If anybody wants to see how this played out in 2010-2011, search for "Witcoin": https://www.google.com/search?q=witcoin https://www.google.com/search?q=witcoin

If anybody wants to see how this played out in 2010-2011, search for "Witcoin": https://www.google.com/search?q=witcoin https://www.google.com/search?q=witcoin At the peak it was a neat site, and some folks made a bit of money. If I recall correctly, there as a bit of a problem where NSFW posts were more profitable than most other kinds of posts. For some reason, the creator was unable to keep it running and didn't want to hand it off, so it was shut down. It worked by depositing Bitcoins which got converted into "Witcoins", an off-chain micro-transaction credit system. You could convert back into Bitcoins at any time. I suspect the micro-transaction aspect of it was not as harmful as one would expect. The model seemed to work at the modest scale it grew to.