Crypto Tokens MOON and BRICK Plunge as Reddit Sunsets Community Points

On Tuesday, the societal quality hub Reddit unveiled that it would beryllium drafting the curtains connected the Community Points project. This revelation promptly sent 2 cryptocurrency coins from r/cryptocurrency and r/fortnite spiraling downward, showcasing a notable dip successful worth pursuing the news. This improvement besides irked a multitude of Redditors, with conversations surrounding the program to sunset the points spiraling into chaos.

Redditors’ Discontent Simmers arsenic Community Points Project Faces the Axe

While they mightiness not ringing a bell, 2 integer currencies, MOON and BRICK, person witnessed a important plunge successful worth implicit the past 24 hours. This tumble springs from Reddit’s determination to backmost distant from offering Community Points, mounting the prima connected the task travel November 8, 2023. Although Reddit has expunged the Community Points FAQ page, it remains accessible done archived snapshots.

Initially brought to airy by Techcrunch, the quality garnered further clarity arsenic Reddit’s Director of Consumer and Product Communications, Tim Rathschmidt, explained the rationale down shelving the venture. “Though we saw immoderate aboriginal opportunities for Community Points, the resourcing needed was unluckily excessively precocious to justify,” Rathschmidt told Techcrunch contributor Morgan Sung. The Reddit enforcement besides noted that the regulatory clime has played a portion successful the reasoning.

Following the dissemination of the quality crossed the crypto assemblage and Reddit, 2 Community Points tokens, MOON and BRICK, took a nosedive. The r/cryptocurrency coin MOON tumbled 84% portion the r/fortnite token shrunk astir 40% successful value. On Reddit, peculiarly wrong the subreddit r/cryptocurrency, a plethora of individuals voiced their dissatisfaction with the unfolding events. A moderator remarked:

We are precise disappointed successful Reddit’s determination today, and privation to clarify that we were not made alert of this determination until 1 hr ago.

“Terrible determination that volition marque Reddit precise untrustworthy going on, you conscionable ruined a batch of dreams [and] outgo radical an insane magnitude of clip and wealth that they invested conscionable truthful you could accidental that your proceedings was chill [and] you got immoderate info from it all?” different idiosyncratic wrote. Within the aforesaid thread, a maximalist from r/bitcoin chimed successful to connection their perspective.

“MOONS was an ill-fated task based connected pump and dump dynamics designed to enrich a fewer mods of this subreddit,” opined the Redditor Fiach_Dubh. “It is not a decentralized web similar Bitcoin. Reddit would bash good to follow Bitcoin arsenic a signifier of assemblage points via Bitcoin’s 2nd layer, the Lightning Network.” This sentiment, however, didn’t beryllium good with respective individuals.

“I emotion Bitcoin, but what benignant of cynical maxi bullshit is this? F*** off,” 1 idiosyncratic replied. “[Lightning Network] is its ain benignant of dogsh**,” different remarked.

Since their inception successful 2021, Reddit’s blockchain-fueled Community Points tokens had woven a cloth of anticipation among Redditors, galore of whom envisioned the task sailing smoothly for respective much years. A fistful of Redditors person articulated their resoluteness to uphold these projects independently, without Reddit’s patronage. As of now, the MOON tokens ecosystem has a full of 126,013,438 tokens shared among 211,104 unsocial holders.

The lion’s share, oregon 66.72% of the supply, is nestled successful the vaults of the apical 100 MOON holders. On the flip side, the BRICK tokens realm is populated with astir 115,217,218 BRICK units, crossed 156,945 unsocial addresses. A akin inclination of accumulation is evident present too, with the pick of the crop, the apical 100 holders, possessing a hefty 70.14% of the BRICK tokens successful circulation.

What bash you deliberation astir Reddit abandoning the Community Points blockchain system? Share your thoughts and opinions astir this taxable successful the comments conception below.