Reddit crypto communities go dark — Here’s why

Many sub-communities on Reddit, consisting of popular crypto subreddits, all chose to go private for 48 hours to object against brand-new business policies that avoid making use of third-party applications.In April, Reddit revealed plans to customize how users interact with the Reddit Data application programming user interface (API)– a seven-year-old application making it possible for developers to create tools and energies for small amounts and other activities.Most subreddits reacted to the move, as Reddits intention to build native moderator tools straight affects the neighborhoods capability to produce and use third-party tools predominantly utilized for moderating material and interactions. As an outcome, communities chose to go personal or in read-only modes in between June 12 and 14, opposing the upcoming change.Subreddit r/Bitcoin went personal. Source: RedditThe list includes significant crypto communities, which have actually been instrumental for countless financiers worldwide to talk about various elements of the ecosystem.Subreddit r/CryptoCurrency took part in the Reddit blackout. Source: RedditSome popular subreddits devoted to talking about Bitcoin (BTC) and cryptocurrencies protesting versus the modification include r/cardano, r/bitcoin and r/cryptocurrency. Reddit has likewise received backlash for presenting paid access to its data API.A screenshot revealing the approaching changes shared by Reddit. Source: Reddit While nearly 3,500 subreddits were approximated to end up being inaccessible, the numbers might increase if other communities join the revolt. On the other hand, Reddit CEO Steve Huffman backed the social media platforms choice by revealing the requirement for being “a self-sufficient business.” He said:” We respect when you and your communities do something about it to highlight the important things you require, consisting of, sometimes, going private.” Moreover, to eliminate the substantial usage of third-party mediator tools, Reddit plans to launch mobile mediator tools for Reddits iOS and Android apps in the coming months.Related: EU watchdog targets crypto ads on Instagram, YouTube, TikTok, TwitterContrary to the continuous neighborhood retaliation, Reddit is close to accomplishing a new turning point in regards to collectible avatar holders on the platform.Reddit handled to amass 10 million holders of its collectible avatars within a year of launching Reddit NFTs.Reddits collectible avatar banner. Source: RedditReddits collectible avatar market was introduced on the Ethereum layer-2 scaling network Polygon in July 2022, which allows independent artists and Redditors to create personalized nonfungible token collections.Magazine: Tornado Cash 2.0: The race to construct legal and safe coin mixers

Other Questions People Ask

What prompted Reddit crypto communities to go dark for 48 hours?

Reddit crypto communities chose to go dark in response to new business policies that restrict the use of third-party applications, particularly affecting how users interact with the Reddit Data API. This decision was made collectively by many popular subreddits, including r/Bitcoin and r/CryptoCurrency, to protest against these changes. The blackout aimed to highlight the importance of third-party tools for moderating content and community interactions.

How did Reddit's new API policies affect crypto subreddits?

The new API policies introduced by Reddit directly impacted the ability of crypto subreddits to utilize third-party moderation tools, which are essential for managing their communities effectively. Many subreddits felt that these changes would hinder their autonomy and ability to foster discussions about cryptocurrencies. As a result, they opted for a temporary blackout to voice their discontent and push back against the proposed modifications.

What was the reaction from Reddit's CEO regarding the blackout?

Reddit CEO Steve Huffman acknowledged the blackout and expressed respect for the communities taking action to highlight their needs. He emphasized the necessity for Reddit to become a self-sufficient business, which underpinned the decision to implement new API policies. Huffman’s comments suggest that while he understands the communities' frustrations, the platform is committed to its strategic direction.

Which major crypto subreddits participated in the blackout?

Several major crypto subreddits participated in the blackout, including r/Bitcoin, r/CryptoCurrency, and r/Cardano. These communities have been vital for discussions surrounding various aspects of the cryptocurrency ecosystem and chose to go private or read-only as a form of protest. Their participation underscores the significant impact that Reddit's policy changes could have on community engagement and moderation.

What are Reddit's plans following the backlash from crypto communities?

In light of the backlash from crypto communities, Reddit plans to introduce mobile moderator tools for its iOS and Android apps in the coming months. This initiative aims to reduce reliance on third-party moderation tools, which many subreddits currently use. However, the effectiveness of these new tools in addressing community concerns remains to be seen, especially given the strong opposition from various subreddit communities.