It's SO WEIRD to go back to Reddit after using Steemit for so long now, and to see my over 1,000 Reddit Karma on my ackza account on reddit https://www.reddit.com/user/ackza and to get EXCITED at first an then realize OH Reddit karma isnt worth anything like my steempower on steemit is!
But know....reddits Karma is still scarce...if you could transfer it from account to account, then it would in a way...become its own digital currency, centralized and not crypto backed..howEVER....if you DID do a PREmine of a new redditcoin or KarmaCoin or RedditKarmaCoin blockchain, counted up how much karma there is on all Reddit accounts, and then make sure that you have at least that amount of new karmaCoins.... and then basically gave those coins to every reddit account which has at least 1 karma! Basically if you had 100 karma in your reddit account on the day they started this new hypothetical system, then you would take possession of 100 new Karma coins, either through some independent third party system that simply verified how much karma someone has, and rewarded them it on a seperate service, however for this to be succesful and compete wit steemit, you would need to embedd this into reddit itself!
(I think Redditor's are getting tired of their worthless same old karma, like a little kid playing orignal gameboy pokemon and realizing there is no point in leveling up your pokemon after catching mewtwo, since its all meaningless numbers that cant buy you anything in the real world! Especially now that steem has proven that karma COULD be valuable if Reddits creators were just less lazy! Steemit is PROOF of this! And even WITHOUT crypto currency, if reddit would have had the forsight to make karma transferable then it might have already taken off as a centralized digital currency!
If you are Reddit and you want this plan to work, and you arent planning on crowdfunding the money to premine the 2 billion
new reddit karma coins, then you basically keep it secret until you have used Reddits massive server capacity or corporate funds or crowdfunded bitcoin raised on reddit for a "secret project" to pay for the hardware or cloud power to premine at least as many new redditKarmaCoins as there is total karma on Reddit! (Which I have researched to be about 2 billion karma) And of course an anti bot system will have to be implemented to stop cheaters...this actually wont be too difficult as reddit already has successful methods in place to prevent scammers and spammers from auto registering thousands of new accounts just to upvote their own content...as highly upvoted more visible front page stories can dive traffic and thus ad dollars and so already has an intrinsic dollar value associated with part of the process karma is involved with....but by using a steemit type system where anyone can upvote but the total karma coin $ amount of a post will reflect both upvotes and downvotes, but also how much steempower a user has which makes some users more influential than others, a privalege which can be bought or earned (or now, also gifted by a generous benefactor on steemit and hopefully reddit! competition is good and we can all have a non zero sum game 360 win! And the new accounts wont have any free reddit karma coins in them, an people will have to earn them to make redditkarma coins to spend! They can still upvote but it will only increase the vote count not total karma coin value or something like that!
Anyway, just imagine....you premine the karma as cryptocurrency and it will be very low price, allowing Reddit to then give it out to everyone who already has karma saved up! And simultaneously make the karmacoins transferable through Reddit itself with a userfriendly menu like steemit BUT also have this new redditkarmacoin available to receive on smartphone wallet apps, and traded on altcoin exchanges like poloniex!
This is a huge untapped market....and its a no brainer now that steemit is here!
Reddit and steemit will both continue to grow...but if Reddit wants to compete with Steemit in the future, it needs to really make the jump to allowing people to transfer Karma as a crypto currency, and not just a digital centralized currency within reddit....that might be cool for redditors for a while but not beng able to trade thi coin on exchanges like poloniex or smartphone wallet apps and having the karma NOT be an actual crypto currency would never be as successful as my plan to actually replace the worthless and non exchangeable karma with a crypto currency by premining enough to give out to everyone!
Its VERY hard to actully get a straight answer from Google for such a simple question as "How much TOTAL karma is on Reddit" or even rephrased "How much karma is on reddit in total" to avoid confusion with "total karma" per account, i STILL couldnt find any numbers besides total karma of top reddit users! And of these top 60,000 redditors featured on karmawhores.net they have a combined 1.91 BILLION Karma and since knowing that the top 1percent on reddit controls most of all the karma (just like in real life with money) then we can safely assume that there probobly is no more than about 2 billion karma on reddit.....
And with over 1.2 billion unique visitors from October 2016 to March 2017 and something like 240 Million reddit accounts, this hypothtical coin would overnight become the most popular crypto currency! Sure they would have to premine at least 2 billion coins, but I believe this is something that can be affored for a few dozen million dollars, maybe just a few million! You would need alot of processing power and maybe need to build whole data centers and invest alot of money...But people would start using it more than bitcoin maybe! The price increase in the coin would skyrocket!
Because people believe one man from Japan created Bitcoin by himself, well if thats true or not of if the NSA or DARPA really built it, it doesnt matter, the point I am making is that a for profit company didnt create bitcoin, but imagine if a private company has invented bitcoin but had kept it decentralized but just kept a good chunk of premined bitcoins! It would be seen as a great BUSINESS innovation! It would be celebrated by the business world and more companies would have tried creating their own coins alot sooner than how it naturally happened!
But If Reddit just invests a few million into a massive premine operation to make enough reddit karma coins to replace their current worthless karma with crypto currency and actually reward all their users, yes many would end up selling it and casing out, but a STeempower type system of powering down and a promise of an interest rate or the promise of possible increased coin prices would get many to actually hold on to their reddit coins
Being a crypto currency it would naturally be able to interact with steemit now...steemit users could trade steemit or btc and buy the new reddit karma coin or just setup exchanges to trade steem directly for reddit karma coin!
