"Reddit Raises $50m, Plans New Cryptocurrency to Reward Users" impact on BTC?

[pawel7777]

http://www.coindesk.com/reddit-50-million-new-cryptocurrency/

Reddit has announced a new $50m funding round that could lead to a unique way for the social network to give back to its community – its own cryptocurrency.

In a post on the company’s official blog, CEO Yishan Wong revealed Reddit had secured funding from a number of well-known venture capitalists and VC funds.

Notable names included Sam Altman, president of the Y Combinator startup incubator, Andreessen Horowitz partner Marc Andreessen, PayPal co-founder Peter Thiel, actor Jared Leto, hip-hop superstar Snoop Dogg and Wong himself.

Perhaps most notably for the digital currency community, however, was that all of these investors agreed to set aside 10% of the round’s proceeds to give back to the community.

Wong wrote that the move was a recognition of the central role the digital currency community has played in Reddit’s ongoing success, but provided few details on the company’s potential plans.

Think it's a good news in terms of popularising  the concept of cryprocurrency. I wonder what impact will it have on bitcoin (if any), I can see a possible short-term price drop (some will surely dump some BTC to get some of the new coin). Then again, BTC will get some media attention and good publicity (can't imagine any article about "reddit currency" without mentioning bitcoin).

Thoughts?

edit: link to the official blog:
http://www.redditblog.com/2014/09/fundraising-for-reddit.html

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[allgoodthings1]

I guess the old man is blind. I don't see anything "direct from the horse's mouth" about them creating a new cryptocurrency to give back to the community.  Only that they're setting aside funds and working on a mechanism to give back.  Am I missing something here?  Or are imaginations running to cryptocurrency creation and competition, minds that might better just wait and see?

[botany]

People might get their hands on the currency, and then trade it for bitcoins.
Has happened to a lot of other alts. 

[maurya78]

they will probably just creat a reddit alt to do their reward program which will be tradeable into btc and other alts. not sure why this is big news

[s.mouse]

I think this is just speculation at the moment. I doubt they'll create their own cryptocurrency but they might have some sort of reward points but doubt they'll be anything like bitcoin.

[Beyonce]

If they're going to use something why not just use bitcoin? Doubt they'll have the money or desire to build their own mineable currency.

[cryptworld]

If they're going to use something why not just use bitcoin? Doubt they'll have the money or desire to build their own mineable currency.

what?
do you mean they have not money enough?
look at their cap
if they don't use bitcoin it will be because they want to do it as something related to their company and their confidence
I'm sure that when it is in an exchange that coin will go up to the moon,because strong investor would jump into it

[Beliathon]

An Open Letter to Reddit: Why You Should Build on Bitcoin

Commentary found here: http://www.reddit.com/r/Bitcoin/comments/2hxn1k/an_open_letter_to_reddit_why_you_should_build_on/

[JohnnyBTC]

dogecoin holders must be pissed! 

[ivanovasmd]

Here we go. Next we'll see Apple, Microsoft and every one else releasing this shitty cryptocurrencies just because of an ego fight to not sum forces and work with BTC. Fuck them sideways. I hope these shitty coins get permadumped for BTC.

[cdog]

Creating your own coin just because you think you are cool is pretty much the definition of hubris, and its very likely a lot of people will get burned very badly.

They should use Bitcoin or Litecoin.

[Eotnak]

Here we go. Next we'll see Apple, Microsoft and every one else releasing this shitty cryptocurrencies just because of an ego fight to not sum forces and work with BTC. Fuck them sideways. I hope these shitty coins will get permadumped for BTC.

FTFY

ha, yeah.  Altcoin 2.0, giveaway premine, pump and dump, then announcement "[insert company here] announces they are no longer supporting [company]coin, users are free to continue to trade for anything other than [company] products"

[Lethn]

Creating your own coin just because you think you are cool is pretty much the definition of hubris, and its very likely a lot of people will get burned very badly.

They should use Bitcoin or Litecoin.

I've seen some genuinely interesting ideas come out of the altcoin market lately and I'm keeping a close eye on them, it's like any market that grows massively, you've got to learn to sift through all the junk to find what you're looking for.

[BitCoinNutJob]

Another centralized junk coin probably being used for a big pump and dump on IPO with repeated pump and dumps ongoing.  Overall i think its a positive for bitcoin, like play money poker before trying the real thing.

[Lethn]

As long as they're not trying to hijack somebody else's idea or blatantly plagiarise it I don't have a problem with what people do, it's shit like BitcoinPlus and BitcoinDark that I have a problem with.

[Meuh6879]

No impact.

Like others altcoins ... ripple, litcoin or dogcoin.

[newIndia]

http://www.coindesk.com/reddit-50-million-new-cryptocurrency/

Reddit has announced a new $50m funding round that could lead to a unique way for the social network to give back to its community – its own cryptocurrency.

In a post on the company’s official blog, CEO Yishan Wong revealed Reddit had secured funding from a number of well-known venture capitalists and VC funds.

Notable names included Sam Altman, president of the Y Combinator startup incubator, Andreessen Horowitz partner Marc Andreessen, PayPal co-founder Peter Thiel, actor Jared Leto, hip-hop superstar Snoop Dogg and Wong himself.

Perhaps most notably for the digital currency community, however, was that all of these investors agreed to set aside 10% of the round’s proceeds to give back to the community.

Wong wrote that the move was a recognition of the central role the digital currency community has played in Reddit’s ongoing success, but provided few details on the company’s potential plans.

Think it's a good news in terms of popularising  the concept of cryprocurrency. I wonder what impact will it have on bitcoin (if any), I can see a possible short-term price drop (some will surely dump some BTC to get some of the new coin). Then again, BTC will get some media attention and good publicity (can't imagine any article about "reddit currency" without mentioning bitcoin).

Thoughts?

edit: link to the official blog:
http://www.redditblog.com/2014/09/fundraising-for-reddit.html

More than a year ago Reddit CEO Yishan Wong admitted that, the "front page of the internet" does not make money despite having 70 million monthly readers => http://www.businessinsider.in/Reddit-CEO-Admits-Were-Still-In-The-Red/articleshow/21148326.cms

So this is what he has come up with. GooD !!! Jump on fools

[bigasic]

If every organization comes up with their own coin, then I think that will hurt bitcoin. I see a lot of people dumping bitcoin for this new redditcoin. I see this as a step backward wtih crypto. why not use the coins that are in place?

[newIndia]

If every organization comes up with their own coin, then I think that will hurt bitcoin. I see a lot of people dumping bitcoin for this new redditcoin. I see this as a step backward wtih crypto. why not use the coins that are in place?

The reason behind this is everyone wants to be the Early Adopter

[Eotnak]

If every organization comes up with their own coin, then I think that will hurt bitcoin. I see a lot of people dumping bitcoin for this new redditcoin. I see this as a step backward wtih crypto. why not use the coins that are in place?

The reason behind this is everyone wants to be the Early Adopter

Nope, only noobs.  Everyone else wants to be the first to sell when the coin goes on an exchange.