In the letter
- Reddit awards moon tokens to users who write popular posts.
- The tokens can be exchanged for cash in a long and complex process.
- A Redditor told users how he turned all of his moons from “Memes and Shitposting” into Bitcoin worth over $ 24,000.
A veteran investor has told Reddit that he has turned his moon tokens into bitcoin for serious rewards – all from “memes and shit posting”.
31 year old Reddit user Cryptorich13 who Expectations hold over USD 150,000 in Bitcoin, said in a post yesterday that he sold the moons he earned for Bitcoin. Thanks to them rising price of Bitcoin, his earnings from posting on Reddit are now over $ 24,000.
Reddit Moons, launched earlier this year, are ERC-20 tokens given to those who visit the r / CryptoCurrency section the social media site. You’re running on a trial version of Ethereum called Rinkeby.
When a user makes a post that others like, they agree with it. The more posts are rated, the more moons users will receive. Redditors can use moons to give weight to votes in polls on the platform or to give other users a tip.
Cryptorich13 claims his posts are so popular that he has earned over 80,000 moons since 2017. His posts include everything from reckless investing advice (“Family, friends, relatives should take a back seat this year”) too funny Bitcoin memes.
According to the developer Austin Griffith, moons could only be used in the test version of Ethereum until July created a way to move the tokens from one blockchain to another.
“Some of the Tools I Use to Trade Crypto”. Image: Reddit
It is a bit complicated The gist of this though is that you can use the MetaMask wallet to send the moons to an exchange created by Griffith xMoon exchange. From there, the moons reside on the xDai blockchain, another version of the stablecoin DAI blockchain.
Once moons have moved to the xDai blockchain, they will become xMoons. If a user has this, he can exchange them at 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 money he earned to invest in Bitcoin again. “Earlier this year I received 80,000 Reddit moons that I sold with xDai and Honeyswap on the Rinkeby testnet and immediately bought BTC with it (0.92 BTC to be precise),” he wrote.
“I literally made $ 24,000 memes and shit posting.”
Cryptorich13 added that the price of Bitcoin has increased 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 about shit posting.”
Another, HashMoose, commented, “As a Moon Hodler, it almost hurts me to support this.”
So now you know: get shitposting, Redditors.