How the crypto incentive scheme of Reddit combined with the soaring Bitcoin netted user $25K

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This is the tale of Redditor’s roundabout way to make a major bitcoin profit.

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.

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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.

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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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