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this post was submitted on 09 Aug 2023
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From what I can see the source code for the contract is not published/verified. That is not a good sign in this regard.
Disagree. Long term success requires a sound value model, and aligned incentives. The concept needs to be solid, otherwise it is doomed regardless of developer and community efforts.
Compensating content creators is potentially a fine concept and has worked for other platforms. But with what is a crucial part of the equation that can't be overlooked. In this case the "with what" on the surface seems to be an implied promise from a soon-to-be corporation that the tokens will be redeemable for "community governance" and "premium features". Both things Reddit has very recently been openly and explicitly scamming its users out of (protest crackdowns, deleting previously held stuff people paid for). They are obviously not good for it.
In the short term that probably won't matter, because speculators will buy the token off of creators regardless of the strength or weakness of its fundamental value proposition, because it has brand strength, and that can drive price on its own. There's probably manipulation going on as well to convince investors to buy just on the basis of what the chart is doing. But that stuff isn't sustainable. So in the end what's going to happen is you're going to have a population of bagholders who have watched their investment decline over years, begging Reddit to do something to pump their bags, and Reddit will shrug, point to some fine print saying they don't legally have to do anything, and redirect the systems that would have accrued value to token holders towards accruing value to investors in their actual stock. It would be incredibly naive to assume they will not do this. I believe that the idea here is to have a system to pay content creators for a little while, but where the money comes from the eventual losses of speculators and Reddit doesn't have to actually spend its own money.
Agreed
So initial concept is ofcourse the foundation but surly it's the developer and user participation that drive value long term?
The tokens can be traded into ETH and cash, the ability to leave the ecosystem with value for what you have added is a good concept in my opinion.
I totally agree Reddit has been a scummy actor, especially in recent months but I feel if they had acted differently up to this point the reception of this change would be more welcomed.
For example if they had not killed 3rd party app and instead of just wiping the old point system clean they essentially air dropped an equivalent of the new token to users.
I'm no fool, I can see how reddit could use this as another log on the trash fire however I think the concept is good and I'm on the fence to see how it will go from here.
I get that, but can you understand that this Eth and cash needs to come from someone? And that it will be someone who is only buying it because they believe they will be able to later sell those tokens for more? Does it simply not matter to you where that money comes from or whether someone is getting screwed over in the process? The 'value' created by interacting with Reddit is not magically transmuted into value for the token, you just happen to get the tokens after interacting with Reddit.