The Death of Reddit’s Community Points — One For The History Books

Reddit has been on a warpath against itself and its own user base since the start of the year. With questionable decisions such as skyrocketing API prices, discontinuing Reddit coins and awards, and more recently, cancelling their entire cryptocurrency reward system program called Community Points — if bad decisions could win a Darwin award — the friendly Reddit mascot would take the leading spot, sniffing glue right on the podium.

With the gun pointed firmly at their feet, all decision-makers at Reddit took one last sniff out of the glue bags provided to them by Reddit HR, before announcing their latest decision — to sunset their 3-year-long Ethereum-based Community Points system, by November 8. This decision may have single-handedly decimated some of the biggest communities on Reddit and has caused over $37 million dollars in losses which extend beyond Reddit users.

More specifically, the announcement caused the value of tokens such as $MOONS▼ 80.9%, $BRICKS▼ 42.3%, and $DONUTS▼ 53.4%, used by some of the biggest Reddit communities such as /r/cryptocurrency (6.9m members), /r/fortniteBR(3.0m members), and /r/ethtrader (2.3m members) to plummet shortly after.