Reddit crypto community goes offline: Here’s why

Many sub-forums on Reddit, including well-known crypto forums, unanimously agreed to make their pages private for 48 hours as a form of protest against the new company regulations that forbid the usage of third-party applications.

In April, Reddit revealed intentions to alter the way users can interact with the Reddit Data API, a seven-year-old application that allowed developers to build tools and utilities for moderation and other tasks.

Most subreddits reacted negatively to the decision of Reddit to construct native moderator tools, as this would impede the capability of the community to form and employ third-party tools, which are mainly used for moderating content and interactions. Thus, between June 12th and June 14th, communities chose to either make their subreddit private or to put it in read-only mode, in order to demonstrate their disagreement with the imminent alteration.

The list encompasses major crypto communities, which have been essential in enabling millions of investors around the globe to talk about different facets of the ecosystem.

Some of the popular subreddits dedicated to discussing Bitcoin (BTC) and cryptocurrencies that are voicing opposition to the change include r/Bitcoin, r/CryptoCurrency/ and r/cardano. Reddit has also encountered criticism for introducing paid access to its Data API.

Estimates suggest that around 3,500 subreddits will become unaccessible, and this number could grow if more groups join the revolt. However, Reddit CEO Steve Huffman has supported the platform’s choice by emphasizing the need to be a “self-sustaining business.” He stated:

In order to reduce the reliance on third-party moderator tools, Reddit will be introducing mobile moderator tools for their iOS and Android apps in the near future.

The European Union’s regulatory body is aiming its sights at cryptocurrency advertisements on Instagram, YouTube, TikTok, and Twitter.

In spite of the continued communal backlash, Reddit is nearly attaining a new record with regard to the number of users with collectible avatars on the website.

Within a year of launching “Reddit NFTs,” Reddit was able to acquire 10 million owners of its collectible avatars.

In July 2022, Reddit launched its collectible avatar marketplace on the Ethereum scaling network Polygon, giving independent artists and Redditors the ability to create customisable NFT collections.

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