Reddit to Discontinue Community Points Citing Scalability and Regulatory Issues, Sparking Community Backlash

The decision to phase out the blockchain-based rewards program has led to a sharp decline in token values and ignited strong reactions from the Reddit community.

The decision has not been well-received by the Reddit community. Pseudonymous users have expressed strong sentiments, with comments like “hope you made plenty of money with us, bastards,” “there are going to be some lawsuits here (…) a rug pull is not taken lightly”, and “you guys crushed thousands of people’s dreams and fortune within seconds.”

(As an aside, it strikes me that rCC should perhaps get more on the front foot in terms of actively naming spokespeople. Media respond more actively to that than having to go find someone. And in the absence of that then what you get is a narrative heavily driven by the press release.)