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Reddit CEO Yishan Wong on Giving Stock to Users: “We Have a Crazy Plan.”

13 points by malditojavi 12y ago

digikata 12y ago
So stock is going to be used to back to something in the reddit community, and related to cryptocurrency. Karma: no Reputation: no Dogecoin: no Reddit Gold: hmmm not mentioned...
awwstn 12y ago
A relevant post arguing for Reddit to implement this on top of the Bitcoin Blockchain: https://medium.com/@barisser/an-open-letter-to-reddit-why-you-should-build-on-bitcoin-e52705bc87c5 https://medium.com/@barisser/an-open-letter-to-reddit-why-yo...
korzun 12y ago
The plan sounds bizarre. He is basically going to cater to x% of Reddit that's into Bitcoins, etc. Makes little sense when Reddit was created for 'all', prior to Bitcoin.
- deeviant 12y ago
  It has nothing to do with bitcoins as the currency is backed by reddit stock, they are not the standard alt-cryptocoin idea. They will be 100% premined, with all coins given to a pool which then is distributed to people who contribute to reddit. So people won't have to build bitcoin farms or the like(nor would it help them get any redditcoins). There is absolute nothing prevents somebody who is not into bitcoin from taking part in redditcoins(or whatever they are going to call them), it is just a way to: * Allocate a fraction of reddit stock to be converted into discrete sub-stock-unit chunks * Allow the distribution of said reddit stock to reddit contributors * Allow redditors to transfer said stock * Do all above without any financial transactions.
  - korzun 12y ago
    It does not matter if they were pre-mined. The point still stands, this does not appeal to most of the Reddit users who can care less about digital currency. How are you going to cash it out? Is Reddit going to be focusing on all of this bullshit? Trading? Cashing out? Safe guards? Etc? Come on. That sounds like a disaster.
    - projectdelphai 12y ago
      except reddit wasn't exactly created for the mainstream community either. it just turned out that way. the reddit admins don't exactly have an incentive to cater to everyone, I mean help their giving away stock because they want to not because someone's telling them to or cause it'll profit them (although it might in the long run with PR and all)
      - korzun 12y ago
        If you think they will be giving away stock then I have a bridge to sell you. I never said anything about 'mainstream', catering to one of the most recent group of Reddit users (crypto-currency) .vs catering to the original groups makes no sense to me.
mullingitover 12y ago
Interesting, it's like the Green Bay Packers stock sale but in reverse.

13 points by malditojavi 12y ago

So stock is going to be used to back to something in the reddit community, and related to cryptocurrency. Karma: no Reputation: no Dogecoin: no Reddit Gold: hmmm not mentioned...

awwstn 12y ago

A relevant post arguing for Reddit to implement this on top of the Bitcoin Blockchain: https://medium.com/@barisser/an-open-letter-to-reddit-why-you-should-build-on-bitcoin-e52705bc87c5 https://medium.com/@barisser/an-open-letter-to-reddit-why-yo...

korzun 12y ago

The plan sounds bizarre. He is basically going to cater to x% of Reddit that's into Bitcoins, etc. Makes little sense when Reddit was created for 'all', prior to Bitcoin.

deeviant 12y ago
It has nothing to do with bitcoins as the currency is backed by reddit stock, they are not the standard alt-cryptocoin idea. They will be 100% premined, with all coins given to a pool which then is distributed to people who contribute to reddit. So people won't have to build bitcoin farms or the like(nor would it help them get any redditcoins). There is absolute nothing prevents somebody who is not into bitcoin from taking part in redditcoins(or whatever they are going to call them), it is just a way to: * Allocate a fraction of reddit stock to be converted into discrete sub-stock-unit chunks * Allow the distribution of said reddit stock to reddit contributors * Allow redditors to transfer said stock * Do all above without any financial transactions.
- korzun 12y ago
  It does not matter if they were pre-mined. The point still stands, this does not appeal to most of the Reddit users who can care less about digital currency. How are you going to cash it out? Is Reddit going to be focusing on all of this bullshit? Trading? Cashing out? Safe guards? Etc? Come on. That sounds like a disaster.
  - projectdelphai 12y ago
    except reddit wasn't exactly created for the mainstream community either. it just turned out that way. the reddit admins don't exactly have an incentive to cater to everyone, I mean help their giving away stock because they want to not because someone's telling them to or cause it'll profit them (although it might in the long run with PR and all)
    - korzun 12y ago
      If you think they will be giving away stock then I have a bridge to sell you. I never said anything about 'mainstream', catering to one of the most recent group of Reddit users (crypto-currency) .vs catering to the original groups makes no sense to me.

mullingitover 12y ago

Interesting, it's like the Green Bay Packers stock sale but in reverse.