Redditcoin Is deserted, just four Months After Being announced

despite asserting its new bitcoin rival less than six months ago, Reddit has quietly dropped plans for its so-referred to as “Redditcoin” cryptocurrency—after firing lead engineer Ryan X. Charles.

the unique idea for Redditcoin used to be that it would embrace the Reddit community at large—with 10% of shares distributed to customers of the website online in attractiveness of their phase in Reddit’s success.

“I was gained-over by means of the then-CEO Yishan [Wong], who had an important vision for the future of reddit, including cryptocurrency as the financial gadget of the web city that’s reddit,” Charles wrote online. “then again, Yishan suddenly and hastily resigned his place a month or two later, almost definitely due to exhaustion.”

Yishan Wong’s departure late final yr it appears scuppered the kind of ahead pressure wanted to bring the undertaking to fruition.

“I figured the worst factor that would happen at Reddit used to be that shall we launch something and it might fail,” Charles notes. “What in fact came about was once that we launched nothing and that i acquired fired. In handiest 4 months. This used to be worse than the worst outcome i assumed was conceivable.”

whereas cryptocurrency may still be in Reddit’s long-time period imaginative and prescient, for now it appears those waiting for Redditcoin could be striking on for an extended, very long time.

It’s not all bad news for cryptocurrency fanatics, on the other hand. while digital currencies have long been volatile commodities, last week the startup Coinbase introduced the first-ever licensed U.S. bitcoin alternate—complete with insurance to give protection to traders. it is usually small recompense for people fascinated about the potential of Redditcoin, but it still demonstrates how cryptocurrencies are slowly getting into the mainstream—whether or not critics like them or no longer.

[via The Guardian]