Reddit’s new Contributor Program will let you cash out gold given to your posts by other users in real money.

Oh good. Now they're literally paying the karma-farming bots to spam recycled and stolen content. That will surely end well.

Convenient (for them) that they start this only after destroying all the coins people earned over years of using the site. I had over 80k coins and 18 years of premium from various awarded posts (all OC) that they just threw away for nothing.

If they respected my contributions, I might be excited about this, but now I plan on contributing absolutely nothing of value ever again.

Reddit is getting into money laundering I see.

Caveats: gold is not eligible in NSFW, trauma support, or quarantined subreddits.

what

Yeah fuck all of this.

Top to bottom.

This feels like crypto, NFT silicon valley bro bullshit. I just know Spez has a fucking erection every time it gets mentioned .

Let's welcome the next wave of Redditors to the Fediverse everyone .

Askreddit is fucked, it's all gonna be botnet perfected variations of "Hey reddit, how often do you sex the sexy your sex?" to earn $30/yr for 6 pages of slop

Great, now they've turned karma whoring into a profitable enterprise. This will surely go well.

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So basically reddit gets a dollar on every gold purchased.The contributor who is (let's check the prerequisites)in good standing,completed a kyc,has enough karma,and minimum 10 gold to cash gets a whopping 1 dollar per gold.

So, provide a good answer,get traffic to the site and reddit will shows ads on it and also take a cut from any money given to the contributor(s).

I didn't think reddit could go any lower.Since this is a new low,I am curious how much is this going to ruin reddit(experience).

It blows my mind that this is both spez and Elmo's best idea for what to do with their respective hellsites: what if we made a shittier Quora? Because Quora's such an enviable business, right guys? Quora's right up there with Apple and Microsoft!

The Metaverse pivot by Zuck was only marginally less stupid. This is why HBO had to cancel Silicon Valley, the show: you can't parody Sillycon Valley anymore. ByteDance and WeChat are going to devour these clowns alive, now that the money printer stopped going brrr. They never had any plan to ever be profitable. Their business model was just to continue scamming investors with fake users and keep raising more billions, like the Pied Piper bot users. These are zombie companies, propped up by negative real interest rates for a decade. Let them die already.

Reddit’s new Contributor Program will let you cash out gold given to your posts by other users in *real money.

*Reality may vary

So a user issue 2.50 to buy a gold, then the receiver can cash out 1.00. So Reddit aims to make 1.50 for every gold awarded

Absolute scam

They're just copying Elon. To that end, the already clickbait-filled front page is gonna get worse and engagement farming is going to become as rife as ever.

It's a desperate and cynical attempt to claw back users who appear to have left en masse after the API changes. Reddit is noticeably less active in smaller subs since July. And the larger subs have more or less consolidated themselves to a few power users.

schrute-bucks would have a higher exchange rate.

I wonder if they're all retarded. Like, what do they think is going to happen, there will suddenly be a bunch of totally not Chinese gold farmers posting content?

They may be the stupidest motherfuckers in existentiality.

Posts on Reddit will change a lot now.

How is this supposed to actually make them money? Remember, third party apps died for their profit incentives.

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New money laundering scheme?

So many limits and restrictions, including getting ten gold a year, to cash out. I don't see reddit having to give out much money here.

Hopefully more people end up in the Fediverse.

Seems to be a better representation of people's views, probably because all the rage-bait and astro-turfing is missing.

It's insane how different the community behaves on Mastodon/Lemmy vs Twitter/Reddit.

There are some instances with weird admins. But you can just jump instances. And dealing with people is better than dealing with corporations paying PR companies running bot networks.

Seems to me it's likely to make reposts more contentious and lead to more gaming of the voting system.

Reddit admins note: "you’ll receive a new shiny badge on your profile indicating you’re in the program and can earn cash! "

Hoping that reddit mods have the balls to auto-delete all posts from users who are approved for the monetization system. Knowing that they won't, I'm waiting for the Firefox extension and Revanced patch that auto-censor posts by those users.

Of course reddit will quickly remove that visibility.

Reddit is so desperate for users they're paying people to stay.. but they don't want to use their own money LOL

Wow. They have become that desperate?

I'll be honest. I do miss Reddit. I often think about going back to it. Reading this though, it reinvigorates my belief, I made the right choice and I'm never going back.

Honestly makes me a tiny bit sad I deleted my account with a few post rewards, but I see it for what it is. An incentive to keep users on a platform that treats them poorly. You wouldn't stay with an abusive partner just because they keet giving you nice stuff. They're still an abusive partner at the end of the day.

Edit: spelling( I'm on a phone)

Lmao what a shitshow

Excited Chinese sounds

This is the best summary I could come up with:

“In the past, there were both paid and free coins that had been distributed, making it incredibly challenging,” spokesperson Tim Rathschmidt said.

With the introduction of the Contributor Program, thanking a kind stranger for giving you gold takes on a new meaning.

Part of what makes Reddit so useful is that most great posts aren’t made with an expectation of payment, meaning that people share their expertise, a handy tip, or a funny joke just because they want to.

I’m also worried that bad actors might find ways to abuse the Contributor Program to earn a quick buck without actually making meaningful contributions.

The Contributor Program is also rolling out starting Monday, and it will be available on the web and Reddit’s mobile apps.

While the protests across the site over the API pricing have largely died down, some users expressed their unhappiness toward CEO Steve Huffman during the recent run of the r/Place interactive canvas.

The original article contains 778 words, the summary contains 156 words. Saved 80%. I'm a bot and I'm open source!

Familiar with Moons? Saw this coming a long time, and it's going to be a shitshow.

Yes, yes, and so the thirst continues...

Absolutely NOONE could've predicted this /s

That's desperate.

So… karma farming just became more profitable? I’ll stick to Lemmy.

I mean, this seems like a strong step in the right direction. Same with fuckface at twitter pretending they are doing the same.

It has been more or less Known for years that it is the "power users" who make social media popular. People aren't joining twitter because someone with zero followers is vague posting about their day. They are joining to see ads from wario64 or comedy from dril or watching as gal gadot's publicist runs an ad campaign for an android phone from an iphone.

And like basically every other platform these days: Those creators should be compensated.

Much like with twitter, I doubt reddit has the cash to actually do this and expect a LOT of people to get angry that "the check's in the mail". But this is more or less going to be required as more platforms are searching for a way to monetize and the "power users" increasingly realize the leverage they have.