A Reddit user named “u / Cryptorich13” capitalized on the social media platform’s cryptographic reward system by converting his stock of free coins into Bitcoin (BTC).
In a Sunday post, u / Cryptorich13 explained how he converted his 80,000 Moon bounty into Bitcoin earlier this year. The value of their investments soared after Bitcoin’s latest price bomb. He said:
“I posted a lot in 2017. I won 80,000 reddit moons earlier this year, which I sold on rinkeby testnet using XDai and honeyswap and immediately bought BTC from him. (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 plug over a 24-hour period in late September. From there, he converted Dai to Bitcoin. The entire process was documented on the Warosu imageboard.
At the time he published the original Reddit post, his stock of Bitcoins was worth $ 23,736, based on a BTC price of $ 25,800. In a later issue, his 0.92 BTC was worth $ 25,576.
At the time of this writing, Moon was worth about $ 0.01, down 15% on the day, according to CoinGecko. It should be noted that the CoinGecko data feed tracks the Moon values from late October onwards.
Reddit’s Moon token is the official cryptocurrency of 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 on the subreddit must be related to encryption or associated with culture in some way or form.
Moon is part of Reddit Community Points, or RCP, a rewards program that was introduced earlier this year to encourage content creation on the social network. RCPs are Ethereum-based tokens that are interoperable with all other Ethereum applications.
So far, only one other subreddit has launched a cryptocurrency through the RCP program. The subreddit r / FortNiteBR introduced the Brick token earlier this year to reward users for their contributions to the community.