- Reddit awards Moon tokens to customers who write in style posts.
- The tokens could be exchanged for money through an extended and complicated course of.
- One Redditor advised customers how he turned all his Moons into over $24,000-worth of Bitcoin from “memes and shitposting.”
An skilled investor has advised Reddit that he turned his Moon tokens into Bitcoin to reap severe rewards—all from “memes and shitposting.”
The 31-year-old Reddit person, Cryptorich13, who claims to carry over $150,000 in Bitcoin, said in a post yesterday that he bought the Moons he earned for Bitcoin. Because of the surging price of Bitcoin, his earnings from posting on Reddit now equal over $24,000.
Reddit Moons, launched earlier this 12 months, are ERC-20 tokens awarded to those that contribute to the r/CryptoCurrency section of the social media web site. They run on a take a look at model of Ethereum, known as Rinkeby.
When a person writes a put up others like, they upvote it. The extra posts get upvoted, the extra Moons customers obtain. Redditors can use Moons so as to add weight to votes in polls on the platform or tip different customers.
Cryptorich13 claims his posts are so in style, he earned over 80,000 Moons since 2017. His posts embrace something from ruthless funding advice (“Household, mates, family members needs to be placed on the backburner this 12 months”) to humorous Bitcoin memes.
Moons had been solely usable inside the take a look at model of Ethereum till July, after developer Austin Griffith created a approach to transfer the tokens from one blockchain to a different.
It’s a tad complicated however the gist of it’s this: by utilizing the MetaMask pockets, you may ship the Moons to an change created by Griffith—the xMoon exchange. From there, the Moons might be on the xDai blockchain, a distinct model of the stablecoin DAI’s blockchain.
When Moons have moved to the xDai blockchain, they turn into xMoons. When a person has these, they’ll swap them on the decentralized change, Honeyswap, for different tokens—resembling DAI or MKR—which might then be bought for money through one other change.
Cryptorich13 mentioned in his put up that he bought them and used the money he earned to re-invest in Bitcoin. “I used to be awarded 80k reddit moons earlier this 12 months which I bought on the Rinkeby testnet utilizing xDai and Honeyswap and instantly purchased BTC with it (0.92 BTC to be precise),” he wrote.
“I’ve actually made $24k from memes and shitposting.”
Cryptorich13 added that the worth of Bitcoin has since gone up since he wrote the put up. On the time of writing, 0.92 Bitcoin was value $24,561.
His put up attracted quite a lot of feedback, with one person, salil19, writing: “0.9 btc is loopy to get for shitposting.”
One other, HashMoose, commented: “As a moon hodler it nearly hurts me to upvote this.”
So now you understand: get shitposting, Redditors.