TechNews

Monetary awards for social media interaction .... what could go wrong?

People engage in social media to connect with people in an honest exchange .... once you monetize that interaction, they no longer interact to connect with people, they start interacting just to make money.

Greed also takes over the system because there will always be a group of clever individuals who will game the entire system to make as much money as possible.

Eventually the social media interaction is no longer social .... it's just another cheap way to make money ... and most people stop using it and start looking for other places to interact with people.

This is the best summary I could come up with:

“Though we saw some future opportunities for Community Points, the resourcing needed was unfortunately too high to justify,” Reddit’s director of consumer and product communications Tim Rathschmidt told TechCrunch.

First launched in 2020, Community Points were awarded to users who positively engaged in select subreddits in order to incentivize better content and conversation.

The points were essentially interchangeable Ethereum tokens stored in Reddit’s Vault, which operated as a cryptocurrency wallet.

Since the points were on the blockchain, the program aimed to allow users to display their “reputation” anywhere online, and could be embedded in other sites or apps.

“Putting all Reddit users on the main Ethereum network, for example, would be infeasible and prohibitively expensive,” the Community Points page said.

In the years since launching Community Points, Reddit has rolled out a number of community incentives like the moderator rewards program and the Contributor Program, which awards actual money by allowing eligible users to convert their Reddit gold and karma into cash.

The original article contains 738 words, the summary contains 162 words. Saved 78%. I'm a bot and I'm open source!

Lmao