This is the story of how one Redditor indirectly achieved a large profit from BTC.
A Reddit user named „Cryptorich13“ took advantage of the social network’s reward system by converting his free coin loot into Bitcoin (BTC).
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In a publication on Sunday, Cryptorich13 explained how he converted his 80,000 Moon into Bitcoin earlier this year. The value of its holdings has soared following the latest rise in the price of Bitcoin. He said:
„I made a lot of shitpost in 2017. I was awarded 80,000 moons of reddit earlier this year, so I sold on the test network using XDai and honeyswap and immediately bought BTC with that money. (0.92 BTC to be exact)“.
Cryptorich13 claims to have sold its 80,000 MOON for DAI at an Bitcoin Loophole average price of USD 0.08 to USD 0.13 per token over a 24-hour period in late September. It then converted that DAI into Bitcoin. The entire process was documented on Warosu’s image board.
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At the time he made the original publication on Reddit, his Bitcoin haul was worth USD 23,736 based on a BTC price of USD 25,800. In a later edition, his 0.92 BTC was worth USD 25,576.
At the time of writing, MOON was worth approximately USD 0.01, 15% less than the day before, according to Coingecko. It is worth noting that Coingecko’s data feed tracks Moon’s values from late October onwards.
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Reddit’s MOON is the official crypto currency of the r/Cryptocurrency sub-credit, a platform dedicated to news, discussion and analysis of all things digital. The token rewards active users for their contributions to subreddit. According to the community rules, all publications in the subreddit must be related to cryptomonies or associated with culture in some way or form.
MOON is part of Reddit’s Community Points, or RCP, a rewards program that was introduced earlier this year to encourage the creation of content on the social network. RCPs are Ethereum (ETH) tokens that are interoperable with all other ETH applications.
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To date, only one other subreddit has launched a crypt currency through the CPR programme. The Subreddit r/FortNiteBR introduced the BRICK token earlier this year to reward users for their contributions to the community.
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