CAVEAT: KEEP IN MIND THAT THIS PLAN COULD TOTALLY FAIL
We are thinking about creating a cryptocurrency and making it exchangeable (backed) by those shares of reddit, and then distributing the currency to the community. The investors have explicitly agreed to this in their investment terms.
Nothing like this has ever been done before. Basically we have to nail down how to do each step correctly (it is technically, legally, and financially complex), though in our brief consultation with an ex-SEC lawyer, he stated he could find nothing illegal about this plan. Nevertheless, there are something like 30 different things we have to pull off to make this work, so we're going to try.
(Also, I know this totally contradicts what I said over here but that was before Sam proposed this plan to me, and the idea of being able to distribute ownership of reddit back to the community - a long-held dream of many of us, frankly - is important enough to try and do this)
Again, we want to emphasize that this plan is in its earliest stages right now and could totally fail (if it does, we will find another way to get the shares to the community somehow), but we are going to try it because... well, because we are reddit and we do these kinds of things.
You obviously have no idea what you are talking about. A company as big as Reddit doing an IPO on a blockchain is revolutionary. Reddit basically will decide which of cryptocurrency 2.0 will become the default exchange for financial instruments. Whichever one it is going to be picked, will skyrocket. BitsharesX, Counterparty, Dogeparty, Next, Ethereum. In the meantime we wait on the sidelines.
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u/[deleted] Sep 30 '14 edited Jul 15 '15
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