Reddit is going to let you convert gold into money

Reddit is going to let you convert gold into money

Reddit is going to let users convert Reddit gold into real money as part of its new "Contributor Program," the company announced Monday. It also shared details on the replacement of its old Reddit Gold system that lets users show extra appreciation for posts or comments they like.

Let's start with the Reddit Gold update because it's an important part of that contributor program. Under the new gold system, you can long press the upvote button on mobile or hover over it on desktop to be able to buy gold. Reddit will offer six different purchase options for gold rewards, starting from $1.99 to buy one gold, up to $49 for 25 gold. After donating your gold, you'll see what Reddit calls a "Golden Upvote" next to the comment or post.

The previous system lets you give out a bunch of different rewards in addition to Reddit Gold, including custom rewards for individual subreddits. But Reddit Coins officially shut down on September 12, so you can't use them to give away gold under this new system.

I asked Reddit why it didn't allow people to transfer their coins to spend in the new system. "In the past, both paid and free coins were distributed, making this incredibly challenging," said spokesperson Tim Rathschmidt. "After much discussion, we decided it would be better to start from scratch."

Importantly, if you earn golden upvotes, it can contribute to your ability to earn real money from the contributor program. If you are eligible for the program and go through the verification process, you will get monthly payments based on the gold and karma earned on “eligible contributions”.

Here's how Rathschmidt defines "qualified contributions":

Posts and comments can be awarded gold, as long as they do not contain sexual content, graphic violence, or certain mature topics (e.g., alcohol, gambling). Additionally, content posted in not safe for work (NSFW), quarantine, or trauma support communities may not be awarded Gold. Similarly, content on a Redditor's profile page is not eligible to receive gold – you can only buy it in communities, in the feed, and on the posts page.

According to information shared by Rathschmidt with The Verge, the Contributor Program payouts will work like this:

In the standard "Contributor" tier, you'll get 90 cents for every gold earned. But to be able to cash out, you have to earn at least 10 gold in a 12-month period and get karma between 100 and 4,999.

As a “Top Contributor”, you will receive $1 for every gold earned. To cash out, you need to clear at least 10 gold and earn more than 5,000 karma in a 12-month period.

To be eligible for the Contributor Program, you must be over 18 years of age, live in a "supported location" (which was previously only the US), and your account must be in "good standing." If you're eligible, the verification process should only take a few minutes to complete, Rathschmidt said. Both regular users and moderators can participate.

With the introduction of the Contributor Program, thanking a kind stranger for giving you gold takes on a whole new meaning. This system seems to be designed to incentivize people to post quality content on Reddit (like the type of posts you use Google to find) and potentially get paid for that work. Receive. earn.

But I worry that this system could change the culture of Reddit. What makes Reddit so useful is that most of the best posts aren't created with the expectation of payment, meaning people share their expertise, a handy tip, or a funny joke just because they feel like it. Want to do. , This makes me trust him more. Using real money to post can change the site in a meaningful way; just see how

I'm also concerned that bad actors may find ways to abuse the contributor program to make a quick buck without actually making any meaningful contributions. When I asked how Reddit can prevent bad actors from taking advantage of the system, Rathschmidt said Reddit uses internal security signals, such as Know Your Customer screening, gold purchase limits, user reporting, and audits by admins (Reddit employees). Implementing things. Will use things. I also asked how Reddit will ensure moderators, who can set rules for posts in their communities, don't game the new program, and Rathschmidt said that moderators who are eligible for the program will have to follow the Moderator Code of Conduct. Will have to follow. Must follow contributor monetization policy.

Reddit's new Gold system is rolling out Monday, and will be available on "eligible content" on Reddit's native mobile apps in select communities, with more communities getting it in the "coming weeks." The feature will be available on the web "later this year."

The Contributor Program also begins Monday, and will be available on the web and Reddit's mobile app. You will be able to check your profile to see if you are eligible to be verified for the program.

Some Reddit users were not happy with the decision to remove the old Reddit Gold system, which led to frustration over the company's introduction of usage-based API pricing, which ultimately led to the closure of some major third-party apps. While the protests on the site over API pricing have largely subsided, some users expressed their unhappiness towards CEO Steve Huffman during a recent round of r/Place Interactive Canvas.