Reddit awards Moon tokens to users who write popular posts.
The tokens can be exchanged for cash via a long and complex process.
One Redditor told users how he turned all his Moons into over $24,000-worth of Bitcoin from “memes and shitposting.”
An experienced investor has told Reddit that he turned his Moon tokens into Bitcoin to reap serious rewards—all from “memes and shitposting.”
The 31-year-old Reddit user, Cryptorich13, who claims to hold over $150,000 in Bitcoin, said in a post yesterday that he sold the Moons he earned for Bitcoin. Thanks to the surging price of Bitcoin, his earnings from posting on Reddit now equal over $24,000.
Reddit Moons, launched earlier this year, are ERC-20 tokens awarded to those who contribute to the r/CryptoCurrency section of the social media site. They run on a test version of Ethereum, called Rinkeby.
When a user writes a post others like, they upvote it. The more posts get upvoted, the more Moons users receive. Redditors can use Moons to add weight to votes in polls on the platform or tip other users.
Cryptorich13 claims his posts are so popular, he earned over 80,000 Moons since 2017. His posts include anything from ruthless investment advice (“Family, friends, loved ones should be put on the backburner this year”) to funny Bitcoin memes.
Moons were only usable within the test version of Ethereum until July, after developer Austin Griffith created a way to move the tokens from one blockchain to another.
It’s a tad complicated but the gist of it is this: by using the MetaMask wallet, you can send the Moons to an exchange created by Griffith—the xMoon exchange. From there, the Moons will be on the xDai blockchain, a different version of the stablecoin DAI’s blockchain.
When Moons have moved to the xDai blockchain, they become xMoons. When a user has those, they can swap them on the decentralized exchange, Honeyswap, for other tokens—such as DAI or MKR—which can then be sold for cash via another exchange.
Cryptorich13 said in his post that he sold them and used the cash he earned to re-invest in Bitcoin. “I was awarded 80k reddit moons 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),” he wrote.
“I have literally made $24k from memes and shitposting.”
Cryptorich13 added that the price of Bitcoin has since gone up since he wrote the post. At the time of writing, 0.92 Bitcoin was worth $24,561.
His post attracted a lot of comments, with one user, salil19, writing: “0.9 btc is crazy to get for shitposting.”
Another, HashMoose, commented: “As a moon hodler it almost hurts me to upvote this.”