This is the story of a Reddictor’s indirect way of making a substantial profit on Bitcoins.
Reddit user earns $25,000 in Bitcoins for making memes
A Reddit user by the name of Cryptorich13 capitalised on the social media platform’s cryptographic rewards system by converting his free currency stock to Bitcoin (BTC).
In a Sunday post, Cryptorich13 explained how he converted his 80,000 MOON reward to Bitcoin earlier this year. The value of his holdings skyrocketed after the last Bitcoin price hike. He said:
„I posted a lot of shit in 2017. I won 80,000 moons of the reddit earlier this year, which I sold on the rinkeby testnet using XDai and honeyswap and immediately bought BTC with it. (0.92 BTC to be exact)“.
Cryptorich13 claims to have downloaded his 80,000 MOON for DAI at an average price of US$0.08 to US$0.13 per token over a 24-hour period at the end of September. From there, he converted DAI to Bitcoin. The entire process was documented on Warosu’s image board.
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 edition, his 0.92 BTC was worth $25,576.
At the time of writing, MOON was worth about $0.01, down 15% daily, according to Coingecko. It should be noted that Coingecko’s data feed tracks MOON values from late October onwards.
Reddit MOON is the official cryptomeda of subreddit r/Cryptocurrency, a platform dedicated to news, discussion and analysis of all things digital. The token rewards active users for their contributions to subreddit. According to community guidelines, all posts in subreddit need to be related to cryptocurrency 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 the creation of content on the social network. RCPs are Ethereum tokens (ETH) that are interoperable with all other ETH applications.
To date, only one other subreddit has launched a cryptomeda through the RCP programme. Subreddit r/FortNiteBR introduced the BRICK token earlier this year to reward users for their contributions to the community.
Translated with www.DeepL.com/Translator (free version)