Bitcoin Forum

With social media such as Reddit and Twitter gradually introducing their userbase to crypto the next hype trend could be SocialFi coins, do you suggest investing on those coins or too risky?

There is no any social media coin that I know of. The social media that want to have a coin like Libra for Facebook did not become a reality.

Is Reddit want to have any coin? I do not think so.

I think it's very risky. Firstly, if such a trend appears, there will be a lot of scams along with it. Secondly, it is not very clear what utility such coins will provide. I remember that a long time ago such projects have already been, but they were not very popular. I think that if some popular social network makes its own coin, it may not be needed either.

I have became less active on reddit for awhile now I don't know if there are any progress towards developing a reddit coin as the case maybe, although I knew of the reddit karma but to talk of coin is something I can't say with all assurance maybe you can share any link that says more of their coin so we could glance through as well.

Btw.. Social coin as the case maybe has not come became popularly known as then I was hearing the news flying allover but has not become potent till date instead focusing on metaverse.

You can keep these coins if you somehow manage to earn them, keep them to see their usefulness in the future, but do not invest your money to get them. Use that money to invest in other established coins. I have 100coins on my reddit, I do not how I got the coins, but I did, so I am keeping the coins to see what they could be used for later. I do not know exactly how I got some the coins, but I will not mind having more on my account, maybe it will be useful for something on reddit or for something reddit related.

Not aware of any mainstream social media launching any kind of tokens.

The only SocialFi project that has any traction whatsoever is friend.tech. It's very early and the bonding curve makes it like a ponzi, but I guess that's the main attraction for crypto community (aside from the airdrop promise). We'll see whether this project will survive in the next few months.

Be careful, scammers are not above using any measure they can in order to make money, and I remember at least a few coins that were supposedly released by social media websites which were obviously scams and that made some people lose their money as they rushed to invest in those coins thinking they were going to make a lot of money with them, so if you ever see a coin released by one of those websites, make sure this is actually the case and you are not being deceived by scammers.

I do not have a interest in any social media coins like Reddit coin. Just from how I see it there is no reason for Reddit and Twitter to even do this.
I did not even know this will happen. I know Reddit coins are for rewarding people on Reddit. And Elon Musk did say there is no Twitter token so I do not think this will happen.

Are you speaking about Reddit coins that are purchased and distributed monthly via Reddit subscription? I dont think that they should be considered as a good investment, as they are used only to award users content. Frankly speaking, they have a huge value on impact on a post. I think badges (gold or silver) are more valuable. Their value wont grow, as this is just a like, it has not much difference from a regular thumbs-up.

I'm not investing in them, I just receive some. If you're talking about DONUT and the same stuff. I wouldn't suggest anyone invest in it, but if you're a Reddit user making a MetaMask to get it will not harm you. I don't think it will introduce many to crypto, but it's fun for those who are already in.

Well, it's like investing in their stocks if it's already official and they're working on its development. I'd still stick to Bitcoin if it's about investing on them if I don't have much spare money. But if you're someone who's got a lot of spare money, do so.

IIRC, there have been a lot of these projects that were introduced during the ICO days but not all of them became popular. I guess if it's reddit and twitter, they're different because they're part of the most popular social platforms. And what if Facebook does that? They've already failed with the Libra project they've started.

If there is ever going to be a native token for these social platforms in the future, it can be worth taking a shot at because of the utility and most likely the demand for it.
Twitter already introduced revenue sharing for all its content creators with a blue tick which has really increased the activities on the platform, Having their own coins can really be a game changer.

I might have been sleeping under the rock, but did Twitter really had their own token or did they introduce to any sorts of crypto? I was only aware that there was like a subscription stuff going on in there. Not like I really checked my whole account since I only wanted to read stuffs in there.

I am already aware of Reddit coins though and I don't think it is a new feature in Reddit considering that I usually award people for free there with their free claiming of Reddit awards and stumble upon buying of Reddit coins to buy Reddit awards (what?). Anyways, I don't really suggest though unless you're into like buying any Reddit-related items which I could have invested instead to a better game I wanted or....yeah Bitcoin.

Reddit coins is not not an investment since it’s value doesn’t grow while it can only be use to purchased gifts and avatar for personal profile. Purchasing it as investment doesn’t make sense since it’s not an investment token rather than just a native currency thatyou can only purchase on reddit.

I believe you are being mislead by some random shitcoin that use the name reddit coin to attract investors since reddit doesn’t have any investment coun aside from their current coin that you can purchase on the site.

Yes Reddit managed coins but coins created specifically for their subreddits These are Moon and Bricks

.

https://cointelegraph.com/news/reddit-community-tokens-soar-kraken-listing


We never know in the future if they will launch their own governed coin for the whole community, The two tokens are doing great, so there's a possibility that they create another one and make it a form of incentive for their content creators on the whole community.

Reddit coin? If you mean redd, that's not a good one. If there is a reddit coin in itself that reddit as a company made, that's still not a good one neither. Social media tokens do not make sense, unless they prevent you from writing comments on reddit without paying reddit coin first, then it is not going to be used a lot.

You need to give people a reason to buy it and if you can't do that then you are not going to end up with a good result all that easily, which will hurt your investment. If there is no reason to buy it, like no reason to hold or use it aside from "maybe the price go up" that's not a good enough reason, so you should stay away from it, these do look like that and I fear that there will be nothing more.

Will the big social media platforms launch their coins? I don't think so, they already have their uses with badges on their respective social media, I'm not sure Reddit will do something like this either.

If something comes along from them obviously it will be hype, but I'm not sure it will happen.

Recently there was a coin on Twitter that was on trend named "tipcoin" Most of the users on Twitter were posting about the tipcoin that commented it and you will get the reward. I think that will be also a social coin. any other knew about it?

Looking at the experience of social media, which initially intended to make coins but ultimately couldn't make it happen, of course that will also be a consideration for all social media.I haven't heard that Reddit and Twitter will intend to do what you say, but I myself feel that now might not be the right time because the situation is not good. Of course, it's too early to decide whether to invest before seeing it.

If I am not wrong, Reddit coin does not have a blockchain. It is not a coin or a token, technically.

It is a virtual number credits to your Reddit account and you only can use it internally in Reddit as rewards to other Reddit users.

Not sure though they got some redditcoins on their platform but that isnt totally used for trading or more like a social tokens. Maybe it will benefit users who are active there and mostly like to make content that can be seen by other peoples or read on. I have a reddit account and got some karma points but not really into that so Im not sure if that tokens would be useful for me.

I don't think so, such implementation will do more harm than any good. Especially since Reddit has been free for all since it's inception. If some project does social media like thing based on token from the start, it would probably work like Steemit, Hive but then again, here too there is no price for writing comments and for doing similar stuff. You just get more power in ecosystem if you hold significant amounts of their native coins.

Cryptocurrency coin for Reddit? I don't think so. Reddit doesn't need it at all or even any social media platform.
I am already good about integrating to their platform cryptocurrency like can send any cryptocurrency especially Bitcoin from their platform, some feature like tip that uses cryptocurrency is already good for me, no need to create their own coin.

I don't use Reddit and it seems like Reddit is banned in some countries. But if the concept is a social media based token, I'm thinking about investing a few dollars there. But it's very risky. The problem is what is the function of the Reddit Token? Can it give a high status account or is it like an in-app purchase? There are many problems that must be resolved first.

As far as I remember, Facebook once wanted to create their token, namely Libra, which functioned as a means of exchange. But for some reason now I no longer hear that news from them.

They are scamming you. If social media platforms decide to launch a cryptocurrency, it will not be decentralized like Bitcoin, and they will need a license, as Facebook was trying with its Libra currency, and this news will be known to everyone, and it will not be on the Ethereum blockchain or any tokens.
If you find any currency claiming to be the cryptocurrency of a famous company, report them

Did you refer to this shitcoin called Redditcoin.tech (https://redditcoin.tech/)? you need to read bottom of their site where they mention they have no relation with reddit, so this is just a scam coin that want to gain traffic through using reddit name, as we know reddit is the biggest forum.


Even reddit officially announce their coin, I will not buy it because the price is 100% depend on the site popularity.

It does not get any clearer than that, I mean if the shitcoin in which you want to invest which is literally using the name of another company literally states on their website they have nothing to do with it, then it is obvious they are trying to use their name to garner the attention of the community and get investors this way, and then if they claim they were deceived they can always point out to their website and say to them the information about their project having nothing to do with reddit was right there for anyone to read, and it is their own fault they failed to do so.

New projects and coins are constantly coming to the market. Following this, various social media are trying to launch their own coin in the crypto market. I think investing in these new coins is risky. Because such coins show a lot of hype in the beginning, but after a few days, they get a huge dump.

https://www.theverge.com/2023/9/25/23887226/reddit-gold-system-contributor-program

Facebook tried it first but they did not make it, and the authorities don't want them to proceed, I am open to token-based social media, they already have their platform, and they have an existing community all they have to do is to roll up their roadmap and concept it really depends on the social media and how they add the features and usability to create a breakthrough on the coins right now Reddit is the only one I've known but its a reward token for their users but if Facebook will finally have its own they are going to be be popular because they will have no problem with marketing it.