A Reddit user named “u / Cryptorich13” has capitalized on the social media platform’s crypto reward system by converting its range of free coins to Bitcoin (BTC).
In a Sunday post, u / Cryptorich13 explained how he converted his 80,000 Moon reward to Bitcoin earlier this year. The value of his holdings has ballooned after the latest Bitcoin price pump. He said:
“I sent a lot of mail in 2017. I was awarded 80k reddit moons earlier this year, which I sold on the Rinkeby test network using XDai and honeyswap and immediately bought BTC with it. (0.92 BTC to be exact). ”
U / Cryptorich13 claims to have unloaded its 80,000 moon for Dai at an average price of $ 0.08 to $ 0.1
When he published the original Reddit post, his Bitcoin stash was worth $ 23,736, based on a BTC price of $ 25,800. In a later edit, his 0.92 BTC was worth $ 25,576.
At the time of writing, Moon was worth around $ 0.01, down 15% on the day, according to CoinGecko. It should be noted that the CoinGecko data feed tracks lunar values from the end of October onwards.
Reddit’s Moon token is the official cryptocurrency of r / Cryptocurrency subreddit, a platform dedicated to news, discussion and analysis of all things related to digital assets. Token rewards active users for their contribution to subreddit. According to the Community Guidelines, all posts in subreddit must be crypto-related or linked to culture in some way.
Moon is part of Reddit Community Points, or RCP, a rewards program that was introduced earlier this year to stimulate content creation on the social network. RCP are Ethereum-based tokens that are interoperable with all other Ethereum applications.
To date, only one other subreddit has launched a cryptocurrency through the RCP program. R / FortNiteBR subreddit introduced the Brick token earlier this year to reward users for their contributions to society.