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Now reading things a bit more carefully, I'm a bit confused about how this system works and mostly how you interact with it outside of reddit. They offer a very
by jerojero 3y ago
Now reading things a bit more carefully, I'm a bit confused about how this system works and mostly how you interact with it outside of reddit. They offer a very basic API to just get amount of tokens for a user in a subreddit, which in reality is nothing more than looking up a given address in the blockchain database.
But I'm wondering about distribution and ownership. It says that community points are "are owned and controlled by communities themselves — not by any app or platform" but I'm not so sure about this, as in order to distribute points you need to go through reddit? So Reddit needs to have special permissions to be able to modify how points are allocated. Not only that, but the "community tank", it's not clear how you can interact with it or who even owns it.
It seems to me like Reddit is just acting as a sort of middle man between a token they're facilitating the creation of and the community. Although the community can "choose" how to distribute this based on rules... the actual distribution (which I assume is smart-contract based) is handled by Reddit. So it's really unclear, to me, the role Reddit actually plays behind these community tokens.
Although the marketing says "people will own a piece of the pie based on contribution" and that this cannot be taken away, etc, etc, I fail to see how communities can interact with the token from an ownership perspective in a way that is not mediated by Reddit.
So although probably good for governance, something smells fishy behind it all when it comes to ownership.
- ChainOfFools 3y agoCongratulations, you've seen through the nonsense of blockchainism used in this sense. A blockchain, if it works at all, is a power sharing mechanism. When there is any one party responsible for most of the power (and its associated market value) in that system, the blockchain is just a fig leaf to obfuscate their control. you can be sure that they will never yield that control - if it's ever seriously threatened they will liquidate their position in the blockchains token first, and if confronted about it will lie directly to everyone concerned saying something to the effect that "the market" has decided not to value the token.