We will be issuing redditnotes.
Our research leads us to want to wait until the law and technology around cryptocurrency are further along before deciding exactly how. We want to make sure we can give the community the full value of the equity when they receive it in the future, and today we haven’t been able to find a way to do that within existing regulations.
Edit: here's the last official blog post on the subject.
We were not contacted by this guardian reporter didn't contact us for comment. So it goes.
EDIT: A new post, to reflect the fact that the current cryptography plans have been halted.
If you read the corresponding Reddit thread to that blog post (http://www.reddit.com/r/blog/comments/2pt25f/announcing_redd...), there's a lot of skepticism on whether RedditNotes is actually legal (including in this very HN thread), and there is speculation that the laying off of the one person who could actually implement it indicates that the project is dead.
I'm no designer, and I don't mean this in an insulting way (besides the fact that I think the new icons look shitty) at all. Just curious.
I assume that the lead time for creating redditnotes is substantial. Therefore, getting started (even with a lot of uncertainty) is probably worthwhile unless those unknowns are foundational (e.g., does the SEC allow this at all rather than what specific regulation best applies).
BTW, is the "decimating our ads revenue" plan still on, or does this replace it?
Oh come on, that's what a lot, if not most, people have been calling it since it was announced.
Other than that, nothing you write contradicts the Guardian article (in fact, it more or less confirms it), and they're linking to some very public sources.
This is kind of weazily response that only marginally addresses the "wtf is going" question raised by the article, and on top of it tries to discredit the messenger. The latter is really in poor taste.
I have no idea how you became emotionally invested in this, but I am pretty sure not being able to do something legally is a completely valid reason not to move forward with... well, most things.
I've been involved (ahem) with the Bitcoin drama since Jan. 2012.
Hundreds of people are working with it legally. Do they have a magical exemption from the law?
First of all, if it became commonplace that reddit accounts might contain some sum of crypto-money, the bustling onslaught of salivating hackers would become so tremendous that the site would likely be crippled under the weight of user grievances and brute-force traffic. I'm sure mandatory MFA would be put in place to increase security, but it wouldn't change the fact that reddit would become a major target for hackers, and many people would lose their money, despite MFA.
Next, I think the incentives for shit and spam posts would rocket off the chart as scammers, beggars and cam-models would likely flood the site with crap so that they can extract tips from anyone willing to toss penny shavings in their direction. Karma is already a sufficient reward mechanism, adding money into the fray is totally unnecessary and would almost certainly lower the quality of discussion.
Finally, this may be a stretch, but I fear that integrating crypto-money into the site would open the door for pay-to-subscribe/pay-to-view/pay-to-comment/pay-to-vote subreddit mechanisms. I understand that reddit is a business, but I think that this would be objectively bad, and even worse if subreddit mods were able to get a cut of it.
In the end, I don't think reddit needs crypto, it doesn't make the site better in any conceivable way.
- - -
The Bitcoin tip for 1,000 bits has been collected by some_person.
ChangeTip info | ChangeTip video | /r/Bitcoin
having that changed to become just another small number beside the gild-count, would be nice
With just karma/gold alone there's already a lot of people who spend a ridiculous amount of time farming it. Imagine if Imaginary Internet Points were redeemable for actual things.
For instance, /r/watches is an active area for discussion of watches. The people who post there often share their new Rolex or their treasured Patek Phillipe. /r/watches is just one of many, many such niches on the site which have a lot of potential value.
My thinking has been that reddit could focus on developing the value in its many product oriented subforums.
Also, interestingly enough, reddit has already sort of created its own new cybercurrency - dogecoin. Though it may not be doing well, I think most of the value in dogecoin was how easy it was to use on reddit.
reddit does need to find a way to monetize. I think it could do so quite successfully due to the nature of it having many high value niches.
I say all this as a big fan of the site and have even been considering making a subreddit finder (so that someone who is a fan of the TV show Suits, for instance, can know that there is /r/suits to discuss the show, which they would have simply no way of knowing if they just landed on reddit's homepage with pictures of Very Round Eggs, to use a current example).
Others include the Reddit YouTube video channel, Reddit Live, and most notably, RedditMade, which was also killed without a trace and the employees responsible laid off.
There could also be some sort of sub quality indicator, perhaps merely based on submission and comment numbers/frequency, etc. For example, one country sub I know of, there's a lot of submissions and commenting but it's almost strictly politics, strictly in the language of the country, and everyone is extremely negative there. It's a shame for people to land on a country sub and see such things. On the other hand, taking another country sub I know as an example, they have two versions (one in English, one in their own language). The latter, in particular, has diversified quite a lot in the last 6 months or so and there are now many language-related (in regards to this country) subs as a result.
Regarding the subreddit finder, Pinterest has the perfect model for your first login where it asks you about your interests and subscribes you specifically to those types of things. Reddit should most certainly do the same thing as it did take me a while to get into the site, and the best day on Reddit was discovering that I could unsubscribe from the defaults I didn't care much for and find the communities I cared about.
Adding the potential for monetary rewards will not move this problem in the correct direction.
EDIT: To respond to all of you at once - everything I've seen so far says that he was aiming for JS in the browser. Did I miss something?
There are plenty of ways to avoid that particular trap of JS crypto (or more specifically web crypto). Bundling it inside an extension comes to mind.
All that said, I'm not even convinced this attack is within the threat model of Redditcoin, given that it's resources for a specific website that is also the JS origin.
What makes you think this?
But where do you store the 25GB blockchain in a client-side full-node implementation?
Isn't this just an implementation only for Node?
That said, a browser-based bitcoin client does expose its user to potential XSS exploits 'n such; especially if the private key is in the browser's memory.
1. https://en.bitcoin.it/wiki/Raw_Transactions , basically if you mess this stuff up you lose coins.
>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.”
The only people that cared about this guy were the bitcoin fanatics and the those who where hell bent on making fun of the bitcoin fanatics. No one else on the site talked about it because it didn't affect them.
They didn't try to hide the fact that he was laid off, and he's now obviously free to come talk here and on twitter about the circumstances surrounding his departure from the company, I really don't see how this is a transparency issue.
Sorry, but again, what would you have rather had them do? I don't see anything wrong with the admin's choices on this
The "reddit is giving 10% of its shares to its users" thing was very positively received. My understanding was that redditcoin was part of that effort. Is the 10% thing still going to happen in some way? If not, why not?
Regardless of the answer to the question above, hearing that redditcoin is being cancelled would likely lead members to conclude the new leadership doesn't want the community shares system that was so touted previously. Is that the case, if you know?
And then the final, more meta question is: Why would Reddit's staff, of all people, think they could do something involving Reddit quietly?
I think they intend to make the 10% thing happen eventually, although the project is currently paused. I estimate 1+ year before any aspect of the project resumes. However, I am not privy to the conversations the executives have had about it, so I don't really know.
> Regardless of the answer to the question above, hearing that redditcoin is being cancelled would likely lead members to conclude the new leadership doesn't want the community shares system that was so touted previously. Is that the case, if you know?
I don't know.
> Why would Reddit's staff, of all people, think they could do something involving Reddit quietly?
Ha. No idea.
Not to mention you were effectively let go with the CEO, but not told. That sounds like a claim for constructive dismissal right there.
1) Moving entire remote company to SF
2) Raising $50 million
3) Many employees, sometimes key, quitting
The disagreement over Daly City/SF probably just put Yishan over the top. Since then, more turmoil:
6) Yishan quit
7) Entire company actually performs the relocation
8) A new office is found and moved to in SF
9) New executives take over. Probably some power struggles which I didn't see.
10) New product plan is laid out for 2015. Does not include cryptocurrency.
AKA The Fappening, the massive celebrity photo leak/hack last year. Just in case anyone else didn't pay enough attention at the time to have heard of both terms. Apparently Reddit was in a bit of a pickle because subreddits were created to spread the photos and not all of them were strictly against the site's terms.
Your account definitely isn't restricted. Can you shoot us an email (email@example.com) and tell us what you're seeing? We'd be happy to try to fix it.
Why the secrecy? Why not just tell people all the various passive-aggressive BS you perform to degrade experience for certain users? If you don't want me posting here, why not just tell me or ban me or whatever? Bonus points if you give an actual reason, but that might be asking for too much.
How many different bans do you have in the toolbox now, is there a list somewhere? Is there a way to check which ones apply to my account, aside from finding out second-hand?
edit: https://news.ycombinator.com/item?id=8964992 <- several posts here I wanted to reply to, it was an interesting discussion. I was not able to apparently because I caught the wrong admin on the wrong day in the wrong mood? And of course I have no idea what post of mine caused this... Despite whatever 'efforts' you're putting into this site, moderation here is bad and steadily getting worse.
dang specifically has the patience of a saint.
Also, HN has dramatically increased in quality over the past 6-10 months. It's been very noticeable for someone who's been here for 4 years.
Can HN be an echo chamber? Yes, at times. But much less than other online fora that I've participated in (most Reddits are 1000x worse, for example)
Does the site design itself leave a bit to be desired? Maybe, but I've grown quite fond of it.
And what exactly "empty promises" are you talking about?
Also note that my primary goal, misunderstood by everyone but Yishan, was not just to make reddit notes work, but build reddit's cryptofinancial system. p2p payments on reddit had enormous potential, now substantially delayed.
Seems to work for Google... and Microsoft.