Reddit could be working on a Contributor program, letting top contributors earn real-world money from the gold and karma they receive.
Excerpts from the link:
Fake internet points are finally worth something!
Now redditors can earn real money for their contributions to the Reddit community, based on the karma and gold they've been given.
How it works:
Redditors give gold to posts, comments, or other contributions they think are really worth something.
Eligible contributors that earn enough karma and gold can cash out their earnings for real money.
Contributors apply to the program to see if they're eligible.
Top contributors make top dollar. The more karma and gold contributors earn, the more money they can receive.
Not just anyone can be a contributor. To join and stay in the program, contributors need to meet a few requirements:\
Be over 18 and live in the U.S.
Only Safe for Work contributions qualify
Earn xx gold and karma each month
Provide verification information. You must have at least 10 gold and 100 karma to begin verification.
NSFW accounts aren't eligible for the Contributors Program
Here's my take on this. Since this is from the latest version of Reddit's broken browser for a single site "official app", it's likely a recent development, triggered by recent changes in the platform. Reddit Inc. is likely worried about contributors leaving due to the app-pocalypse, and is trying to counter it by throwing them some spare cash.
And I'm going to be honest: holy fuck this sounds like a Bad Idea®. For three reasons.
Will they? People often don't mind contributing for free, as long as the others are in the same page. The picture changes once you get at least someone making money out of it - odds are that those 60% will disengage further.
The second reason is that Reddit Inc. is disregarding the fluff principle. If the money threshold is the number of upvotes and awards that someone gets per period of time, why would the person bother with high quality content? Or even quality content at all - it's easy to make up for lack of quality with quantity. For example, setting up a simple bot to scrape the top posts and repost them. (Is Reddit expecting the mods to delete those reposts? OH WAIT)
The third and final reason is who you expect to give awards to those people, before they feel pissed and discouraged and leave the program, breaking even further their trust in the platform. Who would even buy Reddit gold on first place? The Reddit community has been outright mocking Reddit gold for years, and the suckers actually buying it were the ones who were the most engaged and emotionally attached to the platform, to the point that they're willing to "help" it. (As if corporations need help, but whatever.) It would be a shame if Reddit happened to piss off exactly that demographic... like it did.
The old reddit is dead and gone. They (corporate) know what they're doing. They've pivot to the commercialized internet. The crowd that pays "influencers", "creators", or what have you. The crowd that gives money to people who are famous for being famous. The crowd that pays for entries in a database shown as icon badges on their profile.
This is a significant part of the internet and the people on this planet. More importantly they are monetizeable. That's what reddit is now. The existence of this isn't what you like but it will continue to exist regardless. There are people on this planet who are into that. That's what reddit is today. The old reddit is no more.
Ugh, I was hoping I could just cash out on the karma I already had. This is pointless. If they thought karma whoring was bad before, this is going to push it to a whole new level.
I know there has been a lot of doommongering recently about the innevitable demise of Reddit. However, I feel like this change will be the worst thing the will have ever done if it comes to fruition.
Whew, I instantly feel validated in my decision to leave Reddit. If this gets applied it will encourage a bot apocalypse in Reddit, which is already something they're struggling with.
Eliminate 3rd party tools, try to force people on to a terrible app with a shitty interface, and then incentivize the content farms. A recipe for success if ever I've heard one.
You know what might have been a better idea? If they'd offered a profit sharing agreement to third party apps through some sort of affiliate program that allowed them to sell gold and split the revenue. They could even have kept the obscene api rates for AI scrapers by giving a massive discount to affiliated apps. This way reddit would get the revenue it was missing out on, users could support their preferred app while also giving money to reddit, and really, everybody wins.
But then spez wouldn't get to be Elon jr, so that obviously wasn't going to work.
I think I may have some insight here. This isn't something that was reactionary imo, maybe the timing is, but the idea has been around for a while. They have been toying with this idea on /r/cryptocurrency for a while with "moons" and the admins have discussed bringing that same thing to the larger ecosystem. Though, the admins probably are worried about the SEC with moon tokens, so they are turning to regular dollars.
In /r/cryptocurrency this required much more serious moderation (look at the size of the mod team), they have some pretty advanced moderation tools compared to most other subs.
I don't think reddit knows what they are asking for, but they are gonna get it, a whole ton of repost / chatgpt garbage. This is sadly probably the downfall of reddit, if it wasn't the API pricing, this surely will turn it into a bot/karma removed garbage dump.
That's so stupid that it's funny again.
Steve Huffman will milk this Reddit cow to death.
Without repost filtering this incentivizes bot makers, with years of experience, to flood Reddit with garbage because the common user can't tell.
Come in, come in, my bots and user slaves to create content for the show.
Also awards give incentive to post provoking content and rage bait, you even have this shit on steam for almost useless award rewards.
Is it a conspiracy that Twitter and Reddit, center-lib spaces, gone down at the same time?
I won't give too much credit to people like Musk and Hoffman, it's just too useful for right-wing actors to sink these platforms down since a lot of their accounts were banned there, and none of their projects like Parler or TruthSocial got from the ground.
Also, it really feels like reddit demotes older, higher karma accounts these days. I have one which is close to a million karma and 13+ years old and it's a grind to get upvotes on it. If I use the same methodology on younger accounts it's legitimately like a 10x difference in karma production.
But either way, I will never attach my real name to a reddit account anyway, so this is pointless anyway.
“Shit, the people who actually cared about the platform and contributed good content are leaving. Quick, throw money at the problem instead of fixing the issues we created!”
I posted this elsewhere, but they were already paying people to post content before the protest.
Have a look at this user’s posts prior to the blackouts: https://old.reddit.com/user/WelshCai/ Lots and lots of low-effort posts in various UK subreddits.
so they can't pay for their shitty api and killed off thirdparty clients because they "can't afford them".. but can pay random users for shitty karma? sounds right.
I have seen in communities where mods will remove a user's post and then repost it themselves or with an alt and hit the front page.
So you're telling me now the mods have a financial incentive to do this? And what if as a money generating post gets removed simply because a mod doesn't like it, even though it doesn't break any rules?
I also feel like the quality of posts is about to implode even further from this. You're not asking artists or musicians or even meme creators to post, you're asking reposters to repost content that already did good.
the karma accumulated could be used to improve the rate of exchange for Reddit gold into real-world money (possibly USD)
Oh, so all those people with 10+ year accounts, with tons of karma accumulated over the years, and who deleted their accounts in protest for the API changes... are actually a "good thing" so Reddit doesn't have to pay top rates for their comments?
and is trying to counter it by throwing them some spare cash.
Reddit has no spare cash, Steve has pissed away better than three quarters of a billion dollars in venture capital. It'll probably be RedditBux or an NFT or something.
If karma is worth money can I sell my 50,000 point account to someone who promises to use it for evil and make Reddit worse? Maybe Russians or scammers? Or Russian scammers?
So all those people who rip videos from youtube (not linking to them but download and reupload, usually with intro/outro and watermarks edited out) are now going to get paid for it?
The first one is demographics; since 47% of the users are Americans, and 21% of them are 10-19yo, it’s safe to say that ~60% of the users are ineligible, and thus will only contribute for free.
Just want to point out that there are a ton of Telegram communities focused on bypassing these types of limitations, because $0.10 USD for 1000 upvotes goes a lot farther in rural India than it does in Indiana.
By offering an incentive program, they've just opened up the door for a whole new third world economy. They should have stuck to fighting 3rd party API access tbh.
Congrats to the themed/novelty accounts like the person who posts the watercolors, Shittymorph, Snoodle, and the others who regularly post highly upvoted content. I'd add PoppinKream, but they're here now.
Aside from the valid points made by other comments, giving Reddit even more information (how else are they going to verify your age? Copy of driver's license would be my guess) is just asinine. At this point, if you're still on Reddit and you sign up for this you deserve what you get.
Yesterday I requested that Reddit deletes any and all data associated with my Reddit account under the GDPR. It was so hard, because my account was 9 years old and I really had so much fun in my subreddits. I tried to create high quality content, just to do my part and help Reddit grow as a diverse community.
Now that I read this I have no doubts anymore that it was a good decision to go and destroy all my content there. I'm making popcorn and watch this shithole burn. Lemmy makes it easier, because I know many good people have found a new home for sharing great content and just having a good time. Sry for the rant 0.o
Reddit The Company would only be doing this if engagement and submissions had fallen off significantly, and they're scrambling for a way to prop that up.
And it's like they're doing a Digg speed run, essentially handing over priority to power users.