Reddit showing interest in launching a cryptocurrency...

[roadscape]

They don't know what they want yet, it sounds like.

http://altcoinpress.com/2014/10/why-reddit-may-not-issue-coin-on-top-of-bitcoin-and-why-its-not-bad-news/

One of the main reasons for issuing a colored coin over a centrally-controlled asset is decentralization. Having said that, decentralization does not really matter when it comes to tokens backed by centrally-controlled assets. There is not much of a need (or possibility) for censorship-resistance when issuing shares in a legal, regulated company.

US Government Won’t Allow Decentralized Reddit Coin
The real problem associated with issuing a colored coin backed by a real world asset on top of Bitcoin is that the US Government won’t let it fly.

[38PTSWarrior]

*bump*

[38PTSWarrior]

Could we pay Reddit for using our product? For example free transactions for half a year or so. The idea likely sucks but I thought about doing this to get companies to use bitUSD.

Maybe we can buy them advertisements in return.

[donkeypong]

The guy Reddit hired for this project just tweeted that he'd rather not create a NEW altcoin, but build on something (he said build on Bitcoin).

https://twitter.com/ryanxcharles/status/517783038411800576

[oldman]

The writer didn't even mention BitShares, so we didn't get tarred with the "scheme" brush he applied to Ethereum, Counterparty, and Mastercoin. I guess he hasn't bothered looking at the market values in about two months.

I've noticed this in several recent articles. How is it that BitShares is ignored so frequently? Usually when Counterparty and NXT are mentioned.

Maybe they don't take the time to understand it? Their loss if they don't get it. Anyway, we'll soon have several of the Top 10 coins and BTSX will be in Litecoin territory, so it will be hard to ignore in another couple of months.

This just shows that the other platforms have done more marketing to date.

The tide will turn in due course.

[donkeypong]

The writer didn't even mention BitShares, so we didn't get tarred with the "scheme" brush he applied to Ethereum, Counterparty, and Mastercoin. I guess he hasn't bothered looking at the market values in about two months.

I've noticed this in several recent articles. How is it that BitShares is ignored so frequently? Usually when Counterparty and NXT are mentioned.

Maybe they don't take the time to understand it? Their loss if they don't get it. Anyway, we'll soon have several of the Top 10 coins and BTSX will be in Litecoin territory, so it will be hard to ignore in another couple of months.

[xeroc]

I've noticed this in several recent articles. How is it that BitShares is ignored so frequently? Usually when Counterparty and NXT are mentioned.

My guess: "They don't get it" .. seriously, the terms are totally new, not even 10% of the people understand what a DAC is doing, and then there is this peg! that everybody thinks cannot work .. how could it. ...

People just don't want to take the time to "read into" and investigate in deep ..
maybe also because the market engine is not totally set in stone yet ..

[roadscape]

The writer didn't even mention BitShares, so we didn't get tarred with the "scheme" brush he applied to Ethereum, Counterparty, and Mastercoin. I guess he hasn't bothered looking at the market values in about two months.

I've noticed this in several recent articles. How is it that BitShares is ignored so frequently? Usually when Counterparty and NXT are mentioned.

[donkeypong]

FYI:

An Open Letter to Reddit: Why You Should Build on Bitcoin:
https://medium.com/@barisser/an-open-letter-to-reddit-why-you-should-build-on-bitcoin-e52705bc87c5

The writer didn't even mention BitShares, so we didn't get tarred with the "scheme" brush he applied to Ethereum, Counterparty, and Mastercoin. I guess he hasn't bothered looking at the market values in about two months.

[xeroc]

FYI:

An Open Letter to Reddit: Why You Should Build on Bitcoin:
https://medium.com/@barisser/an-open-letter-to-reddit-why-you-should-build-on-bitcoin-e52705bc87c5

[xeroc]

you people do realize that the /r/BitShares sub not even has 600 subscriptions? Do you think they will even start investigating?

[donkeypong]

EVERYBODY else is trying to get in on this also. It may be worth talking to Reddit, but that time also might be best spent elsewhere.

http://www.reddit.com/r/dogecoin/comments/2hxnav/alex_ohanian_as_reddit_cofounder_can_you_please/
https://www.reddit.com/r/blog/comments/2hwpmm/fundraising_for_reddit/ckwph30
http://www.reddit.com/r/reddCoin/comments/2hx9gp/reddit_plans_its_own_crypto_why_not_use/

[donkeypong]

Worth a try. I just doubt they're thinking that much.

EDIT: Would it be possible to have an external wallet, such as within Reddit, that holds/hosts a self-branded version of BTSX or BitUSD? It could be called RedditShares or whatever, but would essentially be 'colored' BTSX or BitUSD, freely exchangeable for such.

[oldman]

Don't you think any coin worth its salt is trying to get them interested? If Reddit wants to use something that works, they could go with a social currency like Dogecoin or Reddcoin. If they wanted something more than just a coin, they could go with BitShares. But instead, I'm guessing they want to do it themselves, in which case it will be a Dogecoin- or Reddcoin-like coin which they can control.

That's the point - I3 marketing should be ensuring Reddit wants more than a coin... much more.

[donkeypong]

Don't you think any coin worth its salt is trying to get them interested? If Reddit wants to use something that works, they could go with a social currency like Dogecoin or Reddcoin. If they wanted something more than just a coin, they could go with BitShares. But instead, I'm guessing they want to do it themselves, in which case it will be a Dogecoin- or Reddcoin-like coin which they can control.

[carpet ride]

Brian & Co. should be reaching out to the Reddit folks.

There is literally no better exposure to a crucial BTSX target demographic than a deal with Reddit.

I3 could contribute development time/funds as required to build a bespoke solution.

This is an incredible opportunity that should not be missed!

I can't imagine how many users this would bring in.

I hope BM sees value in this


Sent from my iPhone using Tapatalk

[oldman]

Brian & Co. should be reaching out to the Reddit folks.

There is literally no better exposure to a crucial BTSX target demographic than a deal with Reddit.

I3 could contribute development time/funds as required to build a bespoke solution.

This is an incredible opportunity that should not be missed!

I can't imagine how many users this would bring in.

[luckybit]

As seen here:

https://www.reddit.com/r/blog/comments/2hwpmm/fundraising_for_reddit/ckwph30?context=3

http://techcrunch.com/2014/09/30/reddit-scoops-up-50m-series-b-from-sam-altman-a16z-sequoia-at-500m-valuation/

So what if Overstock is really launching a platform in collaboration with Reddit?

https://twitter.com/OverstockCEO/status/514080375014834176

Check the dates.  They are probably using the same platform.

[tonyk]

I made my first post on Reddit this morning....does that make me a shareholder  ?

How about we offer to donate their listing fee if they use BTSX, that way ReddBits can be traded alongside bitUSD?

Think they would go for that?

I just do not get - Are you a ReddBull or not?

Will edit Reddit for ReddBits....you read me?

ReddaBit Bitmore…

bitSure you can Reddit

bitGod ForBit....

BitRedd  is just a bit in the Redd

bitAsk a bit bitfore

[Empirical1.1]

They can use BitUSD

Create ReddUSD & back it with BitUSD. (This allows micro-payments & transactions within Reddit) Within the system you can earn and tip tiny amounts like $0.01 ReddUSD but you need >$1 ReddUSD before Reddit will cash out a BitUSD.

How - Reddit can allocate 20% of their advertising spaces to ReddUSD, perhaps a specific front page spot that is auctioned off once a week, thereby making Redditers shareholders and immediate beneficiaries of revenue.

If they made $100 000 in advertising revenue in week 1 from that spot, it could be divided among the Reddit users based on the Reddit points (using their current system) they earned that week.

(I.e If 145 million points were awarded in total to Redditers that week and I got 700 points myself, then I would make $0.5 ReddUSD which I can use in the system and they can track for free in their centralised software, but once I accumulate $1 of ReddUSD then I can withdraw 1 BitUSD. It should work & be transparent provided the advertising auction is done in BitUSD and paid into an account people can check, though of course if Reddit goes bust, your ReddUSD will be lost.)

Other:

If their current system doesn't already do it, perhaps there should be more points  awarded for creating popular reddits and also for anticipating the consensus. (Up voting a good reddit before it became popular and vice versa.)

That advertising spot would be extremely popular and the auction for it would also generate a lot of interest too, so they should really be able to get a lot of value out of 1 good advertising space that they give to their users. (So even if they just gave users 50% of the revenue from that one spot, the increased exposure might mean they earn double from it than they did before so Reddit might not even lose out at all overall.)

I see they already have 'Reddit Gold', BitGold would work above too.

[sschechter]

I made my first post on Reddit this morning....does that make me a shareholder  ?

How about we offer to donate their listing fee if they use BTSX, that way ReddBits can be traded alongside bitUSD?

Think they would go for that?

I just do not get - Are you a ReddBull or not?

Will edit Reddit for ReddBits....you read me?

[mint chocolate chip]

lol too bad "Reddcoin" is already taken...

bitRedd it is...

ReddBit is my guess

[tonyk]

I made my first post on Reddit this morning....does that make me a shareholder  ?

How about we offer to donate their listing fee if they use BTSX, that way ReddBits can be traded alongside bitUSD?

Think they would go for that?

I just do not get - Are you a ReddBull or not?

[sschechter]

I made my first post on Reddit this morning....does that make me a shareholder  ?

How about we offer to donate their listing fee if they use BTSX, that way ReddBits can be traded alongside bitUSD?

Think they would go for that?

[tonyk]

Reddabit

Reddabit  [n' found]
bitoRedd  [flags]

[Method-X]

Reddabit

[roadscape]

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.

Edit: 

[cass]

lol too bad "Reddcoin" is already taken...

bitRedd it is...

[pyython]

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.

[matt608]

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.

[Ander]

I thought thats what Reddcoin already was.   Just goes to show how little I know about the altcoins that arent in the top 10.

[roadscape]

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.

[tonyk]

lol too bad "Reddcoin" is already taken...

bitRedd it is...

[nomoreheroes7]

lol too bad "Reddcoin" is already taken...

[Method-X]

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.

What is the goal of the currency?

Probably tipping.

[feedthemcake]

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

[bytemaster]

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?

[roadscape]

If Reddit was to use the BTS platform, would it simply be a new asset on BTSX? Or would they need an entire DAC?

[roadscape]

It's the same thing Overstock wants to do, right?

[feedthemcake]

As seen here:

https://www.reddit.com/r/blog/comments/2hwpmm/fundraising_for_reddit/ckwph30?context=3