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Next time reddit will cut out the middleman and just sell rugs.
The "fuck spez" rug will be the best seller. When it inevitably gets pulled out from under each buyer they'll act all shocked, say "better not do that again, spez" and then go right back to standing on it because their friends are all standing on theirs too.
Every time I see a rug pull, I giggle and consider making Rugcoin until I remember that it already exists along with several others, all instantly rugged.
my favorite is $SAFERUG
🐑
Anyone who invests in the Reddit IPO is a sucker.
What's this? You're telling me that crypto based on Reddit blockchain points—points from a company that's constantly making rash decisions and removing large features—didn't end well? And people with inside info were able to get out before this concept failed?
Man, if only someone could've seen this coming….
Reminds of that article about where crypto was speed running through the history of how all The securities rules got written in the first place. This is, of course, insider trading.
From TFA:
moderator u/Mcgillby. On-chain data reveals that this moderator transferred more than 100,000 MOON over two different transactions on the Arbitrum Nova blockchain, turning it into more than $23,000
If there's a dollar sign, it's not play money anymore and the FTC should get involved.
...in Etherium." You left that part out. It's still crypto.
I'm not saying that makes it any better, but your own quote invalidates your own statement.
I'm laughing at all the idiots who bought those coins.
There was no way that coin was going to sustain itself like Spez claimed it would.
People weren't going to buy crypto coins, just to give content creators medals. And the idea that medals would give more power to these people, except not really and only in polls.
This was such a jigsaw puzzle of shit, before you realized that each community was supposed to make their own coin that could only be used in that community.
At that point, it is a coin trying to be as complex as possible, without really doing anything that you paid money for.
a coin trying to be as complex as possible, without really doing anything that you paid money for.
Sums up the state of crypto pretty well
I do think that crypto does have a place in the future, but not as a security, which is the current mindset behind most crypto.
Where others deposit large amounts of wealth into a pile... and that money is supposed to grow infinitely....
That's not how you use a currency like the USD or British pound are used. Money is a tool for us to understand the value of our items that we exchange or our labor that we create.
It has to circulate like a blood flow through an economy. And crypto is treating it more like a blood clot.
I think cryptocurrency has the best shot at relevance as a medium for internet tipping. Unlike processing most financial transactions its comparatively quite easy to accept tips and donations via cryptocurrency plus it allows very good portability between exchanges if you setup your infrastructure correctly. Almost everything else people and companies try to use it for appears to be nothing more than a grift of some sort, or at the very least profiting off of someone getting grifted
I guess people are just tired of the currently rigged stock market. Wall Street and Hedge Funds have made it such that they never lose. It's not cool that the SEC is not unbiased and even the U.S. Govt has interest in making anybody lose vs. the incumbents.
Was Spez the one backing crypto? I thought that was Alex Ohanian the other living founder.
So does this count as some kind of fraud or insider trading that can be prosecuted by, say, the SEC or CFTC?
Sure does! But nothing will happen, you're essentially a 100% safe running pump and dump schemes as long as you only rip off poor people.
Check out Coffeezilla's yt channel, there's loads of obvious fraudsters out there, nothing ever happens to them.
Wasn’t this information public for days before the dump? I don’t think this can be considered anything illegal if that’s the case, everyone had the same information available. Mods don’t get some sort of special insider preview of most things like this.
When clicking on the article, the line under the title says: "Analysis suggests at least three Reddit moderators dumped thousands of dollars worth of Moons just minutes before the actual announcement."
Good look for a company positioning to IPO...
Doesn't this constitute insider trading? Sincerely hope some redditor takes them to court.
Do insider trading and market manipulation laws apply to crypto, an unregulated speculative asset? This isn't rhetorical, I've no idea.
I am also curious. On the one hand, if you tax any gains from it you should also make sure it operates within some legal framework. On the other hand, would anybody investigate a magic bean salesman for insider trading? Would they rather charge them with scamming?
Edit: I just realized your comment wasn’t directed at the IRS specifically. I’ll leave my comment up because I still find the info interesting.
I think the IRS tries to be agnostic to the legality of income. Yes, taxes are set in accordance with law, but their role isn’t make sure you obtained your income legally or ethically… not that I would trust them not to “tattle”.
Here is an overview on the IRS’s guidance for reporting illegal income:
https://taxfoundation.org/blog/irs-guidance-thieves-drug-dealers-and-corrupt-officials/
Lol ain't no way, so reddit basically just pulled an exit scam?
I'm starting to lose track of all the changes Reddit's made to its award system in the past few months. Is this the same crypto thing they started a few years ago, or was it part of the awards overhaul from a couple months ago?
This is the token you got for posting content on the crypto sub
You go to bed with capitalists like Spez, you wake up with fleas.
And likely one less kidney.
Crypto. Is. A. Scam.
Must have been refreshing for them to get to dump something after constantly having loads dumped in them.
Lol.
Reddit migration...$
Fuck spez... $$$
Reddit mods and admins getting fucked by the FTC/SEC ... Fucking Priceless.
Call me surprised that reddit mods have no morale and ethics.
They should name themself reddit cunts.
Does anyone need more reasons to never invest in crypto? Honestly, investing in stocks has similar issues, but it's a lot more regulated. Still... Ultra wealthy people manipulate the market every few minutes.
Ha. Ha ha. Ha ha ha. HAHAHAHAHAHAHAHAHAHAHAHHHHHHHH!!!!!!!!!!!!!!!!!!!!!
What does this mean?
Reddit introduced a crypto as a way to monetize Reddit gold so users would get paid for posting. They abruptly cancelled the program after people had already bought into it but it looks like some insiders at Reddit got the news first- they sold their shares before they announced the cancellation. Basically Reddit committed investment fraud.
I’m not sure this is correct.
The community tokens crypto has been around since 2020. I think that’s separate from the new gold monetization scheme.
I don't really use Reddit anymore, but my understanding was some subreddits had crypto coins, but Reddit withdrew gold and formally started supporting these crypto tokens instead after the API exodus had happened.
If this is true not sure if anyone should be surprised.
Power corrupts, money corrupts, water is wet.
What did we expect from volunteer power positions with crypto?