Reddit plans own coin to give back to community, searches for cryptocurrency engineer with job listing

The tech crunch article as Reddit tries to create its own currency as a means to reward its online community after its successful funding round:

Reddit, the so-called front page of the internet, has raised $50 million in Series B on a $500 million valuation with intentions to give back 10 percent of the round’s equity to the community. The monster round is led by Sam Altman, CEO of Y Combintaor, with participation from Andreesen Horowitz and Sequoia Capital, as well as individual investors like Peter Thiel, Ron Conway, Jared Leto (randomly), Calvin Broadus Jr. AKA Snoop Dog (also randomly), Josh Kushner, Jessica Livingston, Kevin and Julia Hartz, Mariam Naficy, and Reddit CEO Yishan Wong.

[–]yishan[S,A] 497 points x4

Ok, here it is:


We are thinking about creating a cryptocurrency and making it exchangeable (backed) by those shares of reddit, and then distributing the currency to the community. The investors have explicitly agreed to this in their investment terms.

Nothing like this has ever been done before. Basically we have to nail down how to do each step correctly (it is technically, legally, and financially complex), though in our brief consultation with an ex-SEC lawyer, he stated he could find nothing illegal about this plan. Nevertheless, there are something like 30 different things we have to pull off to make this work, so we’re going to try.

(Also, I know this totally contradicts what I said over here but that was before Sam proposed this plan to me, and the idea of being able to distribute ownership of reddit back to the community – a long-held dream of many of us, frankly – is important enough to try and do this)

Again, we want to emphasize that this plan is in its earliest stages right now and could totally fail (if it does, we will find another way to get the shares to the community somehow), but we are going to try it because… well, because we are reddit and we do these kinds of things.

And the cryptocurrency engineer job listing:

Cryptocurrency Engineer,

San Francisco

reddit is looking for a couple engineers with extremely strong discrete mathematics or computer science backgrounds to explore new technology applications and infrastructure involving the blockchain and cryptocurrency. You should have direct working experience with C or C++, plus at least a handful of other languages. For reference, reddit is written in Python on Pylons talking to Cassandra, PostgreSQL, Memcached, ZooKeeper and more all running on Linux. It is hosted on Amazon AWS. Almost all of our code is open source and we believe strongly in contributing back to the community. Your work will be visible to the world. You should have at least 3 years professional programming experience in small and medium-sized companies. You must have a BS or higher in computer science, mathematics, or physics.

–]yishan[S,A] 6 points

Hello everyone, yishan here.

You are partially correct, but we are not necessarily focused on contributing directly to the core bitcoin codebase or forking it. Rather, we want to ensure that whoever we hire is able to fully understand bitcoin at its lowest technical level, i.e. be able to examine the code itself in the course of developing tools, features, infrastructure, whatever. Essentially, we want someone who could contribute to the bitcoin codebase even if we aren’t intending to. It’s sort of like how if you want someone to work on mysql at your company, you need someone who has the technical capability to write (and read/evaluate) patches to the mysql codebase even if they’re not necessarily going to do so.

What we are interested in doing is evaluating the cryptocurrency landscape to see what high-leverage projects reddit can and should undertake that only reddit is in a position to undertake which would benefit cryptocurrency and related technologies in general. We’re not interested in creating a competing “Yet Another <Whatever>” if someone else is already doing it. For this we need someone who can understand cryptocurrency very well and consequently, see what tools, features, and infrastructure may be missing or which the world needs next… and then to build it.

Korea’s coinplug gets $2.5million investment

From coindesk, it looks like coinplug closed a decent series that included Tim Draper and plans to use it for its bitcoin atms. (Korbit had a round with Japan’s Softbank ventures in korea)

Over in Taiwan, it looks like the Family Mart kiosk has allowed for 2800 machines access to bitcoin purchases.

Coinplug’s $2.5 Million Funding Round Reveals Bitcoin Growth in Korea

(@southtopia) | Published on October 8, 2014 at 10:37 BST

South Korean bitcoin multi-services company Coinplug announced yesterday it has closed a Series A funding deal worth $2.5m from mainly local venture capitalists. The new investment brings the firm to a total of $3.3m raised so far.

This week’s deal notably included bitcoin venture capitalist Tim Draper, but was led by Mirae Asset Venture Investment, an arm of Seoul-based financial industry giant Mirae Asset. The round also included major Korean VC firm Bokwang Investment Corp, Capstone Partners and DSC Investment.

Coinplug had previously received two funding rounds worth $400,000 each in a combination of fiat currency and bitcoin, in November 2013 and April this year. Draper was also involved in April’s round.

Bitcoin Meetup October 16 @ Hospoda (Singapore)

It has been a while since the previous bitcoin meetup in Singapore, and people have opined that the crowd follows the price exponentially. But though there was lower turnout, people still turned up to learn more about bitcoin.

Hospoda is a bitcoin accepting place that specializes in Czech craft beer between Little India and Bugis on 180 Albert St.

(There are more videos online describing bitcoin these days too)

I arrived just as the skype session with Bitcoin Meetup japan ended. Basically they were buying each other drinks over skype, scanning in the QR codes and transferring bitcoin over the ether and waters. That pretty much distilled a use application of bitcoin right there! Value transfer without borders.

The crowd was also quite different this time, with fewer returning faces (though many of the pioneers here have taken their hiking stick to expand overseas). The meetup still brought in a varied mix into Hospoda. The next round might have more returning to Singapore after time overseas though.


Singapore’s GIC leads Square $6 billion round, follows Temasek Bitcoin experiment

GIC is the other Singapore sovereign wealth fund after Temasek, which had undertaken a company wide bitcoin experiment. Square is also known for its bitcoin adoption, with Jack Dorsey of twitter fame at its helm.

New York Times reports that GIC led the round of $150 million to close Square at $6 billion valuation:

This latest round, which was led by a new investor, the Government of Singapore Investment Corporation, places Square in the company of Internet start-ups like Pinterest and Spotify, which also have valuations around $5 billion to $6 billion. Some previous investors, including Goldman Sachs and Rizvi Traverse Management, also participated in the round, according to this person.

The move comes amid a time of great tumult in the payments industry. Apple, the consumer technology giant, introduced its new commerce product, Apple Pay, along with its new smartphones, the iPhone 6 and 6 Plus. Ebay announced that it wouldspin off PayPal, the company’s big payments business. And in August, Amazon introduced its own version of a credit card reader, which has a low processing fee rate to lure new merchants.


League of Legends World Championships Group Stages Singapore, Kabum!

Quite the world tour for the LoL championships, starting in taiwan and routing to singapore, before flying to korea’s busan and then seoul for the finale.

Singapore’s tickets were $25, $45 and $65 with an extra $3 for online booking. The $25 were actually pretty sweet but had very little seats and sold out fast. $65 gets you two random posters. Everyone had a special skins card, SKT or TPA theme. You can sell SKT for about $25-$30 which means the cheap tickets actually pay for themselves. TPA fetches a bit lower. The irony was that the cheaper seats had a better view of the action than the expensive seats.

lol worlds

There were quite a lot of merchandise on sale too (but not as heavy on your wallet as the Dota 2 secret shop)


The jacket went for $90 and the shirts from $30. The plush was about the same.


And there was cosplay


Seems like pretty good games reserved for the last day, with Crumbz the prophet getting the games right. Kabum! managed to take their incredible upset against alliance to go 5-1, and effectively took Alliance out of the running later. Also good games by cloud9 taking rat strategies to score a few wins against korea’s team before handing it back.

The day’s phototaking session was with cloud 9 before the tournament flew off to Busan.

Paypal on Bitcoin

Beyond Braintree, Paypal has also teamed up with Bitpay, Coinbase and Gocoin for further bitcoin integration.

This should spur up further adoption in other areas of technology.

We chose to work with BitPay, Coinbase and GoCoin because of our commitment to offering innovative and safer ways for businesses to accept payments. All three companies have taken steps to ensure that they know their customers and that those customers are offered certain protections. We believe digital goods merchants will be excited to work with these industry-leading companies to sell ringtones, games and music and get paid with Bitcoin.

To be clear, today’s news does not mean that PayPal has added Bitcoin as a currency in our digital wallet or that Bitcoin payments will be processed on our secure payments platform. PayPal has always embraced innovation, but always in ways that make payments safer and more reliable for our customers. Our approach to Bitcoin is no different. That’s why we’re proceeding gradually, supporting Bitcoin in some ways today and holding off on other ways until we see how things develop.

But giving our digital goods merchants an easy, one-stop way to test the waters with this new form of payment isn’t the only way we work with Bitcoin.  For some time now, we’ve helped merchants selling Bitcoin mining equipment to accept PayPal payments. This will continue. But to safeguard customers, we’ve decided not to work with merchants who pre-sell these products.  This is consistent with our approach to pre-sales of other goods; we hold off anytime we determine that pre-selling may not provide a good buyer experience.

More at their blog entry:

Patch 2.1.1Diablo 3

Kadala has been improved quite a bit, though it means less salvage mats, but most would agree its a chore going to and fro to the blacksmith

Infernal machines should be a quality of life upgrade for hellfire amulet farming

Diablo III patch 2.1.1 is now live in the Americas for PC! Check out the full patch notes below to learn all about the latest changes.

Important: Please note that you will not be prompted to download patch 2.1.1 until the patch is live in your home region. If you are logging in from a European or Asian client, you will need to wait for this patch to release in that region before it can be installed. Additionally, if your home region is in the Americas, you will be unable to log into Europe or Asia using Global Play after patch 2.1.1 is live until those regions have also patched.

Diablo III Patch 2.1.1 – v2.1.1.27255

Visit our Bug Report forum for a list of known issues.

Table of Contents:

Witch Doctor
Class-Specific Legendary Items
Legendary Gems
Bug Fixes
Adventure Mode
Infernal Machine
Greater Rifts
Bug Fixes
Nephalem Rifts and Greater Rifts


We want pet survivability to be roughly equivalent to the player that summoned them
Many monster attacks that are intended to be avoided by players, and weren’t already dealing reduced damage to pets, now deal significantly less damage to pets
Bug Fixes
Pets are now properly affected by Shield Pylons

Active Skills
Shield Bash
Can now be interrupted during the hit animation

Witch Doctor
Active Skills
Fetish Army
Fetish Life has been greatly increased
Fetish movement speed has been significantly increased
Fetish leash range has been slightly increased
Gargantuan is now summoned at the location of your mouse cursor
Summon animation speed has been increased
Spirit Walk
No longer cancels early when the physical body that is left behind takes enough damage
Summon Zombie Dogs
Zombie Dog Life has been greatly increased
Passive Skills
Fetish Sycophants
Fetish Life has been greatly increased
Fetish movement speed has been significantly increased
Fetish leash range has been slightly increased
User Interface
Fetish Army and Fetish Sycophants portrait icons should now display more fitting names on mouseover

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Class-Specific Legendary Items
Firebird’s Finery
The infinite DoT debuff should now have a unique effect when it is applied
Legendary Gems
Boon of the Hoarder
The number of Gold piles that explode from enemies on kill has been reduced
To compensate, the amount of Gold in each pile has been increased
The total amount of Gold dropped remains unchanged, but this will noticeably reduce screen clutter
Bug Fixes
The Moratorium secondary power can now be triggered by assists
The Bane of the Trapped damage increase will now properly applied to Frozen enemies
The Gem of Efficacious Toxin poison DoT can now properly be applied by pet attacks

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Rift Guardians and Greater Rift Guardians now drop more crafting materials
Infernal Machine
In multiplayer games, the Key of Bones, Key of Gluttony, and Key of War will now be considered group drops
This means that, instead of players having an individual chance to find a key, that chance is now exists at the party level
If a Key of Bones, a Key of Gluttony, or a Key of War drops, it will drop for everyone in the party at the time
Greater Rifts
The Rift of Trials has received numerous adjustments in an effort to more accurately assess an appropriate level of Greater Rift
Large Aqueduct and Sewer maps will no longer show up in Greater Rifts
While Kadala is doing a great job of giving players more control over finding specific items, we felt the current experience was a bit cumbersome and inconvenient
As a result, we’re working to reduce the frequency at which players need to run between Kadala and the Blacksmith to salvage unwanted items
The cost to purchase items from Kadala has been greatly increased
The chance for Kadala to drop a Legendary item has also been greatly increased
Bug Fixes
Fixed an issue that could cause Greater Rift Guardians to sometimes drop multiple of the same Legendary Gem

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We want players to be able to more reliably add sockets to their jewelry in order to enjoy Legendary Gems
We still have long term plans to provide more outlets for excess gems and more ways to farm gems that a player needs; however, since those changes are further down the road, we wanted to improve the quality of life of Seasonal and Non-Seasonal players alike by making it easier to add a socket to your Rings and Amulets
The cost to enchant jewelry has been reduced from a Flawless Imperial gem to an Imperial gem

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The Electrified monster affix now has a short internal cooldown
The damage of The Butcher’s Fan of Spears attack has been slightly reduced
The range of the Charging Beasts’ Charge attack has been slightly reduced
Plague Nest Bats have had their health globe drop rate significantly decreased
Nephalem Rifts and Greater Rifts
Maggot Broods no longer start out burrowed in Nephalem Rifts and Greater Rifts
Sand Dwellers no longer start out burrowed in Nephalem Rifts and Greater Rifts
Demonic Hellflyers now run away less frequently and no longer ambush players from the air in Nephalem Rifts and Greater Rifts
Ghosts now run away less frequently and no longer fly through walls in Nephalem Rifts and Greater Rifts
Rockworms can no longer spawn in Nephalem Rifts and Greater Rifts

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