Reddit Rolls Out Ethereum-Based Tokens For Subreddits
Plus bitcoin's correlation with the stock market goes back down
Happy Thursday, Blockfolians
The Lede
Remember all those ideas from 2017 for loyalty tokens or tokens that would incentivize participation in a particular community? Well, Reddit has gone ahead and made them as real as we’ve seen.
Starting with r/Cryptocurrency and r/FortniteBR, Reddit has begun testing Ethereum-based reward tokens ($MOONS and $BRICKS respectively) that incentivize people to contribute content. Whether they’ll take off is anyone’s guest, but at least it’s an honest-to-god trial on one of the biggest social platforms on the web.
One of the funnier comments we saw came from MyCrypto’s Taylor Monahan.
In all seriousness, though, this should be a fun experiment to watch.
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Highly Relevant Reading
The tried-and-truest-of-old-strategies: hire the guy who created NY’s BitLicense to get your BitLicense faster
An interesting nugget from Coinbase - when the market’s get hot, most bitcoin holders start to buy altcoins as well
Bequant launches a new crypto prime brokerage to cater to hedge funds
A crypto derivatives exchange run by ex Morgan Stanley team is experimenting with subscriptions instead of fees
Community Commentary
After months of some of the highest correlation with stocks ever, bitcoin’s market correlation is returning back down
Joseph makes an obvious but easy to forget point:
An (Impressively Small) Number We Should Be Paying Attention To
<1%
That’s the percentage of bitcoin transactions used for illicit purposes - far lower than the FUD might have you think.
Final Thought
Jill is not the only person in America having this thought right now.