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<blockquote data-quote="arrana" data-source="post: 252826" data-attributes="member: 13714"><p><strong>Reddit Note Coin</strong></p><p></p><p>In the Fall of 2015 Reddit may issue its own type of crypto currency coin-the Reddit Note (not to be confused with the Redd Coin) . The first post is Reddit’s official announcement and the second is a commentary from INC Magazine that Reddit Notes are “…not quite currency…..but something of value, like sugar, or gold, or bacon.†</p><p></p><p>Here is a diagram on how to use these Reddit Notes when they are issued.</p><p></p><p></p><p style="text-align: center"><img src="http://2.bp.blogspot.com/-0w8zt8bvtWY/VJNaoiaf8vI/AAAAAAAAAMs/1qHV6jkE0mI/s640/rn_ELI5.png" alt="" class="fr-fic fr-dii fr-draggable " style="" /></p><p></p><p></p><p></p><p>From: <a href="http://www.redditblog.com/2014/12/announcing-reddit-notes.html">http://www.redditblog.com/2014/12/announcing-reddit-notes.html</a></p><p></p><p><strong>Announcing reddit notes </strong></p><p></p><p>We raised some funding in September, and we promised to reserve a portion to give back to the community. If you're hearing about this for the first time, check out the official blog post here.</p><p></p><p>A few weeks ago, we asked you what you thought would be the best ways for us to follow through on the promise. Thank you to the thousands of you who participated. You shared with us a variety of creative ideas - from donating to charities, to crowdfunding community-sourced projects, to customized "thank yous" for individual contributions to reddit. </p><p></p><p>Well, we took these ideas and we'll be making them a reality in the form of something we're calling reddit notes. We've made progress on the specifics, and we're finally able to share with you more of how reddit notes will roll out!</p><p></p><p>To celebrate all of you and your contributions, we plan to give away reddit notes in a random lottery. As of this point, it looks like we're going to have approximately 950,000 reddit notes to divide among active user accounts. There aren't as many reddit notes as there are accounts, so if you get one, lucky you! Eligible recipients of reddit notes will be determined based on activities before 9/30/14 (when we first announced this project), and we plan to give them away in the<strong> fall of 2015</strong>.</p><p></p><p>We're still working out details on both the technological and legal aspects of the project, especially regarding how reddit notes will work within existing government regulations. We look forward to sharing that information with you early next year. If you have feedback or ideas for us, feel free to visit /r/redditnotes - and keep being awesome!</p><p></p><p></p><p>From: <a href="http://www.inc.com/christine-lagorio/reddit-note-history-and-future.htm">http://www.inc.com/christine-lagorio/reddit-note-history-and-future.htm</a></p><p></p><p><strong>The Real Story on How Reddit Notes Came to Be</strong></p><p><strong>(That plan to fork over $5 million to users? Not only has it been around for years, it's not at all what you expected.)</strong></p><p></p><p>The concept Reddit unveiled today--non-monetary gifts known as Reddit Notes to be distributed to active redditors in mid-2015--has been years in the making, Inc. has learned. And it will look different than what many users expected.</p><p></p><p>Reddit announced in September, as it closed a $50 million round of venture-capital funding, that it hoped "to find a way for its users 'to own some of Reddit.'" And it decided at that point to allocate 10 percent of the new funding to making that happen.</p><p></p><p>A blog post Friday announced a few more details, including that fewer than 1 million of the "digital asset" will be released to more than 6 million eligible active Reddit users, who are known as redditors.</p><p></p><p>The Bright and Hazy Future</p><p></p><p>The new post leaves much unclear, however, including how Reddit Notes will be structured; how users will be able to be trade, donate, or cash them in; and whether the Notes will actually have equity backing.</p><p></p><p>For instance, in early online communications about the company's plans for distributing some portion of the bounty from the September funding round, then-CEO Yishan Wong referred to the units as "a cryptocurrency" "exchangeable (backed) by those shares of reddit."</p><p>But in an interview this week, the project leader of Reddit Notes, Daniel Lim, who has been with Reddit for two months, said explicitly that the current iteration of Reddit Notes are not going to have immediate cash value--or equity value.</p><p></p><p>"It's not a currency. In our minds it's not equity," Lim says. How should redditors think about Reddit Notes? "Think about how other companies reward their customers. Like McDonald's Monopoly game."</p><p></p><p>Alexis Ohanian, one of the founders of Reddit and company's current executive chairman, explained to Inc. that Reddit has been working with existing government regulations to structure the Notes, and not every detail is decided. "There are still things we have to figure out from a finance perspective," he says.</p><p>"In a lot of ways, it's not like a currency. It's something of value, like sugar or gold or bacon," he says. "It can be transferred." </p><p></p><p>As a "digital asset," is it cryptocurrency? While Reddit Notes will likely be based on the evolving block chain protocol, Lim says, well, not exactly.</p><p>"I would not call it a cryptocurrency," he says. "I would call it a digital asset and we are building something that will distribute it."</p><p></p><p>The Idea's Real Roots</p><p></p><p>According to company executives, including the big gift to the Reddit community in the $50 million funding round was one of the last significant moves by now-former CEO Yishan Wong, who put together the funding round. (Wong departed Reddit last month after a kerfuffle involving his decision to relocate the company from San Francisco to Daly City.)</p><p></p><p>But Inc. has learned the idea's roots predate Wong's two-year tenure at the company significantly.</p><p>According to Ohanian, he'd been mulling the idea of giving back to the Reddit community for years, and brought up the idea to executives at Reddit's parent company around September of 2011.</p><p></p><p>"After Reddit first spun out, they were looking for a CEO," Ohanian says, of conversations with lawyers and a recruiter after Conde Nast released ownership of Reddit to Conde Nast's parent company, Advance Publications. "I remember talking to all these lawyers about finding a way that users could own shares in the company." </p><p>"It's something of value, like sugar or gold or bacon."</p><p></p><p>The lawyers were not so amenable to the idea from the founder. "They said, 'absolutely not,'" according to Ohanian. </p><p>However Reddit Notes actually evolve and are distributed, the company is dedicated to the $5 million idea, from the inside--and outside. Investor Sam Altman, the influential president of startup school Y Combinator, of which both he and Ohanian are alums, said in an AMA that he vehemently supports the creation of the financial distribution to redditors--but hopes to see it grow over time.</p><p></p><p>We're working on a way to give 10% of our shares from this round to the reddit community. I hope we can increase community ownership over time--I've always thought communities like reddit should mostly own themselves, and that it's time for some innovation around corporate structure here.</p><p>Ohanian says regardless of the specific form the Reddit Note takes, the company is going to great lengths to ensure no favoritism of users happens in the distribution of the assets.</p><p></p><p>"Thinking of Reddit from the very start, I wrote that all redditors are equal; no redditor is more equal than others," he says of an entry on the site's original FAQ section. "Just as long as you are an active, good user, you are equal."</p></blockquote><p></p>
[QUOTE="arrana, post: 252826, member: 13714"] [b]Reddit Note Coin[/b] In the Fall of 2015 Reddit may issue its own type of crypto currency coin-the Reddit Note (not to be confused with the Redd Coin) . The first post is Reddit’s official announcement and the second is a commentary from INC Magazine that Reddit Notes are “…not quite currency…..but something of value, like sugar, or gold, or bacon.†Here is a diagram on how to use these Reddit Notes when they are issued. [CENTER][IMG]http://2.bp.blogspot.com/-0w8zt8bvtWY/VJNaoiaf8vI/AAAAAAAAAMs/1qHV6jkE0mI/s640/rn_ELI5.png[/IMG][/CENTER] From: [url]http://www.redditblog.com/2014/12/announcing-reddit-notes.html[/url] [B]Announcing reddit notes [/B] We raised some funding in September, and we promised to reserve a portion to give back to the community. If you're hearing about this for the first time, check out the official blog post here. A few weeks ago, we asked you what you thought would be the best ways for us to follow through on the promise. Thank you to the thousands of you who participated. You shared with us a variety of creative ideas - from donating to charities, to crowdfunding community-sourced projects, to customized "thank yous" for individual contributions to reddit. Well, we took these ideas and we'll be making them a reality in the form of something we're calling reddit notes. We've made progress on the specifics, and we're finally able to share with you more of how reddit notes will roll out! To celebrate all of you and your contributions, we plan to give away reddit notes in a random lottery. As of this point, it looks like we're going to have approximately 950,000 reddit notes to divide among active user accounts. There aren't as many reddit notes as there are accounts, so if you get one, lucky you! Eligible recipients of reddit notes will be determined based on activities before 9/30/14 (when we first announced this project), and we plan to give them away in the[B] fall of 2015[/B]. We're still working out details on both the technological and legal aspects of the project, especially regarding how reddit notes will work within existing government regulations. We look forward to sharing that information with you early next year. If you have feedback or ideas for us, feel free to visit /r/redditnotes - and keep being awesome! From: [url]http://www.inc.com/christine-lagorio/reddit-note-history-and-future.htm[/url] [B]The Real Story on How Reddit Notes Came to Be (That plan to fork over $5 million to users? Not only has it been around for years, it's not at all what you expected.)[/B] The concept Reddit unveiled today--non-monetary gifts known as Reddit Notes to be distributed to active redditors in mid-2015--has been years in the making, Inc. has learned. And it will look different than what many users expected. Reddit announced in September, as it closed a $50 million round of venture-capital funding, that it hoped "to find a way for its users 'to own some of Reddit.'" And it decided at that point to allocate 10 percent of the new funding to making that happen. A blog post Friday announced a few more details, including that fewer than 1 million of the "digital asset" will be released to more than 6 million eligible active Reddit users, who are known as redditors. The Bright and Hazy Future The new post leaves much unclear, however, including how Reddit Notes will be structured; how users will be able to be trade, donate, or cash them in; and whether the Notes will actually have equity backing. For instance, in early online communications about the company's plans for distributing some portion of the bounty from the September funding round, then-CEO Yishan Wong referred to the units as "a cryptocurrency" "exchangeable (backed) by those shares of reddit." But in an interview this week, the project leader of Reddit Notes, Daniel Lim, who has been with Reddit for two months, said explicitly that the current iteration of Reddit Notes are not going to have immediate cash value--or equity value. "It's not a currency. In our minds it's not equity," Lim says. How should redditors think about Reddit Notes? "Think about how other companies reward their customers. Like McDonald's Monopoly game." Alexis Ohanian, one of the founders of Reddit and company's current executive chairman, explained to Inc. that Reddit has been working with existing government regulations to structure the Notes, and not every detail is decided. "There are still things we have to figure out from a finance perspective," he says. "In a lot of ways, it's not like a currency. It's something of value, like sugar or gold or bacon," he says. "It can be transferred." As a "digital asset," is it cryptocurrency? While Reddit Notes will likely be based on the evolving block chain protocol, Lim says, well, not exactly. "I would not call it a cryptocurrency," he says. "I would call it a digital asset and we are building something that will distribute it." The Idea's Real Roots According to company executives, including the big gift to the Reddit community in the $50 million funding round was one of the last significant moves by now-former CEO Yishan Wong, who put together the funding round. (Wong departed Reddit last month after a kerfuffle involving his decision to relocate the company from San Francisco to Daly City.) But Inc. has learned the idea's roots predate Wong's two-year tenure at the company significantly. According to Ohanian, he'd been mulling the idea of giving back to the Reddit community for years, and brought up the idea to executives at Reddit's parent company around September of 2011. "After Reddit first spun out, they were looking for a CEO," Ohanian says, of conversations with lawyers and a recruiter after Conde Nast released ownership of Reddit to Conde Nast's parent company, Advance Publications. "I remember talking to all these lawyers about finding a way that users could own shares in the company." "It's something of value, like sugar or gold or bacon." The lawyers were not so amenable to the idea from the founder. "They said, 'absolutely not,'" according to Ohanian. However Reddit Notes actually evolve and are distributed, the company is dedicated to the $5 million idea, from the inside--and outside. Investor Sam Altman, the influential president of startup school Y Combinator, of which both he and Ohanian are alums, said in an AMA that he vehemently supports the creation of the financial distribution to redditors--but hopes to see it grow over time. We're working on a way to give 10% of our shares from this round to the reddit community. I hope we can increase community ownership over time--I've always thought communities like reddit should mostly own themselves, and that it's time for some innovation around corporate structure here. Ohanian says regardless of the specific form the Reddit Note takes, the company is going to great lengths to ensure no favoritism of users happens in the distribution of the assets. "Thinking of Reddit from the very start, I wrote that all redditors are equal; no redditor is more equal than others," he says of an entry on the site's original FAQ section. "Just as long as you are an active, good user, you are equal." [/QUOTE]
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