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.

Top 15 Crypto Reddit Communities | Redeeem

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.

Enjoying Blockfolio’s Market Refresh? Sign up to have it delivered every day.


Highly Relevant Reading


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.