Reddit’s most popular cryptocurrency forum just overhauled its rules

Reddit has become the online destination to discuss all things blockchain and cryptocurrency. Hundreds of thousands of users subscribe to dozens of subreddits where everyone from industry experts to hopeful investors talk about where the volatile digital coins are heading next. But that conversation is about to change. The most popular crypto-subreddit on the site, /r/Cryptocurrency, is getting a major overhaul to prevent users from exploiting its popularity for their own benefit.

“After receiving confirmation from the Reddit Admins, of numerous professional and highly-orchestrated manipulation groups being identified, as well as having the Reddit Admins site-ban more than 800+ manipulator accounts in a single day, we set about to make a series of rule changes that we believe will combat these challenges,” the subreddit’s moderators said in a blog post.

Moderators on Tuesday described major changes coming to the /r/Cryptocurrency subreddit. Most surprising is a ban on “Cryptomemes.” As they explained, the issue with these humorous posts is that they often tread the line between comedy and shameless advertising. Conversely, they are used by some to spread fear around rival coins. And because of their popularity, memes typically rise to the front page, hiding valuable news and discussion.

All cryptocurrency memes, including those already on the site, will be moved to a new /r/Cryptocurrencymemes subreddit dedicated to lighthearted material.

The moderators are also tightening their grip on the content of posts. Low-quality posts about a coin, including shilling (stealth advertising) and manipulation, will be banned from standalone posts and only allowed in the “Daily Discussion Thread.” One of the trickiest issues the subreddit faces are posts designed to promote a user’s own interests. For example, if someone is invested in Dogecoin they might submit a standalone post hyping the coin and urging other members to invest. It’s these misinformation campaigns the Reddit moderators are hoping to snuff out.

/r/Cryptocurrency was designed for important and relevant news about multiple cryptocurrencies, as well as news and detailed discussion about the cryptocurrency community as a whole,” the blog post reads.

The blog contains a lengthy list of topics that will no longer be allowed, including public figures posting about coins on social media, guides on buying or trading, non-Fortune 500 companies accepting a new coin type for payment, and changes to logos or brand names.

Lastly, the subreddit is clamping down on posts that “harm the community” including threats, harassment, and unfound rumors. These types of posts are not permitted on any level.

“The attacks of shilling and FUD [fear, uncertainty and doubt] have harmed the cryptocurrency market as a whole,” the moderators explained. “We’re far too quick to judge, and attack one another based on simply the holdings of our wallets. As a community, we’ve let ourselves be played by manipulators and we’ve allowed ourselves to forget that cryptocurrency is in its infancy still and not projects that can stand alone. In the end, we all win when we stand together as a community, and engage in respectful and impactful discussion.”

The reaction to the new rules has been mostly positive. Many users agree the community has become infested by covert marketing campaigns and spammy memes, though some fear the changes will be difficult to enforce.

The new rules will be “soft-enforced” starting today, which means violating posts will be removed and users who submitted them will be warned about their infraction. After April 2, violating the rules could result in a ban.

H/T The Next Web

Phillip Tracy

Phillip Tracy

Phillip Tracy is a former technology staff writer at the Daily Dot. He's an expert on smartphones, social media trends, and gadgets. He previously reported on IoT and telecom for RCR Wireless News and contributed to NewBay Media magazine. He now writes for Laptop magazine.