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Had I been consulted before "reddit is issuing shares on a cryptocurrency" was announced, I would have suggested doing something with less legal headaches first
by yafujifide 12y ago
Had I been consulted before "reddit is issuing shares on a cryptocurrency" was announced, I would have suggested doing something with less legal headaches first. It would take a $100 billion dollar company, much larger than reddit, to actually make such a project legally possible.
- bbooth 12y agoCould you go into detail what the major legal hurdles were in this case?
- yafujifide 12y agoIssuing shares to millions of people would have made reddit a public company. reddit did not want to be a public company. This is a contradiction.
- qznc 12y agoI did not realize Reddit Notes (crypto or not) are supposed to be "shares" of anything? Much less shares of Reddit as a company.
- kissickas 12y agoIt's been said many times since the beginning, including in this article: >Announced in September 2014 as part of a fundraising round that raised $50m from VC firms including Andreessen Horowitz and Sequoia Capital, Redditcoin was a key part of an audacious plan by Wong to give part of the company’s equity back to users. >Wong wrote in a blogpost: “The investors in this round have proposed to give 10% of their shares back to the community, in recognition of the central role the community plays in Reddit’s ongoing success.”