A Reddit user named “u / Cryptorich13” took advantage of the social media platform’s crypto rewards system by converting its stock of free coins into Bitcoin (BTC).
In a Sunday report, u / Cryptorich13 explained how it converted its 80,000-month reward into Bitcoin earlier this year. The value of his holdings has risen to the latest Bitcoin price pump. He said:
‘I posted a lot in 2017. I was awarded 80k reddit moons earlier this year that I sold on the Rinkeby test network with XDai and honey swapping and immediately bought BTC with it. (0.92 BTC to be exact). ”
U / Cryptorich13 claims to have downloaded its 80,000 Moon for Dai at an average price of $ 0.08 to $ 0.13 per sign over a 24 hour period at the end of September. From there, he converted the Dai into Bitcoin. The whole process is documented on the Warosu image board.
At the time of publication of the original Reddit post, its Bitcoin value was worth $ 23,736, based on a BTC price of $ 25,800. In a later modification, it was worth $ 0.92 BTC $ 25,576.
At the time of writing, according to CoinGecko, Moon was worth about $ 0.01, up 15% on the day. It should be noted that the CoinGecko data feed follows lunar values from the end of October.
Reddit’s Moon token is the official cryptocurrency of the subreddit r / Cryptocurrency, a platform dedicated to news, discussion and analysis of all things related to digital assets. The token rewards active users for their contributions to the subreddit. According to community guidelines, all posts in the subreddit must be crypto-related or associated with the culture in some way.
Moon is part of Reddit Community Points, or RCP, a rewards program launched earlier this year to encourage content creation on the social network. RCPs are Ethereum-based tokens that are interoperable with all other Ethereum applications.
To date, only one subreddit has launched a cryptocurrency through the RCP program. The r / FortNiteBR subreddit launched the Brick token earlier this year to reward users for their contributions to the community.