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Offline roadscape

Re: Reddit showing interest in launching a cryptocurrency...
« Reply #1 on: September 30, 2014, 06:49:50 PM »
It's the same thing Overstock wants to do, right?
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Offline roadscape

Re: Reddit showing interest in launching a cryptocurrency...
« Reply #2 on: September 30, 2014, 06:54:03 PM »
If Reddit was to use the BTS platform, would it simply be a new asset on BTSX? Or would they need an entire DAC?
http://cryptofresh.com  |  witness: roadscape

Offline bytemaster

Re: Reddit showing interest in launching a cryptocurrency...
« Reply #3 on: September 30, 2014, 06:54:36 PM »
If Reddit was to use the BTS platform, would it simply be a new asset on BTSX? Or would they need an entire DAC?

What is the goal of the currency?
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Offline feedthemcake

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Re: Reddit showing interest in launching a cryptocurrency...
« Reply #4 on: September 30, 2014, 06:56:20 PM »
If Reddit was to use the BTS platform, would it simply be a new asset on BTSX? Or would they need an entire DAC?

What is the goal of the currency?

From what I understand it's to raise funds: "the idea of being able to distribute ownership of reddit back to the community" -yishan (CEO of Reddit : http://en.wikipedia.org/wiki/Yishan_Wong)

Original blog post: http://www.redditblog.com/2014/09/fundraising-for-reddit.html

Offline Method-X

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Re: Reddit showing interest in launching a cryptocurrency...
« Reply #5 on: September 30, 2014, 06:57:12 PM »
Quote from: yishan
Ok, here it is:
CAVEAT: KEEP IN MIND THAT THIS PLAN COULD TOTALLY FAIL
We are thinking about creating a cryptocurrency and making it exchangeable (backed) by those shares of reddit, and then distributing the currency to the community. The investors have explicitly agreed to this in their investment terms.
Nothing like this has ever been done before. Basically we have to nail down how to do each step correctly (it is technically, legally, and financially complex), though in our brief consultation with an ex-SEC lawyer, he stated he could find nothing illegal about this plan. Nevertheless, there are something like 30 different things we have to pull off to make this work, so we're going to try.
(Also, I know this totally contradicts what I said over here[1] but that was before Sam proposed this plan to me, and the idea of being able to distribute ownership of reddit back to the community - a long-held dream of many of us, frankly - is important enough to try and do this)
Again, we want to emphasize that this plan is in its earliest stages right now and could totally fail (if it does, we will find another way to get the shares to the community somehow), but we are going to try it because... well, because we are reddit and we do these kinds of things.

Quote from: bytemaster
What is the goal of the currency?

Probably tipping.

Offline nomoreheroes7

Re: Reddit showing interest in launching a cryptocurrency...
« Reply #6 on: September 30, 2014, 07:03:00 PM »
lol too bad "Reddcoin" is already taken... :P

Offline tonyk

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Re: Reddit showing interest in launching a cryptocurrency...
« Reply #7 on: September 30, 2014, 07:05:18 PM »
lol too bad "Reddcoin" is already taken... :P

bitRedd it is...
Lack of arbitrage is the problem, isn't it. And this 'should' solves it.

Offline roadscape

Re: Reddit showing interest in launching a cryptocurrency...
« Reply #8 on: September 30, 2014, 07:09:05 PM »
What is the goal of the currency?

"We are thinking about creating a cryptocurrency and making it exchangeable (backed) by those shares of reddit, and then distributing the currency to the community. The investors have explicitly agreed to this in their investment terms."

It seems bitReddit and yield would accomplish this, no?

Probably tipping.

It would definitely be used for this as well.
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Offline Ander

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Re: Reddit showing interest in launching a cryptocurrency...
« Reply #9 on: September 30, 2014, 07:28:55 PM »
I thought thats what Reddcoin already was.   Just goes to show how little I know about the altcoins that arent in the top 10.
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Offline matt608

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Re: Reddit showing interest in launching a cryptocurrency...
« Reply #10 on: September 30, 2014, 07:31:10 PM »
This is good news all round for cryptocurrencies.  Millions of redditors will suddenly be exposed to crypto, which is one step towards them using other cryptos such as bitUSD or bitcoin.

Offline pyython

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Re: Reddit showing interest in launching a cryptocurrency...
« Reply #11 on: September 30, 2014, 07:33:56 PM »
Any plans to reach out to these guys?  Seems like an excellent opportunity to flesh out ideas on both sides and potentially gain some huge exposure.

Offline cass

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Offline roadscape

Re: Reddit showing interest in launching a cryptocurrency...
« Reply #13 on: September 30, 2014, 07:41:54 PM »
Any plans to reach out to these guys?  Seems like an excellent opportunity to flesh out ideas on both sides and potentially gain some huge exposure.
+5%

Edit: 
+5% +5%
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Offline Method-X

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Re: Reddit showing interest in launching a cryptocurrency...
« Reply #14 on: September 30, 2014, 07:50:40 PM »
Reddabit

 

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