Marc Andreessen — Lessons, Predictions, and ...

Crypto-Powered: Understanding Bitcoin, Ethereum, and DeFi

Crypto-Powered: Understanding Bitcoin, Ethereum, and DeFi
Until one understands the basics of this tech, they won’t be able to grasp or appreciate the impact it has on our digital bank, Genesis Block.
https://reddit.com/link/ho4bif/video/n0euarkifu951/player
This is the second post of Crypto-Powered — a new series that examines what it means for Genesis Block to be a digital bank that’s powered by crypto, blockchain, and decentralized protocols.
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Our previous post set the stage for this series. We discussed the state of consumer finance and how the success of today’s high-flying fintech unicorns will be short-lived as long as they’re building on legacy finance — a weak foundation that is ripe for massive disruption.
Instead, the future of consumer finance belongs to those who are deeply familiar with blockchain tech & decentralized protocols, build on it as the foundation, and know how to take it to the world. Like Genesis Block.
Today we begin our journey down the crypto rabbit hole. This post will be an important introduction for those still learning about Bitcoin, Ethereum, or DeFi (Decentralized Finance). This post (and the next few) will go into greater detail about how this technology gives Genesis Block an edge, a superpower, and an unfair advantage. Let’s dive in…
https://preview.redd.it/1ugdxoqjfu951.jpg?width=650&format=pjpg&auto=webp&s=36edde1079c3cff5f6b15b8cd30e6c436626d5d8

Bitcoin: The First Cryptocurrency

There are plenty of online resources to learn about Bitcoin (Coinbase, Binance, Gemini, Naval, Alex Gladstein, Marc Andreessen, Chris Dixon). I don’t wanna spend a lot of time on that here, but let’s do a quick overview for those still getting ramped up.
Cryptocurrency is the most popular use-case of blockchain technology today. And Bitcoin was the first cryptocurrency to be invented.
Bitcoin is the most decentralized of all crypto assets today — no government, company, or third party can control or censor it.
Bitcoin has two primary features (as do most other cryptocurrencies):
  1. Send Value You can send value to anyone, anywhere in the world. Nobody can intercept, delay or stop it — not even governments or financial institutions. Unlike with traditional money transfers or bank wires, there are no layers of middlemen. This results in a process that is much more cost-efficient. Some popular use-cases include remittances and cross-border payments.
  2. Store Value With nothing but a smartphone, you can become your own bank and store your own funds. Nobody can seize your assets. The funds are digital and stored on a blockchain. Your money no longer needs to be stored at a bank, in a vault, or under your mattress. I covered a few inspiring use-cases in a previous post. They include banking the unbanked, protecting assets from government seizure, mitigating the risk of a bank run, and protection against hyperinflation (like what recently happened in Venezuela).
The fact that there are so few things one can do with Bitcoin is one of its greatest strengths.
Its design is simple, elegant, and focused. It has been 10+ years since Satoshi’s white paper and no one has been able to crack or hack the Bitcoin network. With a market cap of $170B, there is plenty of incentive to try.
https://preview.redd.it/bizndfpkfu951.png?width=800&format=png&auto=webp&s=456c53b798248e60456a65835a33c69b2fe8daf0

Public Awareness

A few negative moments in Bitcoin’s history include the collapse of Mt. Gox — which resulted in hundreds of millions of customer funds being stolen — as well as Bitcoin’s role in dark markets like Silk Road — where Bitcoin arguably found its initial userbase.
However, like most breakthrough technology, Bitcoin is neither good nor bad. It’s neutral. People can use it for good or they can use it for evil. Thankfully, it’s being used less and less for illicit activity. Criminals are starting to understand that transactions on a blockchain are public and traceable — it’s exactly the type of system they usually try to avoid. And it’s true, at this point “a lot more” crimes are actually committed with fiat than crypto.
As a result, the perception of bitcoin and cryptocurrency has been changing over the years to a more positive light.
Bitcoin has even started to enter the world of media & entertainment. It’s been mentioned in Hollywood films like Spiderman: Into the Spider-Verse and in songs from major artists like Eminem. It’s been mentioned in countless TV shows like Billions, The Simpsons, Big Bang Theory, Gray’s Anatomy, Family Guy, and more.
As covid19 has ravaged economies and central banks have been printing money, Bitcoin has caught the attention of many legendary Wall Street investors like Paul Tudor Jones, saying that Bitcoin is a great bet against inflation (reminding him of Gold in the 1970s).
Cash App already lets their 25M users buy Bitcoin. It’s rumored that PayPal and Venmo will soon let their 325M users start buying Bitcoin. Bitcoin is by far the most dominant cryptocurrency and is showing no signs of slowing down. For more than a decade it has delivered on its core use-cases — being able to send or store value.
At this point, Bitcoin has very much entered the zeitgeist of modern pop culture — at least in the West.
https://preview.redd.it/dnuwbw8mfu951.png?width=800&format=png&auto=webp&s=6f1f135e3effee4574b5167901b80ced2c972bda

Ethereum: Programmable Money

When Ethereum launched in 2015, it opened up a world of new possibilities and use-cases for crypto. With Ethereum Smart Contracts (i.e. applications), this exciting new digital money (cryptocurrency) became a lot less dumb. Developers could now build applications that go beyond the simple use-cases of “send value” & “store value.” They could program cryptocurrency to have rules, behavior, and logic to respond to different inputs. And always enforced by code. Additional reading on Ethereum from Linda Xie or Vitalik Buterin.
Because these applications are built on blockchain technology (Ethereum), they preserve many of the same characteristics as Bitcoin: no one can stop, censor or shut down these apps because they are decentralized.
One of the first major use-cases on Ethereum was the ability to mint and create your own token, your own cryptocurrency. Many companies used this as a way to fundraise from the public. This led to the 2017 ICO bubble (Initial Coin Offerings). Some tokens — and the apps/networks they powered — were fascinating and innovative. Most tokens were pointless. And many tokens were outright scams. Additional token reading from Fred Ehrsam, Balaji, and Naval.
https://reddit.com/link/ho4bif/video/b5b1jh9ofu951/player

Digital Gold Rush

Just as tokens grew in popularity in 2017–2018, so did online marketplaces where these tokens could be bought, sold, and traded. This was a fledgling asset class — the merchants selling picks, axes, and shovels were finally starting to emerge.
I had a front-row seat — both as an investor and token creator. This was the Wild West with all the frontier drama & scandal that you’d expect.
Binance — now the world’s largest crypto exchange —was launched during this time. They along with many others (especially from Asia) made it really easy for speculators, traders, and degenerate gamblers to participate in these markets. Similar to other financial markets, the goal was straightforward: buy low and sell high.
https://preview.redd.it/tytsu5jnfu951.jpg?width=600&format=pjpg&auto=webp&s=fe3425b7e4a71fa953b953f0c7f6eaff6504a0d1
That period left an embarrassing stain on our industry that we’ve still been trying to recover from. It was a period rampant with market manipulation, pump-and-dumps, and scams. To some extent, the crypto industry still suffers from that today, but it’s nothing compared to what it was then.
While the potential of getting filthy rich brought a lot of fly-by-nighters and charlatans into the industry, it also brought a lot of innovators, entrepreneurs, and builders.
The launch and growth of Ethereum has been an incredible technological breakthrough. As with past tech breakthroughs, it has led to a wave of innovation, experimentation, and development. The creativity around tokens, smart contracts, and decentralized applications has been fascinating to witness. Now a few years later, the fruits of those labors are starting to be realized.

DeFi: Decentralized Finance

So as a reminder, tokens are cryptocurrencies. Cryptocurrencies can carry value. And value is a lot like money. Because tokens are natively integrated with Ethereum, it’s been natural for developers to build applications related to financial services — things like lending, borrowing, saving, investing, payments, and insurance. In the last few years, there has been a groundswell of developer momentum building in this area of financial protocols. This segment of the industry is known as DeFi (Decentralized Finance).
https://preview.redd.it/f0sjzqspfu951.png?width=461&format=png&auto=webp&s=8e0a31bf29250fc624918fbd8514b008762f379e
In Q2 of 2020, 97% of all Ethereum activity was DeFi-related. Total DeFi transaction volume has reached $11.5B. The current value locked inside DeFi protocols is approaching $2 Billion (double from a month ago). DeFi’s meteoric growth cannot be ignored.
Most of that growth can be attributed to exciting protocols like Compound, Maker, Synthetix, Balancer, Aave, dYdX, and Uniswap. These DeFi protocols and the financial services they offer are quickly becoming some of the most popular use-cases for blockchain technology today.
https://preview.redd.it/wn3phnkqfu951.png?width=800&format=png&auto=webp&s=02f56caa6b94aa59eadd6e368ef9346ba10c7611
This impressive growth in DeFi certainly hasn’t come without growing pains. Unlike with Bitcoin, there are near-infinite applications one can develop on Ethereum. Sometimes bugs (or typos) can slip through code reviews, testing, and audits — resulting in loss of funds.
Our next post will go much deeper on DeFi.

Wrap Up

I know that for the hardcore crypto people, what we covered today is nothing new. But for those who are still getting up to speed, welcome! I hope this was helpful and that it fuels your interest to learn more.
Until you understand the basics of this technology, you won’t be able to fully appreciate the impact that it has on our new digital bank, Genesis Block. You won’t be able to understand the implications, how it relates, or how it helps.
After today’s post, some of you probably have a lot more questions. What are specific examples or use-cases of DeFi? Why does it need to be on a blockchain? What benefits does it bring to Genesis Block and our users?
In upcoming posts, we answer these questions. Today’s post was just Level 1. It set the foundation for where we’re headed next: even deeper down the crypto rabbit hole.
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Other Ways to Consume Today's Episode:
We have a lot more content coming. Be sure to follow our channels: https://genesisblock.com/follow/
Have you already downloaded the app? We're Genesis Block, a new digital bank that's powered by crypto & decentralized protocols. The app is live in the App Store (iOS & Android). Get the link to download at https://genesisblock.com/download
submitted by mickhagen to genesisblockhq [link] [comments]

Several Regulated Trading Platforms Intend to List Bitcoin Derivatives, Says CFTC Commissioner

Link to original post on Coinsetter
Mark Wetjen, one of the commissioners of Commodities and Futures Trading Commission (CFTC) today penned an opinion piece in the Wall Street Journal revealing that several trading platforms already registered or soon to be registered intend to list Bitcoin derivative contracts. The CFTC has been one of the most active agencies looking into the promise of Bitcoin and what it could do for the financial system. They had a hearing about Bitcoin that attracted some of the key players in the industry and helped the committee learn more about where Bitcoin could head and how best to regulate it without stifling innovation.
CFTC Gets Interested
As Bitcoin gains in popularity, the derivative market around the cryptocurrency is bound to mature as well. Merchants who accept Bitcoin hedge their risk by direct conversion to fiat using payment processors like Coinbase or BitPay. However, these payment processors need to hedge their risk to currency fluctuation as well. The use of derivatives is an easy way to accomplish this, and the CFTC regulates derivatives like swaps in the United States. It should be noted that several exchanges already trade derivative products related to Bitcoin, but they are not regulated.
It is debatable whether Bitcoin is a commodity though, and whether CFTC has the authority to regulate it. From the article, Mr. Wetjen thinks it is –
The definition of “commodity” under the CFTC’s authorizing statute could be read to include Bitcoin, in which case the CFTC would have authority to bring enforcement actions against anyone who attempts to manipulate the virtual currency
Beyond Currencies
The CFTC seems to be one of the few governmental regulatory agencies that sees the potential of Bitcoin technology beyond its simple use as a currency. This was also clear during the hearings that the CFTC organized last year. The CFTC believes that Bitcoin and blockchain technology could rewrite the financial industry. In fact, Mr. Wetjen quotes Marc Andressen, a popular VC who has invested heavily in Bitcoin companies in his opinion article
“If [Bitcoin] works, we can re-implement the entire financial system as a distributed system as opposed to a centralized system. We can reinvent the entire thing.” … Bitcoin or similar technologies can be used as platforms for financial innovation in the digital transfer of currency, securities, contracts and sensitive information. Such innovation could play a fascinating role in the derivatives markets as well as financial services more broadly, as Mr. Andreessen suspects.
The CFTC then seems to believe that Bitcoin has potential to recreate many of the financial industry systems. Several experts also believe that most of the futures regulation that the CFTC oversees could be written as smart contracts on the Bitcoin blockchain, thus making it unnecessary to explicitly regulate Bitcoin futures contracts.
Price Manipulation
The CFTC has also made it clear that if Bitcoin is regulated under its jurisdiction, it will have the authority to take action against Bitcoin price manipulation. Bitcoin price currently is pretty much a wild-west currently with many possible ways to manipulate the price. Therefore, even the products that are approved by the CFTC need to take the price of Bitcoin only from those exchanges that can comply with existing regulation (such as KYC rules).
It seems like the CFTC is keen on seeing Bitcoin succeed and realize its potential while limiting its downside risk by creating a framework under which startups can operate.
Rarely can derivatives regulators anticipate a new market’s potential benefits while devising an appropriate regulatory framework. But virtual currencies such as Bitcoin, and other competing protocols and related technologies, represent such an opportunity.
submitted by bitcoin-news to BitcoinMarkets [link] [comments]

Reddit (stylized as reddit, /ˈrɛdɪt/)[5] is a social news aggregation, web content rating, and discussion website. Reddit's registered community members can submit content, such as text posts or direct links.

Registered users can then vote submissions up or down to organize the posts and determine their position on the site's pages. The submissions with the most positive votes appear on the front page or the top of a category. Content entries are organized by areas of interest called "subreddits". The subreddit topics include news, science, gaming, movies, music, books, fitness, food, and image-sharing, among many others. The site's terms of use prohibit behaviors such as harassment, and moderating and limiting harassment has taken substantial resources.[6]
As of 2016, Reddit had 542 million monthly visitors (234 million unique users), ranking #11 most visited web-site in US and #25 in the world.[7] Across 2015, Reddit saw 82.54 billion pageviews, 73.15 million submissions, 725.85 million comments, and 6.89 billion upvotes from its users.[8]
Reddit was founded by University of Virginia roommates Steve Huffman and Alexis Ohanian in 2005. Condé Nast Publications acquired the site in October 2006. Reddit became a direct subsidiary of Condé Nast's parent company, Advance Publications, in September 2011. As of August 2012, Reddit operates as an independent entity, although Advance is still its largest shareholder.[9] Reddit is based in San Francisco, California. In October 2014, Reddit raised $50 million in a funding round led by Sam Altman and including investors Marc Andreessen, Peter Thiel, Ron Conway, Snoop Dogg, and Jared Leto.[10] Their investment saw the company valued at $500 million.[11][12]
Contents
1 Description 1.1 Site 1.2 Users 1.3 Subreddits 1.3.1 IAmA and AMA 1.3.2 /science 1.3.3 April Fools subreddits 1.3.3.1 The Button 1.3.3.2 Robin 2 History 3 Technology 4 Demographics 5 Community and culture 5.1 Philanthropic efforts 5.2 Commercial activity 5.3 Reddit effect 5.4 "Restoring Truthiness" campaign 5.5 Controversies 5.5.1 2010 5.5.2 2011 5.5.3 2013 5.5.4 2014 5.5.5 2015 5.5.6 2016 6 Other 7 See also 8 References 9 External links 
Description Site
The site is a collection of entries submitted by its registered users, essentially a bulletin board system. The name "Reddit" is a play-on-words with the phrase "read it", i.e., "I read it on Reddit."[13] The site's content is divided into numerous categories, and 49 such categories, or "default subreddits", are visible on the front page to new users and those who browse the site without logging in to an account. As of May 2016, these include:[14] Category Subreddits Educational News, Science, Space, DataIsBeautiful, TodayILearned, WorldNews Entertainment Creepy, Documentaries, Gaming, ListenToThis, Movies, Music, NoSleep, Sports, Television, Videos Discussion-based AskReddit, AskScience, Books, ExplainLikeImFive, History, IAmA, TwoXChromosomes Humolight-hearted Funny, InternetIsBeautiful, Jokes, NotTheOnion, ShowerThoughts, TIFU, UpliftingNews Image sharing Art, Aww, EarthPorn, Gifs, MildlyInteresting, OldSchoolCool, PhotoshopBattles, Pics Self-improvement DIY, Food, GetMotivated, LifeProTips, PersonalFinance, Philosophy, WritingPrompts Technology Futurology, Gadgets Meta Announcements, Blog
Note: There are over 11,400 active subreddits[15][16][17] with a default set of 50 subreddits as of February 2016. 
When items (links or text posts) are submitted to a subreddit, the users, called "redditors",[18] can vote for or against them (upvote/downvote). Each subreddit has a front page that shows newer submissions that have been rated highly. Redditors can also post comments about the submission, and respond back and forth in a conversation-tree of comments; the comments themselves can also be upvoted and downvoted. The front page of the site itself shows a combination of the highest-rated posts out of all the subreddits a user is subscribed to.
Front-page rank – for both the general front page and for individual subreddits – is determined by the age of the submission, positive ("upvoted") to negative ("downvoted") feedback ratio and the total vote-count.[19] Dozens of submissions cycle through these front pages daily.
The site's logo and mascot is a line drawing of an alien nicknamed "Snoo". Subreddits often use themed variants of Snoo relevant to the subject.[20]
Although most of the site functions like a bulletin board or message board, each subreddit has the option of having an associated wiki that can provide supplementary material like instructions, recommended reading, or collaboration for real-life events. Users
Registering an account with Reddit is free and does not require an email address to complete. As of June 2015, there were 36 million user accounts.[21] When logged in, Reddit users (known as redditors) have the ability to vote on submissions and comments to increase or decrease their visibility and submit links and comments. Users can also create their own subreddit on a topic of their choosing, and interested users can add it to their frontpage by subscribing to it. For example, as of May 2015, the Wikipedia subreddit – subtitled "the most interesting pages on Wikipedia" – has over 151,000 subscribers.[22] Reddit comments and submissions are occasionally abbreviated and peppered with terms that are understood within (and in many cases also outside) the Reddit community, ranging from OP (for "original poster" – the user who posted the submission being commented upon) to NSFW (for "not safe for work" – indicating the post has graphic or sexually explicit content).[23] Users earn "post karma" and "comment karma" for submitting text posts, link posts, and comments, which accumulate as point values on their user profile. "Post karma" refers to karma points received from text and link posts, while "comment karma" refers to karma points received from comments. Users may also be gifted "Reddit gold" if another user has well received the comment or post, generally due to humorous or high quality content; this process is known as "gilding." Reddit has also created a system of points called "creddits". Reddit gold "creddits" are like gift certificates: each creddit you have allows you to give one month of Reddit gold to someone else. The points do not lead to a prize as they are meant to stand in as a badge of honor for the user among their peers, although redditors have attempted to redeem their points before.[24]
Reddit also allows submissions that do not link externally. These are called "self posts" or "text submissions". Many discussion-based subreddits allow only text-only submissions such as "AskReddit" – where users are only allowed to pose broad, discussion based questions to the community at large. Self posts previously did not accumulate karma points for the submitter, but as of July, 2016, these text only posts generate karma.[25] Mister Splashy Pants logo used on November 27, 2007
Reddit communities occasionally coordinate Reddit-external projects such as skewing polls on other websites, such as in 2007 when Greenpeace allowed web users to decide the name of a humpback whale it was tracking. Reddit users voted en masse to name the whale "Mr. Splashy Pants", and Reddit administrators further encouraged this by changing the site logo to a whale during the voting. In December of that year, Mister Splashy Pants was announced as the winner of the competition.[26]
Within the site, redditors commemorate their "cake day" once a year, which is the anniversary of the day the user's account was first created. The "cake day" offers no special benefit, except that a small icon representing a slice of cake appears next to that user's name for 24 hours.[27] Redditors can "friend" one another, which gives a redditor quick access to posting and comments of their friend list. The commenting system and friend system, along with a certain "Reddit ethos" (called reddiquette on Reddit), lend Reddit aspects of a social networking service, though not to the extent of Facebook, Google+, and other websites aimed at providing social networking services. The Reddit community also socializes at meetups held at local parks and bars around the world,[28] and many localized subreddits for local in-person meetings exist. Subreddits
Reddit entries are organized into areas of interest called "subreddits". Originally, the front page was the "main-reddit", and other areas were "subreddits". There is now no longer a single main-reddit. Instead, there are now 50 "default subreddits" dealing with topics such as books, television, and music, and thousands of additional non-default subreddits. The default subreddits are the 50 subreddits which are first recommended to new users to select from to appear on, or via their customizable top menu bars. All new users are initially automatically "subscribed to" the 50 default subreddits, but can then customize their "subscriptions."
Any registered user who has maintained an account for 31 days or more may create a non-default subreddit.[29] There are over 11,400 active total subreddits to peruse,[15][16][17] including the default set of 50 subreddits as of February 2016. The site has a default "Front Page" which contains staff selected popular articles, and also an "All Page" which contains only the very top ranked article/ subreddits as ranked by readers themselves, and which page is accessible via an "All" link at the top of the "Front Page."
In an interview with Memeburn, Reddit GM, Martin noted that the platform's "approach is to give the community moderators or curators as much control as possible so that they can shape and cultivate the type of communities they want".[30] IAmA and AMA
One of the most popular subreddits is IAmA ("I Am A") where a user may post "AMAs" (for "Ask Me Anything"), or similarly "AMAAs" (for "Ask Me Almost/Absolutely Anything") – prompts for others to ask questions about any topic. AMAs are open to all Reddit users, and use the site's comment system for both questions and answers; it is similar to a press conference but online. This subreddit was founded in May 2009.[31] From 2013 to 2015, Victoria Taylor assisted reddit's volunteer community in presenting interviews.[32][33][34]
A number of notable individuals have participated in the IAmA subreddit, including United States President Barack Obama[35][36] (while campaigning for the 2012 election), Dave Grohl,[37] Madonna,[38] Chris Hadfield[39] (who answered questions from the International Space Station), Bill Gates,[40] Ron Paul,[41] Stephen Colbert,[42] Psy, Enya, Arnold Schwarzenegger, Rachel Maddow, Renée Fleming, M. Shadows, Louis C.K., Roger Federer, Larry King, Philip Zimbardo, Bill Nye,[43] Stan Lee, John Mather, David Copperfield, Paul Krugman, Danny Boyle, rapper J. Cole,[44] Al Gore, Roger Ebert, Michael Bolton, Gary Johnson, Lawrence Krauss, Jill Stein, Kevin Rudd, Julie Benz,[45] Amanda Palmer,[46] Tim Ferriss,[47] Gordon Ramsay,[48] Peter Dinklage,[49] Chandra Wickramasinghe,[50] Neil deGrasse Tyson,[51] and Bernie Sanders.[52] Donald Trump (during his 2016 Presidential Campaign) had an AMA on /The Donald subreddit.[53] As of April 2015, Barack Obama's AMA is the highest rated on the site;[54] the increased traffic brought down many parts of the website when the AMA occurred on August 29, 2012.[55]
Celebrities participating in IAmAs have seen both positive and negative responses. Woody Harrelson's[56] AMA was criticized after Harrelson declined to answer questions that were unrelated to the movie Rampart he was promoting.[57] In contrast, rapper Snoop Dogg attracted 1.6 million page views[58] after conducting an AMA that provided several candid responses to the community's questions.[59]
Other than Harrelson's, Bollywood actress Priyanka Chopra's[60] AMA was criticized for evasiveness when she focused on promoting her upcoming album to the detriment of other questions. A particularly well received AMA of 2014 was that of Peter Dinklage,[61] best known for his role as Tyrion Lannister in the HBO drama series Game of Thrones. Redditors attribute the thread's success to the thoroughness of his responses and the fact that he stayed online much longer than he was expected to so he could spend more time with his fans. The actor departed by commenting:
This feels like being interviewed by a hundred thousand news anchors at once! But much friendlier anchors...who seem to know their material...I really appreciate everyone's enthusiasm and questions. I tried to move another engagement to make more time but it's really hard during shoots. I am going to try to answer a few more short ones now. And remember: If you see me on the street and want a photo, ask! It's just weird when your kid asks for directions.[62] 
On July 2, 2015, hundreds of subreddits, including several with over a million subscribers, were set to private by their respective moderators after Reddit's director of talent, Victoria Taylor, was dismissed.[63][64][65][66] Sources close to Reddit cited an increased focus on commercializing AMAs as the most likely reason.[67][68] /science File:American Chemical Society - What Chemists Do - Nathan Allen.webmPlay media Nathan Allen speaks about /science to the American Chemical Society Main article: /science
/science is an Internet forum on Reddit where the community of participants discuss science topics.[69] A popular feature of the forum is "Ask me Anything" (AMA) public discussions.[69] As of 2014, /science attracted 30,000-100,000 visitors per day, making it the largest community-managed science forum and an attractive place to host discussions.[69] April Fools subreddits The Button Main article: The Button (Reddit)
On April Fools' Day 2015, a social experiment was launched in the form of a subreddit called "thebutton". It featured a button and a 60-second countdown timer. User accounts created before that day were eligible to participate. A user could only ever click the button once, or opt not to click it. If a user clicked the button the timer was globally reset to 60 seconds,[70] and the user's "flair" (an icon next to the user's name) changed color. Colors were assigned based on a gradient from purple to red with purple signifying up to 60 seconds and red as low as 0 seconds. The countdown prematurely reached zero several times due to technical problems but eventually expired without further problems on June 5, 2015, after which the subreddit was archived.[71] Robin
On April Fools' Day 2016, a social experiment was launched in the form of a chat widget named Robin. After clicking the "Robin" button, an IRC-like chat window was initially opened with one other redditor and giving a certain time to pick between three options, "Grow," "Stay" and "Abandon".[72] "Grow" would join the chat with another group, "Stay" would close the group chat and create a subreddit with that group as moderators and "Abandon" would close the group chat and everyone goes back to a group of two. History Further information: Timeline of Reddit Co-founder Alexis Ohanian speaking in 2009
In June 2005,[73] Reddit was founded in Medford, Massachusetts by Steve Huffman and Alexis Ohanian, both 22-year-old graduates of the University of Virginia.[74] The team expanded to include Christopher Slowe in November 2005. Between November 2005 and January 2006 Reddit merged with Aaron Swartz's company Infogami, and Swartz became an equal owner of the resulting parent company, Not A Bug.[75][76] Condé Nast Publications, owner of Wired, acquired Reddit on October 31, 2006, and the team moved to San Francisco.[77] In January 2007, Swartz was fired.[78]
By the end of 2008, the team had grown to include Erik Martin, Jeremy Edberg,[79] David King,[80] and Mike Schiraldi.[81] In 2009, Huffman and Ohanian moved on to form Hipmunk, recruiting Slowe[82] and King[83] shortly thereafter. In May 2010, Reddit was named in Lead411's "2010 Hottest San Francisco Companies" list.[84] In July 2010, after explosive traffic growth, Reddit introduced Reddit Gold, offering new features for a price of $3.99/month or $29.99/year.[85] Reddit Gold adds a number of features to the interface, including the ability to display more comments on a page, access to the private "lounge" subreddit, and notifications whenever one's username is mentioned in a comment. It's also possible to endow comments or submissions of other users and thereby give a gold membership to them as an anonymous present.[86]
On September 6, 2011, Reddit became operationally independent of Condé Nast, now operating as a separate subsidiary of its parent company, Advance Publications.[87] On January 11, 2012, Reddit announced that it would be participating in a 12-hour sitewide blackout in protest of the Stop Online Piracy Act.[88] The blackout occurred on January 18 and coincided with the blackouts of Wikipedia and several other websites. In May 2012, Reddit joined the Internet Defense League, a group formed to organize future protests.[89] On February 14, 2013, Reddit began accepting the digital currency bitcoin for its Reddit Gold subscription service through a partnership with bitcoin payment processor Coinbase.[90]
In October 2014, Reddit announced Redditmade, a service which allowed moderators to create merchandise for their subreddits. Redditmade closed in February 2015.[91] In November 2014, Chief Executive Yishan Wong resigned and co-founder Ohanian returned as the full-time executive chairman. Ellen Pao, Reddit's business and partnerships strategist became the interim chief executive.[92] On July 10, 2015, Pao resigned and was replaced by Steve Huffman as CEO.[93][94]
In October 2015, Reddit announced a news portal called Upvoted, designed to broaden the reach of Reddit as a standalone site featuring editorial content from Reddit users.[95] In April 2016, Reddit launched a new blocking tool in an attempt to curb online harassment. The tool allows a user to hide posts and comments from selected redditors in addition to blocking private messages from those redditors.[96] The option to block a redditor is done by clicking a button in the inbox. Technology
Reddit was originally written in Common Lisp but was rewritten in Python in December 2005.[4] The reasons given for the switch were wider access to code libraries and greater development flexibility. The Python web framework that former Reddit employee Swartz developed to run the site, web.py, is now available as an open-source project.[97] On June 18, 2008, Reddit became an open source project.[98] With the exception of the anti-spam/cheating portions, all of the code and libraries written for Reddit became freely available on GitHub.[99] As of November 10, 2009, Reddit uses Pylons as its web framework.[100]
As of November 10, 2009, Reddit has decommissioned their physical servers and migrated to Amazon Web Services.[101] Reddit uses PostgreSQL as their primary datastore and is slowly moving to Apache Cassandra, a column-oriented datastore. It uses RabbitMQ for offline processing, HAProxy for load balancing and memcached for caching. In early 2009, Reddit started using jQuery.[102] On June 7, 2010, Reddit staff launched a revamped mobile interface featuring rewritten CSS, a new color scheme, and a multitude of improvements.[103]
On July 21, 2010, Reddit outsourced the Reddit search engine to Flaptor, who used its search product IndexTank.[104] As of July 12, 2012, Reddit uses Amazon CloudSearch.[105] There are several unofficial applications that use the Reddit API in the Google Play store, and F-Droid repository. Examples include: Reddit is Fun,[106] Andreddit,[107] F5, BaconReader,[108] Reddit Sync[109] and an Android tablet specific application called Reddita.[110] There are also several Windows apps used to access Reddit, including unofficial Reddit apps such as ReddHub[111] and Reddit To Go!.[112] An unofficial desktop application Reditr[113] exists that is compatible with Windows, OS X, Linux and ChromeOS.
There are several Reddit applications for iOS. These include Karma, Upvote, iReddit, iPad-specific applications such as Reddzine and Biscuit, and, until April 2016, Alien Blue.[114] In September 2014, an official mobile application for browsing AMA (Ask Me Anything) threads was released for the iOS and Android platforms under the name Ask me Anything.[115] In October 2014, Alien Blue was acquired by Reddit and became the official iOS Reddit app.[116] In April 2016, Reddit released an official application called Reddit: The Official App, which is available on Google Play and the iOS App Store, and Alien Blue was removed from the App Store in favor of the new app.[117] Demographics
According to Reddit's Audience and Demographics page, as of December 2015, 53% of redditors are male and 54% are from the United States.[118] In 2013 Pewinternet.org stated that 6% of all American adult Internet users have used Reddit; that males were twice as likely to be redditors as females were; and that Reddit's largest age bracket was between the ages of 18 and 29.[119] Community and culture
The website is known for its open nature and diverse user community that generate its content.[120] Its demographics allows for wide-ranging subject areas, or main subreddits, that receive much attention, as well as the ability for smaller subreddits to serve more niche purposes. For example, the University of Reddit, a subreddit that exists to communally teach, emerged from the ability to enter and leave the online forum, the "classroom", at will, and classes ranging from computer science to music, to fine art theory exist.[121] The unique possibilities that subreddits provide create new opportunities for raising attention and fostering discussion across many areas. In gaining popularity in terms of unique users per day, Reddit has been a platform for many to raise publicity for a number of causes. And with that increased ability to garner attention and a large audience, users can use one of the largest communities on the Internet for new, revolutionary, and influential purposes.[122]
Its popularity has enabled users to take unprecedented advantage of such a large community. Its innovative socially ranked rating and sorting system drives a method that is useful for fulfilling certain goals of viewership or simply finding answers to interesting questions. User sentiments about the website's function and structure include feelings about the breadth and depth of the discussions on Reddit and how the site makes it easy to discover new and interesting items. Almost all of the user reviews on Alexa.com, which rates Reddit's monthly unique traffic rating 125th in the United States, mention Reddit's "good content" as a likable quality. However, others raise the negative aspects of the potential for Reddit's communities to possess a "hive mind" of sorts,[123] embodying some negative aspects of group interaction theories like crowd psychology and collective consciousness. Philanthropic efforts
Reddit has been known as the instigator of several charity projects, some short and others long-term, in order to benefit others. A selection of major events are outlined below:
In early October 2010, a story was posted on Reddit about a seven-year-old girl, Kathleen Edward, who was in the advanced stages of Huntington's disease. The girl's neighbors were taunting her and her family. Redditors banded together and gave the girl a shopping spree[124][125] at Tree Town Toys, a toy store local to the story owned by a Reddit user. In early December 2010, members of the Christianity subreddit decided to hold a fundraiser[126] and later members of the atheism subreddit decided to give some friendly competition,[127] cross-promoting[128] fundraising drives for Doctors Without Borders and World Vision's Clean Water Fund, respectively. Later, the Islam subreddit joined in, raising money for Islamic Relief. In less than a week, the three communities (as well as the Reddit community at large) raised over $50,000.[129] Most of this was raised by the atheism subreddit, though the smaller Christianity subreddit had a higher average donation amount per subscriber.[130] A similar donation drive in 2011 saw the atheism subreddit raise over $200,000 for charity.[131] Reddit started the largest Secret Santa program in the world, which is still in operation to date. For the 2010 Holiday season, 92 countries were involved in the Secret Santa program. There were 17,543 participants, and $662,907.60 was collectively spent on gift purchases and shipping costs.[132][133][134] In 2014, about 200,000 users from 188 countries participated.[135] Several Celebrities have participated in the program, including Bill Gates[136] and Snoop Dogg.[137] Eventually, the Secret Santa program expanded to various other occasions through Redditgifts. Members from Reddit donated over $600,000 to DonorsChoose in support of Stephen Colbert's March to Keep Fear Alive. The donation spree broke previous records for the most money donated to a single cause by the Reddit community and resulted in an interview with Colbert on Reddit.[138] Reddit users donated $185,356 to Direct Relief for Haiti after an earthquake devastated the nation in January 2010.[139] Reddit users donated over $70,000 to the Faraja Orphanage in the first 24 hours to help secure the orphanage after intruders robbed and attacked one of the volunteers, who survived a strike to the head from a machete.[140] In October 2012, "Shitty Watercolour", a popular Redditor known for posting watercolor paintings on the website,[141][142][143] streamed live a 12-hour painting session on YouTube to raise money for charity: water, a non-profit organization which aims to provide potable drinking water in developing countries. Redditors donated a minimum of $10 to have a photo of their choice painted in a 5 by 5 centimetres (2.0 by 2.0 in) square section of large sheets of paper.[144][145] The paint-a-thon raised $2,700.[146] In February 2014, Reddit announced it would be donating 10% of its annual ad revenue to non-profits voted upon by its users.[147] Reddit continued this policy for 2015, donating $82,765 each to Electronic Frontier Foundation, Planned Parenthood Federation of America, Doctors Without Borders, Erowid Center, Wikimedia Foundation, Multidisciplinary Association for Psychedelic Studies, NPR, Free Software Foundation, Freedom From Religion Foundation, and Tor Project.[148] In response to the 2015 Nepal Earthquake, redditors raised more than $145,000 for Direct Relief and more than $110,000 for MAP International.[149] 
Commercial activity
In February 2013, Betabeat published a post that recognized the influx of multi-national corporations like Costco, Taco Bell, Subaru, and McDonald's posting branded content on Reddit that was made to appear as if it was original content from legitimate Reddit users.[150] Reddit's former Director of Communications noted that while a large number of Chief Marketing Officers want to "infiltrate the reddit community on behalf of their brand," she emphasized that "self-promotion is frowned upon" and the site is "100 percent organic."[151][152][153][154] She recommended that advertisers design promotions that "spark conversations and feedback."[155] She recommended that businesses use AMAs to get attention for public figures but cautioned "It is important to approach AMAs carefully and be aware that this may not be a fit for every project or client."[156] Nissan ran a successful Branded content promotion offering users free gifts to publicize a new car,[157][158] though the company was later ridiculed for suspected astroturfing when the CEO only answered puff piece questions on the site.[159][160] Taylor described these situations as "high risk" noting "We try hard to educate people that they have to treat questions that may seem irreverent or out of left field the same as they would questions about the specific project they are promoting."[161]
Reddit's users are more privacy-conscious than on other websites, using tools like AdBlock and proxies,[162] and they hate "feeling manipulated by brands" but respond well to "content that begs for intelligent viewers and participants."[163] Lauren Orsini writes in ReadWrite that "Reddit's huge community is the perfect hype machine for promoting a new movie, a product release, or a lagging political campaign" but "very specific set of etiquette. Redditors don't want to advertise for you, they want to talk to you."[164] Journalists have used the site as a basis for stories, though they are advised by the site's policies to respect that "reddit's communities belong to their members" and to seek proper attribution for people's contributions.[165]
Reddit announced that they would begin using VigLink to redirect affiliate links in June 2016.[166] Reddit effect Main article: Slashdot effect
Also known as the "Slashdot effect", the Reddit effect occurs when a smaller website has a high influx of traffic after being linked to on Reddit.[167] It is also called the "Reddit Hug of Death" among the website's users. Because Reddit is such a large site, the traffic is immense and can easily crash smaller sites. In order for users to see crashed websites, several Reddit bots have been created that take a snapshot of the website before large amounts of traffic flood the affected website. "Restoring Truthiness" campaign
As a response to Glenn Beck's August 28, 2010, Restoring Honor rally (heavily promoted by him in his Fox News broadcasts during the summer), in September 2010 Reddit users started a movement to persuade Stephen Colbert to have a counter-rally in Washington, D.C.[168] The movement, which came to be called "Restoring Truthiness", was started by user mrsammercer, in a post where he described waking up from a dream in which Stephen Colbert was holding a satirical rally in D.C.[169] He writes, "This would be the high water mark of American satire. Half a million people pretending to suspend all rational thought in unison. Perfect harmony. It'll feel like San Francisco in the late 60s, only we won't be able to get any acid."
The idea resonated with the Reddit community, which launched a campaign to bring the event to life. Over $600,000[170] was raised for charity to gain the attention of Colbert. The campaign was mentioned on-air several times, and when the Rally to Restore Sanity and/or Fear was held in Washington, D.C. on October 30, 2010, thousands of redditors made the journey.[171]
During a post-rally press conference, Reddit co-founder Ohanian asked, "What role did the Internet campaign play in convincing you to hold this rally?" Jon Stewart responded by saying that, though it was a very nice gesture, the two had already thought of the idea prior and the deposit on using the National Mall was already paid during the summer, so it acted mostly as a "validation of what we were thinking about attempting".[172] In a message to the Reddit community, Colbert later added, "I have no doubt that your efforts to organize and the joy you clearly brought to your part of the story contributed greatly to the turnout and success."[173]
See also
General
Crowdsourcing Internet culture PTT Bulletin Board System Social bookmarking Unidan Web 2.0 iconInternet portal 
Similar websites
Delicious Digg Diigo Fark Imzy Kuro5hin MetaFilter StumbleUpon Voat 
submitted by NERDSLAYER_Y2K to Negareddit [link] [comments]

Second.

Reddit (stylized as reddit, /ˈrɛdɪt/)[5] is an American social news aggregation, web content rating, and discussion website. Reddit's registered community members can submit content, such as text posts or direct links. Registered users can then vote submissions up or down to organize the posts and determine their position on the site's pages. The submissions with the most positive votes appear on the front page or the top of a category. Content entries are organized by areas of interest called "subreddits". The subreddit topics include news, science, gaming, movies, music, books, fitness, food, and image-sharing, among many others. The site's terms of use prohibit behaviors such as harassment, and moderating and limiting harassment has taken substantial resources.[6]
As of 2017, Reddit had 542 million monthly visitors (234 million unique users), ranking #7 most visited web-site in US and #22 in the world.[7] Across 2015, Reddit saw 82.54 billion pageviews, 73.15 million submissions, 725.85 million comments, and 6.89 billion upvotes from its users.[8]
Reddit was founded by University of Virginia roommates Steve Huffman and Alexis Ohanian in 2005. Condé Nast Publications acquired the site in October 2006. Reddit became a direct subsidiary of Condé Nast's parent company, Advance Publications, in September 2011. As of August 2012, Reddit operates as an independent entity, although Advance is still its largest shareholder.[9] Reddit is based in San Francisco, California. In October 2014, Reddit raised $50 million in a funding round led by Sam Altman and including investors Marc Andreessen, Peter Thiel, Ron Conway, Snoop Dogg, and Jared Leto.[10] Their investment saw the company valued at $500 million.[11][12]
Contents
1 Description 1.1 Site 1.2 Users 1.3 Subreddits 1.3.1 IAmA and AMA 1.3.2 /science 1.3.3 April Fools subreddits 1.3.3.1 The Button 1.3.3.2 Robin 2 History 3 Technology 4 Demographics 5 Community and culture 5.1 Philanthropic efforts 5.2 Commercial activity 5.3 Reddit effect 5.4 "Restoring Truthiness" campaign 5.5 Controversies 5.5.1 2010 5.5.2 2011 5.5.3 2013 5.5.4 2014 5.5.5 2015 5.5.6 2016 5.5.7 2017 6 Other 7 See also 8 References 9 External links 
Description Site
The site is a collection of entries submitted by its registered users, essentially a bulletin board system. The name "Reddit" is a play-on-words with the phrase "read it", i.e., "I read it on Reddit."[13] The site's content is divided into numerous categories, and 49 such categories, or "default subreddits", are visible on the front page to new users and those who browse the site without logging in to an account. As of May 2016, these include:[14] Category Subreddits Educational News, Science, Space, DataIsBeautiful, TodayILearned, WorldNews Entertainment Creepy, Documentaries, Gaming, ListenToThis, Movies, Music, NoSleep, Sports, Television, Videos Discussion-based AskReddit, AskScience, Books, ExplainLikeImFive, History, IAmA, TwoXChromosomes Humolight-hearted Funny, InternetIsBeautiful, Jokes, NotTheOnion, ShowerThoughts, TIFU, UpliftingNews Image sharing Art, Aww, EarthPorn, Gifs, MildlyInteresting, OldSchoolCool, PhotoshopBattles, Pics Self-improvement DIY, Food, GetMotivated, LifeProTips, PersonalFinance, Philosophy, WritingPrompts Technology Futurology, Gadgets Meta Announcements, Blog
Note: There are over 11,400 active subreddits[15][16][17] with a default set of 50 subreddits as of February 2016. 
When items (links or text posts) are submitted to a subreddit, the users, called "redditors",[18] can vote for or against them (upvote/downvote). Each subreddit has a front page that shows newer submissions that have been rated highly. Redditors can also post comments about the submission, and respond back and forth in a conversation-tree of comments; the comments themselves can also be upvoted and downvoted. The front page of the site itself shows a combination of the highest-rated posts out of all the subreddits a user is subscribed to.
Front-page rank – for both the general front page and for individual subreddits – is determined by the age of the submission, positive ("upvoted") to negative ("downvoted") feedback ratio and the total vote-count.[19] Dozens of submissions cycle through these front pages daily.
The site's logo and its mascot is a line drawing of an alien nicknamed "Snoo". Subreddits often use themed variants of Snoo relevant to the subject.[20]
Although most of the site functions like a bulletin board or message board, each subreddit has the option of having an associated wiki that can provide supplementary material like instructions, recommended reading, or collaboration for real-life events. Users
Registering an account with Reddit is free and does not require an email address to complete. As of June 2015, there were 36 million user accounts.[21] When logged in, Reddit users (known as redditors) have the ability to vote on submissions and comments to increase or decrease their visibility and submit links and comments. Users can also create their own subreddit on a topic of their choosing, and interested users can add it to their frontpage by subscribing to it. For example, as of May 2015, the Wikipedia subreddit – subtitled "the most interesting pages on Wikipedia" – has over 151,000 subscribers.[22] Reddit comments and submissions are occasionally abbreviated and peppered with terms that are understood within (and in many cases also outside) the Reddit community, ranging from OP (for "original poster" – the user who posted the submission being commented upon) to NSFW (for "not safe for work" – indicating the post has graphic or sexually explicit content).[23] Users earn "post karma" and "comment karma" for submitting text posts, link posts, and comments, which accumulate as point values on their user profile. "Post karma" refers to karma points received from text and link posts, while "comment karma" refers to karma points received from comments. Users may also be gifted "Reddit gold" if another user has well received the comment or post, generally due to humorous or high-quality content; this process is known as "gilding." Reddit has also created a system of points called "creddits". Reddit gold "creddits" are like gift certificates: each creddit you have allows you to give one month of Reddit gold to someone else. The points do not lead to a prize as they are meant to stand in as a badge of honor for the user among their peers, although redditors have attempted to redeem their points before.[24]
Reddit also allows submissions that do not link externally. These are called "self posts" or "text submissions". Many discussion-based subreddits allow only text-only submissions such as "AskReddit" – where users are only allowed to pose broad, discussion based questions to the community at large. Self posts previously did not accumulate karma points for the submitter, but as of July, 2016, these text-only posts generate karma.[25] Mister Splashy Pants logo used on November 27, 2007
Reddit communities occasionally coordinate Reddit-external projects such as skewing polls on other websites, such as in 2007 when Greenpeace allowed web users to decide the name of a humpback whale it was tracking. Reddit users voted en masse to name the whale "Mr. Splashy Pants", and Reddit administrators further encouraged this by changing the site logo to a whale during the voting. In December of that year, Mister Splashy Pants was announced as the winner of the competition.[26]
Within the site, redditors commemorate their "cake day" once a year, which is the anniversary of the day the user's account was first created. The "cake day" offers no special benefit, except that a small icon representing a slice of cake appears next to that user's name for 24 hours.[27] Redditors can "friend" one another, which gives a redditor quick access to posting and comments of their friend list. The commenting system and friend system, along with a certain "Reddit ethos" (called reddiquette on Reddit), lend Reddit aspects of a social networking service, though not to the extent of Facebook, Google+, and other websites aimed at providing social networking services. The Reddit community also socializes at meetups held at local parks and bars around the world,[28] and many localized subreddits for local in-person meetings exist. Subreddits
Reddit entries are organized into areas of interest called "subreddits". Originally, the front page was the "main-reddit", and other areas were "subreddits". There is now no longer a single main-reddit. Instead, there are now 50 "default subreddits" dealing with topics such as books, television, and music, and thousands of additional non-default subreddits. The default subreddits are the 50 subreddits which are first recommended to new users to select from to appear on, or via their customizable top menu bars. All new users are initially automatically "subscribed to" the 50 default subreddits, but can then customize their "subscriptions."
Any registered user who has maintained an account for 31 days or more may create a non-default subreddit.[29] There are over 11,400 active total subreddits to peruse,[15][16][17] including the default set of 50 subreddits as of February 2016. The site has a default "Front Page" which contains staff selected popular articles, and also an "All Page" which contains only the very top ranked article/ subreddits as ranked by readers themselves, and which page is accessible via an "All" link at the top of the "Front Page."
In an interview with Memeburn, Reddit GM, Martin noted that the platform's "approach is to give the community moderators or curators as much control as possible so that they can shape and cultivate the type of communities they want".[30] IAmA and AMA
One of the most popular subreddits is IAmA ("I Am A") where a user may post "AMAs" (for "Ask Me Anything"), or similarly "AMAAs" (for "Ask Me Almost/Absolutely Anything") – prompts for others to ask questions about any topic. AMAs are open to all Reddit users, and use the site's comment system for both questions and answers; it is similar to a press conference but online. This subreddit was founded in May 2009.[31] From 2013 to 2015, Victoria Taylor assisted reddit's volunteer community in presenting interviews.[32][33][34]
A number of notable individuals have participated in the IAmA subreddit, including United States President Barack Obama[35][36] (while campaigning for the 2012 election), Dave Grohl,[37] Madonna,[38] Chris Hadfield[39] (who answered questions from the International Space Station), Bill Gates,[40] Ron Paul,[41] Stephen Colbert,[42] Psy, Enya, Arnold Schwarzenegger, Rachel Maddow, Robin Williams,[43] Renée Fleming, M. Shadows, Louis C.K., Roger Federer, Larry King, Philip Zimbardo, Bill Nye,[44] Stan Lee, John Mather, David Copperfield, Michael Moore, Spike Lee, Paul Krugman, Danny Boyle, rapper J. Cole,[45] Al Gore, Roger Ebert, Michael Bolton, Gary Johnson, Lawrence Krauss, Jill Stein, Kevin Rudd, Julie Benz,[46] Amanda Palmer,[47] Tim Ferriss,[48] Gordon Ramsay,[49] Peter Dinklage,[50] Chandra Wickramasinghe,[51] Neil deGrasse Tyson,[52] and Bernie Sanders.[53] Donald Trump (during his 2016 Presidential Campaign) had an AMA on /The Donald subreddit.[54] As of April 2015, Barack Obama's AMA is the highest rated on the site;[55] the increased traffic brought down many parts of the website when the AMA occurred on August 29, 2012.[56]
Celebrities participating in IAmAs have seen both positive and negative responses. Woody Harrelson's[57] AMA was criticized after Harrelson declined to answer questions that were unrelated to the movie Rampart he was promoting.[58] In contrast, rapper Snoop Dogg attracted 1.6 million page views[59] after conducting an AMA that provided several candid responses to the community's questions.[60]
Other than Harrelson's, Bollywood actress Priyanka Chopra's[61] AMA was criticized for evasiveness when she focused on promoting her upcoming album to the detriment of other questions. A particularly well received AMA of 2014 was that of Peter Dinklage,[62] best known for his role as Tyrion Lannister in the HBO drama series Game of Thrones. Redditors attribute the thread's success to the thoroughness of his responses and the fact that he stayed online much longer than he was expected to so he could spend more time with his fans. The actor departed by commenting:
This feels like being interviewed by a hundred thousand news anchors at once! But much friendlier anchors...who seem to know their material...I really appreciate everyone's enthusiasm and questions. I tried to move another engagement to make more time but it's really hard during shoots. I am going to try to answer a few more short ones now. And remember: If you see me on the street and want a photo, ask! It's just weird when your kid asks for directions.[63] 
On July 2, 2015, hundreds of subreddits, including several with over a million subscribers, were set to private by their respective moderators after Reddit's director of talent, Victoria Taylor, was dismissed.[64][65][66][67] Sources close to Reddit cited an increased focus on commercializing AMAs as the most likely reason.[68][69] /science File:American Chemical Society - What Chemists Do - Nathan Allen.webmPlay media Nathan Allen speaks about /science to the American Chemical Society Main article: /science
/science is an Internet forum on Reddit where the community of participants discuss science topics.[70] A popular feature of the forum is "Ask me Anything" (AMA) public discussions.[70] As of 2014, /science attracted 30,000–100,000 visitors per day, making it the largest community-managed science forum and an attractive place to host discussions.[70] April Fools subreddits The Button Main article: The Button (Reddit)
On April Fools' Day 2015, a social experiment was launched in the form of a subreddit called "thebutton". It featured a button and a 60-second countdown timer. User accounts created before that day were eligible to participate. A user could only ever click the button once, or opt not to click it. If a user clicked the button the timer was globally reset to 60 seconds,[71] and the user's "flair" (an icon next to the user's name) changed color. Colors were assigned based on a gradient from purple to red with purple signifying up to 60 seconds and red as low as 0 seconds. The countdown prematurely reached zero several times due to technical problems but eventually expired without further problems on June 5, 2015, after which the subreddit was archived.[72] Robin
On April Fools' Day 2016, a social experiment was launched in the form of a chat widget named Robin. After clicking the "Robin" button, an IRC-like chat window was initially opened with one other redditor and giving a certain time to pick between three options, "Grow," "Stay" and "Abandon".[73] "Grow" would join the chat with another group, "Stay" would close the group chat and create a subreddit with that group as moderators and "Abandon" would close the group chat and everyone goes back to a group of two. History Further information: Timeline of Reddit Co-founder Alexis Ohanian speaking in 2009
In June 2005,[74] Reddit was founded in Medford, Massachusetts by Steve Huffman and Alexis Ohanian, both 22-year-old graduates of the University of Virginia.[75] The team expanded to include Christopher Slowe in November 2005. Between November 2005 and January 2006 Reddit merged with Aaron Swartz's company Infogami, and Swartz became an equal owner of the resulting parent company, Not A Bug.[76][77] Condé Nast Publications, owner of Wired, acquired Reddit on October 31, 2006, and the team moved to San Francisco.[78] In January 2007, Swartz was fired.[79]
By the end of 2008, the team had grown to include Erik Martin, Jeremy Edberg,[80] David King,[81] and Mike Schiraldi.[82] In 2009, Huffman and Ohanian moved on to form Hipmunk, recruiting Slowe[83] and King[84] shortly thereafter. In May 2010, Reddit was named in Lead411's "2010 Hottest San Francisco Companies" list.[85] In July 2010, after explosive traffic growth, Reddit introduced Reddit Gold, offering new features for a price of $3.99/month or $29.99/year.[86] Reddit Gold adds a number of features to the interface, including the ability to display more comments on a page, access to the private "lounge" subreddit, and notifications whenever one's username is mentioned in a comment. It's also possible to endow comments or submissions of other users and thereby give a gold membership to them as an anonymous present.[87]
On September 6, 2011, Reddit became operationally independent of Condé Nast, now operating as a separate subsidiary of its parent company, Advance Publications.[88] On January 11, 2012, Reddit announced that it would be participating in a 12-hour sitewide blackout in protest of the Stop Online Piracy Act.[89] The blackout occurred on January 18 and coincided with the blackouts of Wikipedia and several other websites. In May 2012, Reddit joined the Internet Defense League, a group formed to organize future protests.[90] On February 14, 2013, Reddit began accepting the digital currency bitcoin for its Reddit Gold subscription service through a partnership with bitcoin payment processor Coinbase.[91]
In October 2014, Reddit announced Redditmade, a service which allowed moderators to create merchandise for their subreddits. Redditmade closed in February 2015.[92] In November 2014, Chief Executive Yishan Wong resigned and co-founder Ohanian returned as the full-time executive chairman. Ellen Pao, Reddit's business and partnerships strategist became the interim chief executive.[93] On July 10, 2015, Pao resigned and was replaced by Steve Huffman as CEO.[94][95]
In October 2015, Reddit announced a news portal called Upvoted, designed to broaden the reach of Reddit as a standalone site featuring editorial content from Reddit users.[96] In April 2016, Reddit launched a new blocking tool in an attempt to curb online harassment. The tool allows a user to hide posts and comments from selected redditors in addition to blocking private messages from those redditors.[97] The option to block a redditor is done by clicking a button in the inbox. Technology
Reddit was originally written in Common Lisp but was rewritten in Python in December 2005.[4] The reasons given for the switch were wider access to code libraries and greater development flexibility. The Python web framework that former Reddit employee Swartz developed to run the site, web.py, is now available as an open-source project.[98] On June 18, 2008, Reddit became an open source project.[99] With the exception of the anti-spam/cheating portions, all of the code and libraries written for Reddit became freely available on GitHub.[100] As of November 10, 2009, Reddit uses Pylons as its web framework.[101]
As of November 10, 2009, Reddit has decommissioned their physical servers and migrated to Amazon Web Services.[102] Reddit uses PostgreSQL as their primary datastore and is slowly moving to Apache Cassandra, a column-oriented datastore. It uses RabbitMQ for offline processing, HAProxy for load balancing and memcached for caching. In early 2009, Reddit started using jQuery.[103] On June 7, 2010, Reddit staff launched a revamped mobile interface featuring rewritten CSS, a new color scheme, and a multitude of improvements.[104]
On July 21, 2010, Reddit outsourced the Reddit search engine to Flaptor, who used its search product IndexTank.[105] As of July 12, 2012, Reddit uses Amazon CloudSearch.[106] There are several unofficial applications that use the Reddit API in the Google Play store, and F-Droid repository. Examples include: Reddit is Fun,[107] Andreddit,[108] F5, BaconReader,[109] Reddit Sync[110] and an Android tablet specific application called Reddita.[111] There are also several Windows apps used to access Reddit, including unofficial Reddit apps such as ReddHub[112] and Reddit To Go!.[113] An unofficial desktop application Reditr[114] exists that is compatible with Windows, OS X, Linux and ChromeOS.
There are several Reddit applications for iOS. These include Karma, Upvote, iReddit, iPad-specific applications such as Reddzine and Biscuit, and, until April 2016, Alien Blue.[115] In September 2014, an official mobile application for browsing AMA (Ask Me Anything) threads was released for the iOS and Android platforms under the name Ask me Anything.[116] In October 2014, Alien Blue was acquired by Reddit and became the official iOS Reddit app.[117] In April 2016, Reddit released an official application called Reddit: The Official App, which is available on Google Play and the iOS App Store, and Alien Blue was removed from the App Store in favor of the new app.[118] Demographics
According to Reddit's Audience and Demographics page, as of December 2015, 53% of redditors are male and 54% are from the United States.[119] In 2013, Pewinternet stated that 6% of all American adult Internet users have used Reddit; that males were twice as likely to be redditors as females were; and that Reddit's largest age bracket was between the ages of 18 and 29.[120] As of the end of 2016, Reddit is the only major social media platform that does not have a female majority user base.[121] Community and culture
The website is known for its open nature and diverse user community that generate its content.[122] Its demographics allows for wide-ranging subject areas, or main subreddits, that receive much attention, as well as the ability for smaller subreddits to serve more niche purposes. For example, the University of Reddit, a subreddit that exists to communally teach, emerged from the ability to enter and leave the online forum, the "classroom", at will, and classes ranging from computer science to music, to fine art theory exist.[123] The unique possibilities that subreddits provide create new opportunities for raising attention and fostering discussion across many areas. In gaining popularity in terms of unique users per day, Reddit has been a platform for many to raise publicity for a number of causes. And with that increased ability to garner attention and a large audience, users can use one of the largest communities on the Internet for new, revolutionary, and influential purposes.[124]
Its popularity has enabled users to take unprecedented advantage of such a large community. Its innovative socially ranked rating and sorting system drives a method that is useful for fulfilling certain goals of viewership or simply finding answers to interesting questions. User sentiments about the website's function and structure include feelings about the breadth and depth of the discussions on Reddit and how the site makes it easy to discover new and interesting items. Almost all of the user reviews on Alexa.com, which rates Reddit's monthly unique traffic rating 125th in the United States, mention Reddit's "good content" as a likable quality. However, others raise the negative aspects of the potential for Reddit's communities to possess a "hive mind" of sorts,[125] embodying some negative aspects of group interaction theories like crowd psychology and collective consciousness. Philanthropic efforts
Reddit has been known as the instigator of several charity projects, some short and others long-term, in order to benefit others. A selection of major events are outlined below:
In early October 2010, a story was posted on Reddit about a seven-year-old girl, Kathleen Edward, who was in the advanced stages of Huntington's disease. The girl's neighbors were taunting her and her family. Redditors banded together and gave the girl a shopping spree[126][127] at Tree Town Toys, a toy store local to the story owned by a Reddit user. In early December 2010, members of the Christianity subreddit decided to hold a fundraiser[128] and later members of the atheism subreddit decided to give some friendly competition,[129] cross-promoting[130] fundraising drives for Doctors Without Borders and World Vision's Clean Water Fund, respectively. Later, the Islam subreddit joined in, raising money for Islamic Relief. In less than a week, the three communities (as well as the Reddit community at large) raised over $50,000.[131] Most of this was raised by the atheism subreddit, though the smaller Christianity subreddit had a higher average donation amount per subscriber.[132] A similar donation drive in 2011 saw the atheism subreddit raise over $200,000 for charity.[133] Reddit started the largest Secret Santa program in the world, which is still in operation to date. For the 2010 Holiday season, 92 countries were involved in the Secret Santa program. There were 17,543 participants, and $662,907.60 was collectively spent on gift purchases and shipping costs.[134][135][136] In 2014, about 200,000 users from 188 countries participated.[137] Several celebrities have participated in the program, including Bill Gates[138] and Snoop Dogg.[139] Eventually, the Secret Santa program expanded to various other occasions through Redditgifts. Members from Reddit donated over $600,000 to DonorsChoose in support of Stephen Colbert's March to Keep Fear Alive. The donation spree broke previous records for the most money donated to a single cause by the Reddit community and resulted in an interview with Colbert on Reddit.[140] Reddit users donated $185,356 to Direct Relief for Haiti after an earthquake devastated the nation in January 2010.[141] Reddit users donated over $70,000 to the Faraja Orphanage in the first 24 hours to help secure the orphanage after intruders robbed and attacked one of the volunteers, who survived a strike to the head from a machete.[142] In October 2012, "Shitty Watercolour", a popular Redditor known for posting watercolor paintings on the website,[143][144][145] streamed live a 12-hour painting session on YouTube to raise money for charity: water, a non-profit organization which aims to provide potable drinking water in developing countries. Redditors donated a minimum of $10 to have a photo of their choice painted in a 5 by 5 centimetres (2.0 by 2.0 in) square section of large sheets of paper.[146][147] The paint-a-thon raised $2,700.[148] In February 2014, Reddit announced it would be donating 10% of its annual ad revenue to non-profits voted upon by its users.[149] Reddit continued this policy for 2015, donating $82,765 each to Electronic Frontier Foundation, Planned Parenthood Federation of America, Doctors Without Borders, Erowid Center, Wikimedia Foundation, Multidisciplinary Association for Psychedelic Studies, NPR, Free Software Foundation, Freedom From Religion Foundation, and Tor Project.[150] In response to the 2015 Nepal earthquake, redditors raised more than $145,000 for Direct Relief and more than $110,000 for MAP International.[151] 
Commercial activity
In February 2013, Betabeat published a post that recognized the influx of multi-national corporations like Costco, Taco Bell, Subaru, and McDonald's posting branded content on Reddit that was made to appear as if it was original content from legitimate Reddit users.[152] Reddit's former Director of Communications noted that while a large number of Chief Marketing Officers want to "infiltrate the reddit community on behalf of their brand," she emphasized that "self-promotion is frowned upon" and the site is "100 percent organic."[153][154][155][156] She recommended that advertisers design promotions that "spark conversations and feedback."[157] She recommended that businesses use AMAs to get attention for public figures but cautioned "It is important to approach AMAs carefully and be aware that this may not be a fit for every project or client."[158] Nissan ran a successful Branded content promotion offering users free gifts to publicize a new car,[159][160] though the company was later ridiculed for suspected astroturfing when the CEO only answered puff piece questions on the site.[161][162] Taylor described these situations as "high risk" noting "We try hard to educate people that they have to treat questions that may seem irreverent or out of left field the same as they would questions about the specific project they are promoting."[163]
Reddit's users are more privacy-conscious than on other websites, using tools like AdBlock and proxies,[164] and they hate "feeling manipulated by brands" but respond well to "content that begs for intelligent viewers and participants."[165] Lauren Orsini writes in ReadWrite that "Reddit's huge community is the perfect hype machine for promoting a new movie, a product release, or a lagging political campaign" but "very specific set of etiquette. Redditors don't want to advertise for you, they want to talk to you."[166] Journalists have used the site as a basis for stories, though they are advised by the site's policies to respect that "reddit's communities belong to their members" and to seek proper attribution for people's contributions.[167]
Reddit announced that they would begin using VigLink to redirect affiliate links in June 2016.[168] Reddit effect Main article: Slashdot effect
Also known as the "Slashdot effect", the Reddit effect occurs when a smaller website has a high influx of traffic after being linked to on Reddit.[169] It is also called the "Reddit Hug of Death" among the website's users. Because Reddit is such a large site, the traffic is immense and can easily crash smaller sites. In order for users to see crashed websites, several Reddit bots have been created that take a snapshot of the website before large amounts of traffic flood the affected website. "Restoring Truthiness" campaign
As a response to Glenn Beck's August 28, 2010, Restoring Honor rally (heavily promoted by him in his Fox News broadcasts during the summer), in September 2010 Reddit users started a movement to persuade satirist Stephen Colbert to have a counter-rally in Washington, D.C.[170] The movement, which came to be called "Restoring Truthiness", was started by user mrsammercer, in a post where he described waking up from a dream in which Stephen Colbert was holding a satirical rally in D.C.[171] He writes, "This would be the high water mark of American satire. Half a million people pretending to suspend all rational thought in unison. Perfect harmony. It'll feel like San Francisco in the late 60s, only we won't be able to get any acid."
The idea resonated with the Reddit community, which launched a campaign to bring the event to life. Over $600,000[172] was raised for charity to gain the attention of Colbert. The campaign was mentioned on-air several times, and when the Rally to Restore Sanity and/or Fear was held in Washington, D.C. on October 30, 2010, thousands of redditors made the journey.[173]
During a post-rally press conference, Reddit co-founder Ohanian asked, "What role did the Internet campaign play in convincing you to hold this rally?" Jon Stewart responded by saying that, though it was a very nice gesture, the two had already thought of the idea prior and the deposit on using the National Mall was already paid during the summer, so it acted mostly as a "validation of what we were thinking about attempting".[174] In a message to the Reddit community, Colbert later added, "I have no doubt that your efforts to organize and the joy you clearly brought to your part of the story contributed greatly to the turnout and success."[175] Controversies See also: Controversial Reddit communities and Michael Brutsch
The website generally lets moderators on individual subreddits make editorial decisions about what content to allow, and has a history of permitting some subreddits dedicated to controversial content.[176] Many of the default pages are highly moderated, with the "science" subreddit banning climate change denialism,[177] and the "news" subreddit banning opinion pieces and columns.[178] Reddit has changed its site-wide editorial policies several times, sometimes in reaction to controversies.[179][180][181][182] Reddit has had a history of giving a platform to objectionable but legal content, and in 2011, news media covered the way that jailbait was being shared on the site before the site changed their policies to explicitly ban "suggestive or sexual content featuring minors".[183] Following some controversial incidents of Internet vigilantism, Reddit introduced a strict rule against the publication of non-public personally-identifying information via the site (colloquially known as doxxing). Those who break the rule are subject to a site-wide ban, and their posts and even entire communities may be removed for breaking the rule. 2010
On December 16, 2010, a redditor named Matt posted a link describing how he has donated a kidney, and included a JustGive link to encourage users to give donations to the American Cancer Society.[184] After an initially positive reaction, Reddit users began to become suspicious of Matt's intentions, and suggested that he was keeping the donations for himself. Users telephoned his home and he received death threats. Matt eventually proved that he was genuine by uploading his doctor's records.[185] 2011
On October 18, 2011, an IT manager submitted a post to the subreddit "gameswap" offering Redditors to trade one of 312 codes he had been given for the game Deus Ex: Human Revolution.[186] A group of users obtained his personal details, and began to blackmail him for the codes.[187] The Monday after uploading the post, he received 138 threatening phone calls both at home and at his job, and by the end of the day he had been fired.[188] 2013
Following the 2013 Boston Marathon bombings, Reddit faced criticism after users wrongly identified a number of people as suspects.[189] Notable among misidentified bombing suspects was Sunil Tripathi, a student reported missing before the bombings took place. A body reported to be Sunil's was found in Providence River in Rhode Island on April 25, 2013, according to Rhode Island Health Department. The cause of death was not immediately known, but authorities said they did not suspect foul play.[190] The family later confirmed Tripathi's death was a result of suicide.[191] Reddit general manager Martin later issued an apology for this behavior, criticizing the "online witch hunts and dangerous speculation" that took place on the website.[192] The incident was later referenced in the season 5 episode of the CBS TV series The Good Wife titled "Whack-a-Mole,"[193] as well as The Newsroom.[194][195]
In late October 2013, the moderators of the "politics" subreddit banned a large group of websites. Many were left wing opinion websites, such as Mother Jones, The Huffington Post, Salon, Alternet, Rawstory, The Daily Kos, Truthout, Media Matters, and ThinkProgress as well as some popular progressive blog sites, such as Democratic Underground and Crooks and Liars. They also banned a number of right wing sites—Drudge Report, Breitbart, The Daily Caller, Dailypaul, Power Line, and Reason. Salon reported that "the section's moderators explained in a post on Tuesday, the goal is 'to reduce the number of blogspam submissions and sensationalist titles.' The purge, the moderators explained, is also aimed at sites that provide lots of "bad journalism."[196] The December 2013 list of banned websites has been modified since late October, and sites with original content, such as Mother Jones and The Huffington Post, are allowed.[197] Moderators also banned RT, which moderators stated was due to vote manipulation and spam, though one moderator stated that he wanted RT banned because it is Kremlin backed.[198][199] 2014
In August 2014, photos from the 2014 celebrity photo hack were widely disseminated across the site.[200][201] A dedicated subreddit, "TheFappening," was created for this purpose,[202] and contained links to most if not all of the criminally obtained explicit images.[203][204][205][206][207] Some images of Liz Lee and McKayla Maroney from the leak were identified by redditors and outside commentators as child pornography because the photos were taken when the women were underage.[208] The subreddit was banned on September 6.[209] The scandal led to wider criticisms concerning the website's administration from The Verge and The Daily Dot.[210][211]
Also in August 2014, moderators and administrators censored a sizeable amount of content related to the GamerGate controversy; one thread in the "gaming" subreddit had almost 24,000 comments removed.[212] Multiple subreddits were deleted by administrators for voicing opinions on Zoe Quinn, Anita Sarkeesian, Brianna Wu and similarly important GamerGate controversy figures.[213] The subreddit "ZoeQuinnDiscussion" was banned for violating the Reddit rules.[214] Administrators defended this response when questioned, blaming 4chan for raiding threads and causing harm. This was debated by some redditors.[215] An anonymous subreddit moderator claims he was removed for leaking correspondence between himself and Zoe Quinn.[216] On December 18, 2014, Reddit took the unusual step of banning a subreddit, "SonyGOP," that was being used to distribute hacked Sony files.[217] 2015
After Ellen Pao became CEO, she was initially a target of criticism by users who objected to her lawsuit.[218] Later on June 10, 2015, Reddit shut down the 150,000-subscriber "fatpeoplehate" subreddit and four others citing issues related to harassment.[219] This move was seen as very controversial; some commenters said that the bans went too far, while others said that the bans did not go far enough.[220] One of the latter complaints concerned a subreddit that was "expressing support" for the perpetrator of the Charleston church shooting.[221] Responding to the accusations of "skewed enforcement", Reddit reaffirmed their commitment to free expression and stated that "There are some subreddits with very little viewership that get highlighted repeatedly for their content, but those are a tiny fraction of the content on the site."
On July 2, 2015, Reddit began experiencing a series of blackouts as moderators set popular subreddit communities to private, in an event dubbed "AMAgeddon," a portmanteau of AMA ("ask me anything") and Armageddon. This was done in protest of the recent firing of Victoria Taylor, an administrator who helped organize citizen-led interviews with famous people on the popular "Ask me Anything" subreddit. Organizers of the blackout also expressed resentment about the recent severance of the communication between Reddit and the moderators of subreddits.[222] The blackout intensified on July 3 when former community manager David Croach gave an AMA about being fired. Before deleting his posts, he stated that Ellen Pao dismissed him with one year of health coverage when he had cancer and did not recover quickly enough.[223][224] Following this, a Change.org petition to remove Pao as CEO of Reddit Inc. reached over 200,000 signatures.[225][226][227] Pao posted a response on July 3 as well as an extended version of it on July 6 in which she apologized for bad communication and not delivering on promises. She also apologized on behalf of the other administrators and noted that problems already existed over the past several years.[228][229][230][231] On July 10, Pao resigned as CEO and was replaced by former CEO and co-founder Steve Huffman.[94][232]
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Bitcoin Quotes - We are not the only ones who love BTC. Please add to the list if you have good ones

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Article text: Web Pioneer Keeps Faith, and Cash, in Bitcoin

March 21, 2014 7:13 p.m. ET Internet pioneer Marc Andreessen is doubling down on bitcoin amid turbulence in the virtual-currency world, in a bet that widespread adoption of the currency will fuel the growth of new businesses and technologies.
Venture-capital firm Andreessen Horowitz, where Mr. Andreessen is a co-founder and partner, has made about $50 million of investments in the area—believed to be more than any other firm—from a $1.5 billion fund, the firm says. The Palo Alto, Calif., firm plans to invest hundreds of millions of additional dollars over the next few years from other funds, people familiar with the firm say.
Bitcoin investor and Netscape co-founder Marc Andreessen. Bloomberg News
Mr. Andreessen says he is convinced of the bright outlook for digital currencies despite setbacks such as the collapse last month of Tokyo-based Mt. Gox, one of the most prominent bitcoin exchanges, which said it lost hundreds of millions of dollars worth of the virtual currency. "I'm completely unfazed and plan to invest more," he said in an interview with The Wall Street Journal.
The move exposes Mr. Andreessen, best known for co-founding Netscape Communications more than two decades ago, and his investors to greater risks amid uncertainty over the future of bitcoin. The currency isn't backed by a government but recently has become popular among technology enthusiasts, trading at various times over the past year for less than $100 and more than $1,100. It traded Friday at around $580.
For all of Mr. Andreessen's enthusiasm, some bitcoin fans aren't thrilled with the interest by venture capitalists and worry about the encroachment of big business. Bitcoin allows users to transfer money—or other items, like legal contracts—without an intermediary such as a bank.
"You've got a bunch of bitcoiners and young libertarians who don't have enough confidence and life experience," says Cody Wilson, a founder of Dark Wallet, which seeks to enhance anonymity within digital-currency networks. "So they are being lulled into the [venture capitalist] set in California and New York. There's just not enough confidence to go against the grain and question the whole goddamn thing."
And there is skepticism among other investors.
"For 99% of people, bitcoin doesn't solve any problem they have," says Bradley Golding, a managing director at New York investment firm Christofferson, Robb & Co., which specializes in investing in financial companies and has decided not to invest in bitcoin-related companies. "Most people are comfortable going to their bank, making a deposit and using a credit card…It's a solution in search of a problem."
WSJD is the Journal's home for tech news, analysis and product reviews.
Turkey Wants Videos Off YouTube, Google Says No Only 11% of Twitter Users in 2012 Are Still Tweeting Turkey's President Joins in Breaching the Ban on Twitter White House May Case BlackBerry Aside Airbnb's Funding Talks Value It at $10 Billion Initially, Mr. Andreessen and his partners at Andreessen Horowitz were skeptical the world of virtual currencies held attractive investments. Even if they could discover ways to bet on the area, Mr. Andreessen figured it would be a challenge gaining the support of the firm's investors, including institutions such as Princeton University and the Ford Foundation.
Further muddying the picture for some conservative investors, many fans of these digital currencies were eager to replace governments and other institutions, and some proponents seemed to rely on digital currencies to enable unlawful activities.
By last April, however, Mr. Andreessen decided it was time to approach his firm's investors about bitcoin. He waited until the end of an annual meeting of Andreessen Horowitz's advisory board at the Rosewood Sand Hill hotel in Menlo Park, Calif., to broach the idea.
"At first blush, you're going to think we're out of our minds," Mr. Andreessen says he told the group of five investment firms on the Andreessen Horowitz advisory board, "but we're going to invest in a fake mathematical currency."
The comment met with stone-cold silence, before a brief discussion ensued. Some investors seemed intrigued, but many had little idea what bitcoin was.
Ultimately, Mr. Andreessen said investor resistance was less than he feared. Venture-capital firms have free rein to make almost any kind of investment. Their investors generally anticipate about half the investments will be losers, while some others will be home runs.
So far, Andreessen Horowitz has invested $25 million in Coinbase, which creates digital wallets, and a smaller amount in Ripple, a payment system, among other investments, according to Andreessen Horowitz.
Along the way, Mr. Andreessen has become one of bitcoin's leading evangelists, writing frequent articles and blog posts about the possibilities of digital currencies. This month, Mr. Andreessen sent Twitter messages calling bitcoin an "important tech breakthrough." He said that "the ideas stand on their own, the math stands on its own, the code stands on its own."
Bitcoin was developed in late 2008 by a person or group called Satoshi Nakamoto. It is an electronic currency that doesn't exist in a physical form. Bitcoin is created by "miners'' as payment for verifying bitcoin transactions using a complicated mathematical algorithm, a process that requires intense computing power.
Mr. Andreessen says bitcoin reminds him of the early days of the Internet.
"I'm having déjà vu," Mr. Andreessen says. Bitcoin is "weird and scary and nerdy, and it's full of scams and frauds, just like the Internet was."
Still, Mr. Andreessen says it took him years to appreciate the business possibilities.
He recalls reading an academic paper in 2009 about the launch of the bitcoin software, which seemed to improve on past related work, such as DigiCash, invented in 1990.
"I'm not a serious mathematician, but I know a lot of really good mathematicians and computer scientists and reached out to them," he says.
Throughout 2010 and 2011, Mr. Andreessen discussed bitcoin's development with Silicon Valley entrepreneurs and others but still didn't think it was an appropriate investment.
Over time, Mr. Andreessen became convinced virtual currencies would enable a huge number of productive endeavors, raising intriguing investment possibilities that he and his colleagues hadn't considered. If an Internet user can transfer digital contracts, signatures, money or other property in a secure fashion, while avoiding the hefty fees of intermediaries such as banks and credit-card companies, bitcoin and other digital currencies will gain mainstream popularity, he says.
When Mr. Andreessen realized more participants would adopt virtual currencies, which in turn would lead to more acceptance, he decided his firm had to act.
"I realized it's a four-sided network effect—users, merchants, miners, developers," he says.
By last spring, it was time to approach Andreessen Horowitz's investors. Over lunch a few weeks after Mr. Andreessen's embrace of bitcoin at the Andreessen Horowitz meeting, Elizabeth Obershaw, a managing director at Horsley Bridge, a San Francisco firm that invests in Andreessen Horowitz, returned to the idea.
"Tell me about that little teaser," Mr. Obershaw, whose interest had been piqued, asked Mr. Andreessen.
Mr. Andreessen began explaining his firm's interest to Ms. Obershaw and other investors.
"I was skeptical," says Andrew Golden, president of the Princeton University Investment Company, which manages the university's endowment and invests in Andreessen Horowitz. But, he says, "This was a smart team telling us we need to look at it in a different way."
Like the Internet, bitcoin will emerge as an accepted technology, Mr. Andreessen argues, as it becomes more regulated and consumers and businesses become more comfortable with the idea of digital currencies. With those changes, he predicts, the subversive politics often associated with the currency will fade.
"We like fringe technologies but not fringe politics," he says.
—Michael J. Casey contributed to this article.
Write to Gregory Zuckerman at [email protected]
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Legal issues with accepting bitcoin legal blog post. Any additions/corrections?

Hey guys, about to post this to the legal blog on lawkick.com. You guys have any additions/corrections? Feedback welcome as well.
The Bitcoin Rundown Bitcoin continues to capture the attention of venture capitalists, retail businesses, government regulators, the media, and politicians over five years after its inception. Despite the recent shutdown of Mt. Gox (formerly the largest Bitcoin exchange), and subsequent drop in the Bitcoin exchange rate, the crypto-currency is still growing in acceptance and use. More and more businesses are starting to accept them in-lieu of traditional currency, and the United States is starting to issue regulations and guidelines concerning their use as a currency. However, many legal issues lurking behind crypto-currencies remain, and untangling them is still a work in progress. This article will cover the basics of Bitcoin, where it is today, and then turn to the legal issues surrounding its use.
Bitcoin Basics So what do we know? Bitcoin is the most popular of a number of virtual crypto-currencies, a form of money with no physical presence. Owners of Bitcoins can sell them for traditional currency to other users, through online exchanges. Bitcoins can also be used in some stores or websites in exchange for goods and services, and some technologists accept them directly in exchange for services like web design and development. Today, Bitcoin is the target of venture capital investment, criticism, praise, and confusion. Marc Andreessen, a software engineer turned venture capitalist in the technology space, has invested over $50 million in Bitcoin start-ups, and he’s not alone. Some estimate the total capital investment in the Bitcoin space will reach $300 million by the end of 2014. Moreover, companies already accepting Bitcoin include Overstock.com, Virgin Galactic, Wordpress, Reddit, Zynga, Tigerdirect, Stripe merchants, and at least one Tesla dealer. Law firms are starting to get in on the action too, as a firm in Houston and Illinois started accepting Bitcoins as payment last year.
Legality of Accepting Bitcoin and Taxes With all this interest brewing, it’s about time the legal issues surrounding Bitcoin’s use are cleared up. Foremost, is accepting Bitcoins as payment legal? It is, provided one follows the new guidelines provided by the IRS for tax purposes. As of March 2014, the IRS classifies Bitcoin and other virtual currencies as property, rather than currency, and transactions over $600 are taxed the same way the agency treats property transactions. This includes payments, gains realized from investing in Bitcoins, and income derived from producing the Bitcoins (known as “mining”). The Bitcoins must be valued at their “fair market value,” according to the IRS, which can be based on the going prices at the online exchanges. This can be problematic, as Bitcoin prices fluctuate daily, and sometimes for significant percentages. Additionally, if used as payments to employees or contractors, it must be listed on their W-2 or 1099 forms. These payments are subject to the same information reporting that any property payment is.
Specific Problem for Lawyers Accepting Bitcoin Bitcoins fluctuation in price can be problematic for any company, but pose a special challenge for lawyers. On one end of the spectrum, a price drop can leave the lawyer working for almost nothing, but the biggest problem is on the other end of the spectrum. A price increase could cause the lawyer’s rate to become “unconscionable,” a violation of their ethical duty as a lawyer to avoid charging excessive fees. Such a rate is unable to be retained if the client sues, and may even expose the lawyer to sanction liability.
The Bitcoin Refund Issue For merchandisers especially, Bitcoin also presents an issue for returns and exchanges. Say someone purchases one Bitcoin worth of stuff when the spot price is $600, but later decides to return it, or the product is defective. If the value of a Bitcoin increased to $700 or decreased to $500, one of the parties is going to lose out. In fact, if the price of a Bitcoin increases, it creates a moral hazard by incentivizing the customer to return the product for the Bitcoin. Overstock.com has chosen to solve this issue by offering in-store credit for returns, and places the risk of currency fluctuation on the customer by limiting that credit to the exchange rate at time of purchase.
Conclusion Today, accepting Bitcoin as payment is still tricky. Before doing so, I suggest finding a lawyer to ensure your business complies with federal, state, and local laws. Lawkick can be your essential tool for finding the right lawyer for your needs.
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STOCKS TO WATCH *LIVE* MARCH 11, 2020 ✅ Como Ganhar Dinheiro com Bitcoin, bitcoin ações bitcoin atual Andreessen Horowitz Crypto Fund Raises $300 Million! - BULLISH NEWS! HODL! #5 Risk Marc Andreessen: Technology is Undervalued  Fortune

On the other hand Marc Andreessen, co-founder of netscape and venture capital firm Andreessen Horowitz is investing in bitcoin-related companies. Henry Blodget and Aaron Task discuss the future of ... “Raise prices.” – Marc Andreessen. Marc Andreessen is a legendary figure in Silicon Valley — and worldwide.Even in the epicenter of tech, it’s hard to find a more fascinating icon. Marc co-created the highly influential Mosaic Internet browser, the first widely used graphical web browser. He also co-founded Netscape, which later sold to AOL for $4.2 billion. The firm is actively searching for more Bitcoin-based investment opportunities. I personally own no more than a de minimis amount of Bitcoin. This post originally appeared in The New York Times. Unshackle the Middle Class. By amyeliz6. March 26, 2013. Andreessen Horowitz, Business, Economics, Startups, Technology. This is a guest post by Scott Kupor, managing partner, Andreessen Horowitz. We ... Marc Andreessen talks bitcoin, Apple Pay and the problems they face at the Dreamforce 2014 conference in San Francisco. Editor’s note: Marc Andreessen’s venture capital firm, Andreessen Horowitz, has invested just under $50 million in Bitcoin-related start-ups. The firm is actively searching for more Bitcoin-based investment opportunities. He does not personally own more than a de minimis amount of Bitcoin.

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