Cryptocurrencies are better to hop on at its initial phase. If you had plans to do so with Reddit’s cryptocurrency, called ‘Reddit notes,’ you’d have to put that thought on hold as Reddit has decided not to delve into the cryptocurrency realm. The uncertain legal and technical aspects of cryptocurrencies at the moment is to blame for the company’s sudden change of direction.
Reddit co-founder and executive chairman Alexis Ohanian explained further in a Hacker News post “Our research leads us to want to wait until the law and technology around cryptocurrency are further along before deciding exactly how. We want to make sure we can give the community the full value of the equity when they receive it in the future, and today we haven’t been able to find a way to do that within existing regulations.”
The Reddit Notes initiative was conceived under former CEO Yishan Wong, who resigned in November. Makes sense now why we won’t see a Reddit Note anytime soon. Ryan X. Charles, lead developer working on the reddit notes code also announced via Twitter that he was “just let go from reddit because cryptocurrency is not a part of reddit’s near-term plans.” At least there’s still the usual Reddit Gold for rewarding fellow Redditors while we wait and see what the future holds for Reddit Notes.
I was just let go from reddit because cryptocurrency is not a part of reddit's near-term plans. This is unfortunate, but understandable.
— Ryan X. Charles (@ryanxcharles) January 29, 2015