Re:Reddit has shut down its nascent cryptocurrency project
by bbooth on Monday February 02, 2015 @01:40PM
(#8985862)
Could you go into detail what the major legal hurdles were in this case?
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Re:Reddit has shut down its nascent cryptocurrency project
by yafujifide on Monday February 02, 2015 @01:42PM
(#8985881)
Issuing shares to millions of people would have made reddit a public company. reddit did not want to be a public company. This is a contradiction.
Re:Reddit has shut down its nascent cryptocurrency project
by qznc on Monday February 02, 2015 @02:37PM
(#8986345)
I did not realize Reddit Notes (crypto or not) are supposed to be "shares" of anything? Much less shares of Reddit as a company.
Re:Reddit has shut down its nascent cryptocurrency project
by kissickas on Monday February 02, 2015 @03:27PM
(#8986716)
It's been said many times since the beginning, including in this article:
>Announced in September 2014 as part of a fundraising round that raised $50m from VC firms including Andreessen Horowitz and Sequoia Capital, Redditcoin was a key part of an audacious plan by Wong to give part of the company’s equity back to users.
>Wong wrote in a blogpost: “The investors in this round have proposed to give 10% of their shares back to the community, in recognition of the central role the community plays in Reddit’s ongoing success.”