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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.
Every time I see a rug pull, I giggle and consider making Rugcoin until I remember that it already exists along with several others, all instantly rugged.
my favorite is $SAFERUG
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….
Spez and the whole Reddit company culture seem to be very in touch with the whole crypto ~~scam~~ industry. I wouldn't be surprised if Reddit admins moderate the crypto sub part time and they got in on this.
I get the feeling Spez and other Reddit execs tried for years to make money out of reddit seeing only modest returns, then crypto comes on the scene and with conversations on Reddit being a large part of the success. Crypto grifters get in, pump, dump and cash out rich. Spez and other Reddit execs are looking at each other shocked saying "WTF just happened!? A bunch of folks just used the platform we built to get rich and we're still not! How can we do the same thing they did?"
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.
Anyone who invests in the Reddit IPO is a sucker.
People are going to short the shit out of it, so the big guys are going to pump it early to milk the retail investors.
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.
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.
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
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.
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
Doesn't this constitute insider trading? Sincerely hope some redditor takes them to court.
Do insider trading and market manipulation laws apply to crypto, an unregulated speculative asset? This isn't rhetorical, I've no idea.
The federal securities laws do not exempt crypto asset securities from the prohibition against insider trading, nor does the SEC.
Found here: https://www.sec.gov/news/press-release/2023-98
Yup. Anyone who received this non-public information and then traded based on that information is guilty of insider trading. I would also think that reddit has some liability here, as they shared this information to non-employees.
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?
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/
Wait, Reddit and Reddit Mods are pieces of shit!? surprised_pikachu.jpg
Ppl still use reddit? 🤔 weird.
The majority of communities I followed on Reddit did not live to Lemmy, or they did and got abandoned in a couple weeks. None of the sports or gaming communities I followed are here/alive here.
Keep letting people know that this is an alternative to Reddit! There’s still hope, and getting Lemmy to grow starts with you.
Gaming and sports communities? Not missing much most of the time 😛
Not the main communities, but the smaller ones. I’ve had to resort to Facebook for getting information and news about teams I follow, and for new indie games that get released the only communities I can find are on Reddit.
Oh no! Unregulated market is bad‽
iT rEgUlAtEs ItSeLf
This is a regulated area, one that the SEC oversees. They've prosecuted insider trading on crypto: https://www.sec.gov/news/press-release/2023-98
Crypto. Is. A. Scam.
It’s a cult too. It feeds on hype and marketing so people will say anything to keep the value of their worthless investments up. That’s probably why you’re getting a couple downvotes even though you’re 100% right. Wouldn’t be surprised if some coins got big from bot network spamming on social media.
Edit: they won’t even argue about it, they just keep downvoting. Proves my point exactly.
Crypto is used to scam, it doesn't mean the technology or the idea is a scam. I find it really ironic how Lemmy seems to hate it so much. I don't have any investment in it anymore because I don't like how profit-focused it became but I first got into it for the same reason I'm here on Lemmy, Bitcoin was an open source and federated alternative to money. Anyone could run a node and mine it. No more proprietary apps like PayPal.
While I don't think we will ever recapture the original spirit the tech had in the early 2010s I do find it quite sad that people think crypto = scam. Is HTTP a scam because scam websites exist? Are phones a scam because scam calls exist? I really wish people would separate the underlying technology (which is actually really cool) and the people using it.
I can totally see how it used to be more ideal, however it's been completely perverted from a legitimate currency into a MAGA-style investment fraud cult. At this point people need to start denouncing crypto- every new crypto project now is a get rich quick scam and people who don't know any better will fall for it. I think that crypto's days are numbered, coins will probably be heavily regulated by the end of the decade.
Besides all that, my personal opinion is that investing in "nothing" is scammy. There are no physical or heavily regulated securities like when you invest in stocks, precious metals, and art.
however it’s been completely perverted from a legitimate currency into a MAGA-style investment fraud cult
Rather than a currency or a movement that is the sum of everyone who uses it, a more accurate way to think of crypto is as a sort of anarchist technology. It empowers people to take financial action without asking permission, without guardrails, without having to go through a company or a bank that will monitor you and shut you down if they feel like it. Naturally people will use that agency for things like online drug markets, ransomware payments, and pyramid scheme style gambling. But that doesn't mean the technology itself is bad, just that it is powerful. Stablecoins in particular are seeing increasing use all over the world just because there is a lot of dysfunction and oppression in the banking systems of most countries and great difficulty in interfacing with other countries. If you want to buy a VPN or web hosting or anything else anonymously online, crypto is really the only answer to digital cash. It is a real, viable way to cut out middlemen and central authorities and that deserves respect even if it also makes it the de-facto medium for certain criminals.
My hope is that what will be regulated is the type of shit Reddit has done here, and the type of shit FTX did, which is really more traditional investment fraud with a crypto smokescreen than something that is genuinely founded in the technology. With the Reddit tokens, nothing was decentralized except the tokens, they controlled everything the tokens could possibly be used for, and the only thing giving them value was Reddit's implied promise to leave that potential revenue for the tokens instead of just taking it for themselves, which ultimately of course they did. You don't even need crypto for that, they could have done the exact same thing with their own centralized game tokens, and it would have been just as much of a scam. Don't blame crypto for that, blame Reddit and companies like Reddit trying to get away with this type of thing.
It's, by design, a deflationary asset. There's a limited amount of it, the difficulty to mine it goes up as there's more of it, therefore it's designed to grow in value over time. So since its inception it's been a scam. Sure, a scam some lucky people have been able to get in on early, but a scam none-the-less.
This is not true of all crypto. It is true of bitcoin though.
You go to bed with capitalists like Spez, you wake up with fleas.
And likely one less kidney.
If this is true not sure if anyone should be surprised.
Apologies for the crypto website as the article source- it summarized things well and was written by someone who knows a lot about the subject. That being said, if you’re going to invest, invest in something real and tangible.
What does this mean?
Reddit introduced a crypto as a way to monetize Reddit gold so users would get paid for posting. They abruptly cancelled the program after people had already bought into it but it looks like some insiders at Reddit got the news first- they sold their shares before they announced the cancellation. Basically Reddit committed investment fraud.
I’m not sure this is correct.
The community tokens crypto has been around since 2020. I think that’s separate from the new gold monetization scheme.
I don't really use Reddit anymore, but my understanding was some subreddits had crypto coins, but Reddit withdrew gold and formally started supporting these crypto tokens instead after the API exodus had happened.
it means that filing the proper complaints will get them investigated by the SEC.
It definitely sounds like some sort of insider trading thing.
It's not a registered security, and reddit isn't public... but if this is true it must have broken some sort of rule.
Lol.
Reddit migration... $
Fuck spez... $$$
Reddit mods and admins getting fucked by the FTC/SEC... Fucking Priceless.
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?
Call me surprised that reddit mods have no morale and ethics.
They should name themself reddit cunts.