge.
The original article contains 305 words, the summary contains 183 words. Saved 40%. I’m a bot and I’m open source!
Aka: We didn’t realize how much fucking money we could lose so we decided to bullshit you and cancel it instead. Keep buying our shitty pictures though…they totally belong to you.
This is the best summary I could come up with:
Reddit is sunsetting its blockchain-based Community Points product, the company announced on Tuesday.
Some Reddit posters claim thousands of dollars in value disappeared from their wallets immediately, while others are pointing at transactions made just prior to Tuesday’s announcement that they think are suspicious.
According to the announcement, the admin said that the company shutting down Community Points because “there was no path to scale it broadly across the platform.” While the moderators and communities that supported the feature “have been incredible partners,” the admin said that “the regulatory environment has added to scalability limitations.” The admin added that Community Points “wouldn’t migrate well” to the updated reddit.com experience “without an outsized commitment to resources.”
When Community Points are officially sunset, you won’t see them in your Vault on the Reddit app.
Reddit has already pulled its website about for Community Points, but you can see an archive of the page from September (where the company still called the product a beta) on the Wayback Machine.
Reddit is still supporting its blockchain-based Collectible Avatars, which are NFTs, spokesperson Tim Rathschmidt tells The Verge.
The original article contains 305 words, the summary contains 183 words. Saved 40%. I’m a bot and I’m open source!
Aka: We didn’t realize how much fucking money we could lose so we decided to bullshit you and cancel it instead. Keep buying our shitty pictures though…they totally belong to you.