The r/CryptoCurrency Moons (MOON), or should I say formerly their cryptocurrency, since according to a pinned post made in the sub-Reddit the other day stated that no person or entity will actually own the Moons contract as seen quoted below:
“This means that Reddit will give up control of the contract and send it to a burn address, so that effectively no one will have control of the contract. Not Reddit, not the mod team.”
I see this as a major positive, because in reality, this means Moons will soon be a purely decentralized cryptocurrency, which the r/CryptoCurrency moderator team further points out in their post:
“The Reddit admins will be renouncing the Moons contract, and it is expected to be complete by the end of this month. This action is permanent and once complete it will be impossible for any further changes to be made to the contract. The implications of this are:
- No new Moons can be created.
- All exchange listings remain intact.
- Moons can continue to be listed and traded by exchanges and wallets as before.
- The contract will forever remain unchanged, rendering Moons completely decentralized.“
There is a catch though, and that catch is that Moons are still subjected to the Ethereum blockchain and its overall heath, and its layer 2 chain Arbitrum Nova that it will now supposedly forever reside on.
The r/CryptoCurrency moderator team claims:
“Reddit admins will be burning all Moons held in the Community Tank, and this is also expected to be completed by the end of the month. This lowers the total supply from around 125,969,899 to 83,205,951.”
This is some cool stuff right here, because now like Bitcoin, Moons will have a fixed number of coins, which will make it a deflationary token just like its big brother Bitcoin.
The only if I keep mulling around in my head though, is does this even matter? I’m sure there are plenty of crap-coins out there in the wide world that have fixed amounts, but what makes me feel a little bit better about this one, is that theoretically, once Reddit burns its share it will truly be immutable… even more so than Bitcoin since it will be purely autonomous.
Below is a list of all the key points the r/CryptoCurrency moderator team listed in their post pertaining to the future of Moons:
- “The mod team will work with the community to develop a plan forward for Moons. This includes a way to distribute the remaining Moons in the community wallet, which may be based on contributions in the community, tipping and contests.
- The mod team will work out whether Moons from banner rentals and AMAs should be burned or redistributed back to the community.
- The mod team is working on a flair bot to show moon totals next to usernames and a tip bot for tipping of Moons.
- The mod team will continue to develop bots and use the available API to improve the utility of Moons.
- Moons will continue to be listed on exchanges and can still be traded.”
Below I will breaking down the list above pertaining to the future of Moons with my own opinion points:
Point 1:
I think these are all great ideas with the exception being contribution earnings. I thought the old system of earning Moons just to pretty much let’s face it crap post and comment all day was an absolutely terrible idea, and it really wound up destroying a once great sub-Reddit.
If they are going to use Moons for tipping and contest winnings, why do they have to use Moons? They could easily use an already established coin or token like Bitcoin, which has much more accessibility, and would probably draw a lot more people into the community going forward.
Point 2:
I think if Moons is going to have a fixed supply they may want to redistribute them back to the community. Unless I’m missing something here, I think this is the best option.
Point 3:
Again, definitely a great idea to implement tipping, but I will warn the moderators, most people don’t like gifting deflationary coins or tokens, think Bitcoin… everyone stores it and watches it go up. A coin like Ethereum on the other hand, which has an infinite print might be better suited for tipping, or maybe everyone’s favorite meme coin Dogecoin would be a better option for tipping.
Remember, now that Moons belong to no one, the r/CryptoCurrency sub-Reddit technically has no allegiance to it, so they are free to use whatever coin or token they wish as a community currency.
Point 4:
Again, they have no allegiance to Moons anymore, so they can build bots to support any coin or token that makes sense to use going forward.
Point 5:
Yes, technically Moons can still be bought, sold, and or traded on exchanges as of right now, but say an update is needed in order to maintain their listing or something, which I don’t even know is a thing, because I don’t know crap about ducks when it comes to this kind of stuff, but remember, no one can touch the inner workings of Moons now, which means it can never be updated, polished, or fixed… maybe that will be an issue for some if not all exchanges in the future.
Anyway, that’s all I got today guys and gals, and it was really cool seeing Moons pump from like $0.05 to a high of $0.34 in a single day after the announcement was made by Reddit pertaining to the future of Moons, but please, don’t get caught up in this… it may be a bull trap.
If you see anything wrong with my post, please feel free to hit me up in the comment section or on Reddit. This blog is only designed for me to express my thoughts, so a lot of my opinion if not all goes into these posts, so don’t take any of it as actual advice or fact for that matter.
Thanks for reading, and good luck with your investments!