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Reddit No Longer Accepts Bitcoin (fortune.com)

Posted by ryuzaki0 on from the tough-luck dept.

Reddit, one of the most active hubs of Bitcoin enthusiasts, has dropped its support for the cryptocurrency. From a report: The widely read social media site will no longer accept Bitcoin as payment for its Reddit Gold program. A person claiming to be an administrator on the site told users who were grumbling about the shift that the decision was made, in part, due to Coinbase discontinuing its Merchant Tool product. "The upcoming Coinbase change, combined with some bugs around the Bitcoin payment option that were affecting purchases for certain users, led us to remove Bitcoin as a payment option," said user "emoney04."

22 of 61 comments (clear)

  1. Reddit is coded by monkeys by Error629 · · Score: 1

    change my view

    --
    _________
    The world doesn't just disappear when you close your eyes, does it?
    1. Re:Reddit is coded by monkeys by peterflax · · Score: 1

      bitcoin might devalue if this happens because reddit has a lot of users and this how speculation works :3 trust me i am an economist :3

    2. Re:Reddit is coded by monkeys by mukinrestak · · Score: 1

      If you were correct it would be higher quality.

  2. Cryptoscams everywhere! by Anonymous Coward · · Score: 1

    If so-called cryptocurrencies are really good innovation, why they attract so many criminals/criminal activity?
    Could it really be because, all cryptocurrencies themselves are scams, and that is why they attract all kinds of criminals/criminal activity?

    If so-called cryptocurrencies are really currency, why no company/store can use Bitcoin as currency anymore?
    Because the price of Bitcoin proved to be extremely unstable to use as a currency?
    Would the result be different, if Bitcoin replaced by any other "cryptocurrency"?
    Aren't all work the same way?

    Or, they are not actually virtual currency but virtual investment?
    But, if they are actually investment, why we need/want them?
    What would happen to world economy, if people invested in virtual investments, instead of real investments?

    Or, all so-called cryptocurrencies are actually just a modified (made decentralized and paying variable interest) Ponzi Schemes?
    (Price of cryptocurrencies would keep increasing in the long term (by their design), so it is equivalent of paying variable interest to all long term investors.)

    As more and more people invest in cryptocurrencies, it will become harder and harder to ban their trading everywhere!
    All cryptocurrencies need to be banned globally before it is too late!

    1. Re:Cryptoscams everywhere! by CSMoran · · Score: 1

      If so-called cryptocurrencies are really good innovation, why they attract so many criminals/criminal activity? Could it really be because, all cryptocurrencies themselves are scams, and that is why they attract all kinds of criminals/criminal activity?

      Are you saying drugs, prostitution, weapons and human trafficking are scams too? Because they surely attract criminal activity too.

      --
      Every end has half a stick.
  3. Re:Bitcoin no longer accepts reddit. by desdinova+216 · · Score: 1

    are you sure it has nothing to do with with the volatility of cryptocrrencies.

  4. Cryptocurrencies... by ELCouz · · Score: 4, Insightful

    Let them all die so we can have top of the line GPUs that are less than 1000 bucks and IN STOCK!

    1. Re:Cryptocurrencies... by DontBeAMoran · · Score: 1

      I can sell you my GTX650 for only $995.

      --
      #DeleteFacebook
    2. Re:Cryptocurrencies... by ELCouz · · Score: 1

      A man's gotta dream.....unfortunately this card is reserved for fake gamers. Please hand over your geek card on your way out of shame town.

    3. Re:Cryptocurrencies... by ELCouz · · Score: 1

      If you where following the current market price for video cards and how much price inflation they are at now...you will be a pissed off commie too.

    4. Re:Cryptocurrencies... by Thelasko · · Score: 1

      And stop turning electricity into money.

      --
      One of our competitors trademarked the term "hypothesis". From now on, we will call them "boneheaded ideas".
  5. Re:What a coincidence. by Kaenneth · · Score: 2, Funny

    I only visit /. to laugh at the neo-Luddites.

  6. Dead Weight by sdinfoserv · · Score: 4, Insightful

    BitCoin down (c) $650 today alone to $7200. I would imaging all those people who jumped on when it was $20K got a lesson on stock market trading.
    Too bad for all the millennials who threw what little they had in retirement at this debacle. really, I feel bad for them. remember kids, real estate. Real land, real assets.

    1. Re:Dead Weight by FlamingGuts · · Score: 1

      I know, it's only up 700% from last year. So sad. RIP.

    2. Re:Dead Weight by dohzer · · Score: 1

      I've done extensive research that shows that no one has ever lost money with cryptocurrencies.
      All my friends and colleagues that have invested tell me that they've made money. I've never met anyone who has lost. Amazing!
      None of them ever tell me they lose when gambling either!

    3. Re:Dead Weight by ayesnymous · · Score: 1

      Reddit is getting out of Bitcoin after it has dropped about 60+%. Probably close to a bottom in Bitcoin then. They should still accept it so that they're "buying low".

    4. Re:Dead Weight by sdinfoserv · · Score: 1

      Actually, April of 2017 Btc was 3300. Given it's currently 6900, that's a bit more than double - nowhere near your claimed 700%.

    5. Re:Dead Weight by arichnad · · Score: 1

      Actually, April of 2017 Btc was 3300.

      I think you've confused April with August. They do both start with "A". 500-600% is the change from April 2017.

  7. Peter Thiel, first outside investor in Facebook... by greenwow · · Score: 1

    and board member and also a major investor in reddit doesn't like anonymity, so I would guess this is coming from him. He is also linked to Cambridge Analytica that provided data to Trump that he used to place one TV ad during the primary. That means he has destroyed our elections.

  8. Re:Peter Thiel, first outside investor in Facebook by Daneel+Olivaw+R.+ · · Score: 1

    that's an interesting theory considering Peter Thiel is bullish on bitcoin: https://www.bloomberg.com/news...

  9. Re:End by FlamingGuts · · Score: 1

    So you're shorting it then, right? No? Shocking.

  10. I hope more follow the lead... by Anonymous Coward · · Score: 1

    I'm boycotting all the cryptocurrencies. There is *nothing* good about them. Who has a vested interest in these things?

    a) Miners, who turn electricity and heat into "money", with no productive work output to show for it
    b) Speculators, who exchange these for real currencies, without investing in any useful productive efforst
    c) Criminal interests, who want to be able to move money without government interference

    Conversely, who do these things hurt?

    a) The environment, from massive amounts of waste energy consumed and heat produced
    b) Consumers & municipalities who struggle to cope with artificial demand for electricity
    c) Consumers who want to buy GPUs, which are now badly overpriced
    d) Scientists and researchers, due to GPU scarcity (GPUs can be used in many many more useful pursuits than coin mining)
    e) Victims of crimes enabled by non-traceable currency exchange (hacking - holding your data hostage, human trafficking, kidnapping, etc.)
    f) Ultimately the environment again, when all those extra GPUs wind up in landfills

    I know there are a lot of miners on places like slashdot. If you're mining, or even trading in cryptocurrency, then you're a selfish asshole, and you need to stop or be stopped.

    Anyone who bitches about the environment, or pretends to ascribe to social justice values, and yet still engages in commerce with crypto currencies, is nothing more than a f'n hypocrite.

    Governments can't delegitimize these things fast enough for my taste.