A Reddit user named “u/Cryptorich13” has capitalised on the crypto incentive scheme of the social media site by converting his free coin stash to Bitcoin (BTC).
U/Cryptorich13 explained in a Sunday post how he converted his 80,000 Moon reward to Bitcoin earlier this year. The value of his holdings has risen with the new Bitcoin price pump. He said that:
“I shitposted a lot in 2017. I was awarded 80k reddit moons earlier this year which I sold on the rinkeby testnet using XDai and honeyswap and immediately bought BTC with it. (0.92 BTC to be exact).”
U/Cryptorich13 claims to have dumped its 80,000 Moon for Dai at an average price of $0.08 to $0.13 per token over a 24-hour period at the end of September. From there, he converted the Dai to Bitcoin. The whole process was recorded on the Warosu Image Board.
When the initial Reddit post was released, his Bitcoin stash was worth $23,736, based on the BTC price of $25,800. In a later edit, his BTC 0.92 was worth $25,576.
At the time of publishing, Moon was worth around $0.01, down 15 percent on the day, according to CoinGecko. It should be noted that the CoinGecko data feed monitors Moon values from late-October.
Reddit’s Moon token is the official cryptocurrency of the R/Cryptocurrency subreddit, a forum devoted to news, debate and review of everything related to digital assets. The token rewards active users for their contributions to the sub-reddit. According to the Community Guidelines, all sub-reddit posts need to be crypto-related or affiliated with culture in some way or manner.
Moon is part of Reddit Community Points, or RCP, a rewards programme that was launched earlier this year to promote the development of content on the social network. RCPs are Ethereum-based tokens which are interoperable with all other Ethereum applications.
To date, a cryptocurrency has only been released by another subreddit via the RCP application. The R/FortNiteBR subreddit launched the Brick token earlier this year to thank users for their contribution to the site.
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