The internet has a funny way of coming back to bite you in the arse. submitted by
I have seen many so called financial experts condemning bitcoin investment, The reasons given by these experts show pretty clearly that most lack even a basic understanding of how bitcoin works.
If you want to bag Bitcoin then that is your right but I implore you to do your research and gain an understanding of bitcoin and the blockchain before you make your make your opinion known.
Bitcoin may very well fail but it also may succeed... Succeed in a BIG way!
Be warned that when people google your name in 10 years and read quotes from you slamming a technology that could very possibly be one of the worlds most valuable resources; your reputation WILL be affected.
Don't end up like Professor Mark Thomas Williams of Boston University.
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. Across 2015, Reddit saw 82.54 billion pageviews, 73.15 million submissions, 725.85 million comments, and 6.89 billion upvotes from its users.
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. 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. Their investment saw the company valued at $500 million.
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 220.127.116.11 The Button 18.104.22.168 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
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." 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: 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 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", 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. 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.
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. 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. 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). 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.
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. 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.
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. 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, 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. There are over 11,400 active total subreddits to peruse, 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". 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. From 2013 to 2015, Victoria Taylor assisted reddit's volunteer community in presenting interviews.
A number of notable individuals have participated in the IAmA subreddit, including United States President Barack Obama (while campaigning for the 2012 election), Dave Grohl, Madonna, Chris Hadfield (who answered questions from the International Space Station), Bill Gates, Ron Paul, Stephen Colbert, Psy, Enya, Arnold Schwarzenegger, Rachel Maddow, Robin Williams, Renée Fleming, M. Shadows, Louis C.K., Roger Federer, Larry King, Philip Zimbardo, Bill Nye, Stan Lee, John Mather, David Copperfield, Michael Moore, Spike Lee, Paul Krugman, Danny Boyle, rapper J. Cole, Al Gore, Roger Ebert, Michael Bolton, Gary Johnson, Lawrence Krauss, Jill Stein, Kevin Rudd, Julie Benz, Amanda Palmer, Tim Ferriss, Gordon Ramsay, Peter Dinklage, Chandra Wickramasinghe, Neil deGrasse Tyson, and Bernie Sanders. Donald Trump (during his 2016 Presidential Campaign) had an AMA on /The
Donald subreddit. As of April 2015, Barack Obama's AMA is the highest rated on the site; the increased traffic brought down many parts of the website when the AMA occurred on August 29, 2012.
Celebrities participating in IAmAs have seen both positive and negative responses. Woody Harrelson's AMA was criticized after Harrelson declined to answer questions that were unrelated to the movie Rampart he was promoting. In contrast, rapper Snoop Dogg attracted 1.6 million page views after conducting an AMA that provided several candid responses to the community's questions.
Other than Harrelson's, Bollywood actress Priyanka Chopra's 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, 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.
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. Sources close to Reddit cited an increased focus on commercializing AMAs as the most likely reason. /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. A popular feature of the forum is "Ask me Anything" (AMA) public discussions. 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. 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, 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. 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". "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, Reddit was founded in Medford, Massachusetts by Steve Huffman and Alexis Ohanian, both 22-year-old graduates of the University of Virginia. 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. Condé Nast Publications, owner of Wired, acquired Reddit on October 31, 2006, and the team moved to San Francisco. In January 2007, Swartz was fired.
By the end of 2008, the team had grown to include Erik Martin, Jeremy Edberg, David King, and Mike Schiraldi. In 2009, Huffman and Ohanian moved on to form Hipmunk, recruiting Slowe and King shortly thereafter. In May 2010, Reddit was named in Lead411's "2010 Hottest San Francisco Companies" list. 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. 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.
On September 6, 2011, Reddit became operationally independent of Condé Nast, now operating as a separate subsidiary of its parent company, Advance Publications. 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. 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. 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.
In October 2014, Reddit announced Redditmade, a service which allowed moderators to create merchandise for their subreddits. Redditmade closed in February 2015. 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. On July 10, 2015, Pao resigned and was replaced by Steve Huffman as CEO.
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. 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. 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. 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. On June 18, 2008, Reddit became an open source project. With the exception of the anti-spam/cheating portions, all of the code and libraries written for Reddit became freely available on GitHub. As of November 10, 2009, Reddit uses Pylons as its web framework.
As of November 10, 2009, Reddit has decommissioned their physical servers and migrated to Amazon Web Services. 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. On June 7, 2010, Reddit staff launched a revamped mobile interface featuring rewritten CSS, a new color scheme, and a multitude of improvements.
On July 21, 2010, Reddit outsourced the Reddit search engine to Flaptor, who used its search product IndexTank. As of July 12, 2012, Reddit uses Amazon CloudSearch. There are several unofficial applications that use the Reddit API in the Google Play store, and F-Droid repository. Examples include: Reddit is Fun, Andreddit, F5, BaconReader, Reddit Sync and an Android tablet specific application called Reddita. There are also several Windows apps used to access Reddit, including unofficial Reddit apps such as ReddHub and Reddit To Go!. An unofficial desktop application Reditr 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. 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. In October 2014, Alien Blue was acquired by Reddit and became the official iOS Reddit app. 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. 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. 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. As of the end of 2016, Reddit is the only major social media platform that does not have a female majority user base. Community and culture
The website is known for its open nature and diverse user community that generate its content. 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. 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.
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, 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 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 and later members of the atheism subreddit decided to give some friendly competition, cross-promoting 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. Most of this was raised by the atheism subreddit, though the smaller Christianity subreddit had a higher average donation amount per subscriber. A similar donation drive in 2011 saw the atheism subreddit raise over $200,000 for charity. 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. In 2014, about 200,000 users from 188 countries participated. Several celebrities have participated in the program, including Bill Gates and Snoop Dogg. 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. Reddit users donated $185,356 to Direct Relief for Haiti after an earthquake devastated the nation in January 2010. 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. In October 2012, "Shitty Watercolour", a popular Redditor known for posting watercolor paintings on the website, 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. The paint-a-thon raised $2,700. In February 2014, Reddit announced it would be donating 10% of its annual ad revenue to non-profits voted upon by its users. 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. In response to the 2015 Nepal earthquake, redditors raised more than $145,000 for Direct Relief and more than $110,000 for MAP International.
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. 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." She recommended that advertisers design promotions that "spark conversations and feedback." 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." Nissan ran a successful Branded content promotion offering users free gifts to publicize a new car, though the company was later ridiculed for suspected astroturfing when the CEO only answered puff piece questions on the site. 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."
Reddit's users are more privacy-conscious than on other websites, using tools like AdBlock and proxies, and they hate "feeling manipulated by brands" but respond well to "content that begs for intelligent viewers and participants." 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." 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.
Reddit announced that they would begin using VigLink to redirect affiliate links in June 2016. 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. 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. 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. 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 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.
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". 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." 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. Many of the default pages are highly moderated, with the "science" subreddit banning climate change denialism, and the "news" subreddit banning opinion pieces and columns. Reddit has changed its site-wide editorial policies several times, sometimes in reaction to controversies. 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". 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. 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. 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. A group of users obtained his personal details, and began to blackmail him for the codes. 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. 2013
Following the 2013 Boston Marathon bombings, Reddit faced criticism after users wrongly identified a number of people as suspects. 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. The family later confirmed Tripathi's death was a result of suicide. 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. The incident was later referenced in the season 5 episode of the CBS TV series The Good Wife titled "Whack-a-Mole," as well as The Newsroom.
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." 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. 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. 2014
In August 2014, photos from the 2014 celebrity photo hack were widely disseminated across the site. A dedicated subreddit, "TheFappening," was created for this purpose, and contained links to most if not all of the criminally obtained explicit images. 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. The subreddit was banned on September 6. The scandal led to wider criticisms concerning the website's administration from The Verge and The Daily Dot.
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. Multiple subreddits were deleted by administrators for voicing opinions on Zoe Quinn, Anita Sarkeesian, Brianna Wu and similarly important GamerGate controversy figures. The subreddit "ZoeQuinnDiscussion" was banned for violating the Reddit rules. Administrators defended this response when questioned, blaming 4chan for raiding threads and causing harm. This was debated by some redditors. An anonymous subreddit moderator claims he was removed for leaking correspondence between himself and Zoe Quinn. On December 18, 2014, Reddit took the unusual step of banning a subreddit, "SonyGOP," that was being used to distribute hacked Sony files. 2015
After Ellen Pao became CEO, she was initially a target of criticism by users who objected to her lawsuit. Later on June 10, 2015, Reddit shut down the 150,000-subscriber "fatpeoplehate" subreddit and four others citing issues related to harassment. 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. One of the latter complaints concerned a subreddit that was "expressing support" for the perpetrator of the Charleston church shooting. 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. 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. Following this, a Change.org petition to remove Pao as CEO of Reddit Inc. reached over 200,000 signatures. 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. On July 10, Pao resigned as CEO and was replaced by former CEO and co-founder Steve Huffman.
http://www.mewr.gov.sg/news/speech-by-dr-vivian-balakrishnan--minister-for-the-environment-and-water-resources--and-minister-in-charge-of-the-smart-nation-initiative-for-smu-s-sim-kee-boon-institute-for-financial-economics-skbi-annual-conference-dinner-on-wednesday--06-may-2015-- submitted by
Speech by Dr Vivian Balakrishnan, Minister for the Environment and Water Resources, and Minister-In-Charge of the Smart Nation Initiative for SMU's Sim Kee Boon Institute for Financial Economics (SKBI) Annual Conference Dinner on Wednesday, 06 May 2015, 7.00pm at Fairmont Hotel
Mr. Lim Chee Onn, the Chairman of the Advisory Board SKBI The family of Mr Sim Kee Boon : Ms Jeanette Sim, Mr Peter Sim The family of Prof Winston Koh, Prof Arnoud De Meyer, our host, Friends, Ladies and Gentlemen
1 It’s always a challenge for an ophthalmologist, an eye surgeon, to address an audience like this, who knows far more than me about financial services and financial institutions.
2 Mr Stephen Aguilar-Milan is a futurist with the World Futures Society, and he has a hypothesis that every 50 years or so, there is a major technological wave. My hypothesis is that every time there is major technological wave, you have a period of intense disruption, a period of increased opportunities, a period of great inequality and robber barons, and it takes some time before the middle class adopts the same technologies and creates more wide spread prosperity. My thesis tonight is that we are in the midst of such a wave.
3 So let’s start with Stephen’s hypothesis. If you go back to 1770 in England, the time of mills and canals – the canals that you can still see in London and England – that was the start of cottage industries, of early industrialisation in England. The fact that it happened in England gave it a head-start in the Industrial Revolution.
4 You move forward another 40 or 50 years from there, you get to the early 1800s. The pivotal invention then was the steam engine, and with the steam engine came railways and railroads, and many fortunes were made by the successive rollout of railways in England, Europe and America.
5 Fast forward another 50 years to about 1870 – that was the age of steel, electricity and heavy engineering. That was also the age of large ocean-going ships, warfare, refrigeration and trade opened up on an industrial scale.
6 The 4th wave began sometime around 1910. That was really about oil, and oil opened up the possibility of the automobile, and especially in America, the age of the car, interstate highways, and the long American love affair with the car and all that it represents in popular culture.
7 If you stop to think about these waves, and think about some names associated with these waves – if you go back to 1910 and think about oil, what names come to mind? For instance, Rockefeller – that was how huge fortunes were made. If you go further back to the age of steel, the American name that comes to mind is Carnegie, and related to that, Mellon, the bank. And if you go back to the age of the steam engine and railways, there are pantheons of tycoons, technologists and early-adopters who made huge fortunes because suddenly, everything changed, and there was a period of big disruption - old industries were gutted, and new industries were made. The people who got in first made huge fortunes.
8 Now let’s move forward to the 5th wave. You can roughly date the 5th wave to the late 1940s, after the Second World War, in particular the invention of the transistor, which replaced the old vacuum tubes. By accident or design, this started off in Silicon Valley. I think it was William Shockley who moved back to Palo Alto from New York, because he had an ageing mother in Palo Alto. At the same time, Stanford University was also trying to find and define an opportunity for commercialising its academic pursuits, and finding daily relevance for the discoveries in the labs and the work that its professors did. The transistor in turn led to an explosion of electronics, and in a later wave, electronics in turn led to computers and much of what we know of modern electronics today. So starting from the transistor in 1947, we move all the way to today.
9 If you believe this theory of 50 years, we are clearly past 50 years. This is where I will take a risk, and posit that there is a 6th wave. The difference in technological waves is that they don’t come and go; each wave builds successively on preceding waves, and this 6th wave is actually about connectivity - meaning that the transistor led to the CPU, which led to the computer and now it is about the Internet, the World Wide Web, big data analytics, the Internet of Things, and telecommunications. We are moving beyond hardware to bits and ideas, and we are now living in a world which is far more densely connected than ever before.
10 Today, a lot of the political polemic is about inequality. My favourite theory is that inequality is not the result of a covert right wing conspiracy, but really just another episode of the fact that there is a major tectonic technological wave sweeping through our society, and the people who get it, the few people who understand and are first able to capitalise, will make fortunes as large, in historical terms, as the Rockefellers, the Carnegies and the rest. So it’s no accident today that the names you hear about, whether it’s Bill Gates, Mark Zuckerberg, Carlos Slim in Mexico, Jack Ma of Alibaba, are all people who are early riders of this emerging wave. The point I want to make, therefore, is that this is only just beginning. It will take some time for these tools and technologies to be democratised, commoditised and to be in the hands of ordinary people, and for the middle class to regain its wage-earning capacity, its productive capacity and its fair share of national wealth. So that is my hypothesis for what is currently happening in society and economics, and in the political arena as well.
11 Now let me cite a few examples. Many of these examples you will be familiar with, but they help make the point.
12 In the mobile banking space, many of you would have heard of Safaricom’s M-Pesa. Since Kenya’s M-Pesa brought banking-by-phone to Africa, this has grown from a novelty to a bona fide payment network. Even at a few dollars a transaction, mobile payments in sub-Saharan Africa will generate about US$1.5 bn in fees for mobile money providers by 2019, according to a report by the Boston Consulting Group. It was also reported that in sub-Saharan Africa, more people will have a mobile money account than Facebook account. Mobile phones are clearly spreading faster than bank branches, and especially in emerging markets like India, Bangladesh, Africa and other parts of Asia. It is no wonder therefore that many banks and telcos (such as Safaricom), and even Technology Giants (such as Google and Apple) are now focused on creating innovative financial services via the mobile channels.
13 If you move into the retail space, you’ve heard of the names: eBay, Amazon and Alibaba. Alibaba has come to dominate Internet Retailing in China, and frankly anyone who dominates any sector in China is going to be huge. Just to give you some idea of scale, Alibaba has moved beyond its remit of just connecting businesses to each other, which is how it started. It has moved far beyond that. It now allows companies to sell directly to the public, and for the members of the public to transact with each other. We’ve heard of Tmall, we’ve heard of Taobao. Taobao and Tmall processed 1.1 trillion yuan – which I think is about US$170 billion - in transactions in 2012, and in September 2014, Alibaba's market value was measured at US$231 bn. I am sure the numbers have changed since then, but these are numbers with many zeros.
14 In the crowdsourcing space, you have heard of Kickstarter and Indiegogo, and nowadays artists, entrepreneurs, communities, even people in trouble with the government can raise funds from crowdsourcing sites – to raise funds from the “4F Bank”. You know what the 4Fs are? Fans, Family, Friends and Fools. We laugh about it. But the point is that it allows everyone to mobilise funds and it goes far beyond this 4Fs, because in this world currently awash with liquidity and low interest rates, people are looking for ideas and services to take a bet on. According to the Crowdfunding Industry Report by Massolution, in 2012, US$2.7 bn was raised online through crowdfunding, and this number can only grow. 15 In the virtual currencies space, Rajendra mentioned Bitcoin, and I think you had a convention or a seminar on it. Frankly, I am not sure about the future of cryptocurrency, although clearly if you think about the way governments are managing paper currency, it doesn’t give you great confidence either. But actually what intrigues me more is the technology behind Bitcoin. I am not sure how many of you are familiar with the Blockchain Technology. Blockchain technology is a computational algorithm that enables distributed verification of the integrity of ledger items. Whether that item is a transfer of money, or cryptocurrency, or contracts, or services, it is in fact a generic platform technology which I believe has not yet found the most appropriate use case. But nevertheless, further breakthroughs in this area will open up the world and will disrupt services in a major way.
16 And for those of you who are involved in banking and finance, you know that some key competitive advantages which banks have had are (i) funds (ii) reputation (iii) some kind of protection by government regulations and (iv) knowing your customers’ businesses because you were lending them money - in other words you had access to information. But if you were to stop and think about it, what this technological wave has done is that it potentially disintermediates all those competitive advantages which banks and traditional financial institutions have had. You want access to funds, you can go to crowdfunding portals. As for having information on what businesses are doing, it is not just banks, and it is not just the consultants like Accenture, it is the people who have accurate pulse on the flow of bits, data, and transactions who know what is going on. I think David Lee was telling me just now that Alibaba employs hundreds of PhDs to do data mining. Is Alibaba really a retailer or is it actually in the information business? Are telcos really just selling you voice or are they preludes to the mobile banking business? Even Amazon or take any logistics company, are they really just delivering pizzas and electronics or are they really in the fulfilment business? So the point I am making is that if you can find the centre of gravity between money, information, fulfilment, and then the elusive quality called trust, that is where a huge focal point of opportunity is.
17 So I hope I have given you enough food for thought. I just want to appeal for you to do three things.
18 First, please for the sake of Singapore and Singaporean institutions, find new ways to deliver new services to our people and the people beyond Singapore. If our banks, financial institutions and businesses are doing exactly the same thing next year as they were doing last year, we are going to be swamped, because the pace of change is not slowing down. So please find new ways to deliver new services.
19 Second, please focus on this field of data science and data analytics. Whether you are a bank, financial institution, consultancy firm or university, we now live in the age of big data. And I used to joke with my medical colleagues that you almost do not need to do a clinical trial now, when you can measure the universe. Why settle for a sample and then engage in fancy statistical gymnastics to prove your conclusions, when you can measure everything in real time. So pay attention to data analytics and data science.
20 Third, we need more rational, careful, and technologically-based conversations on the issues of cybersecurity, protection of privacy, and especially protection of identity. Because you cannot have a world that is fully able to take advantage of financial innovations, information revolution, even electronic medical records, if a decent level of security, protection from identity theft, and protection from a loss of privacy and confidentiality is not guaranteed. In other words, security is the essential flip side of the coin of utility; and if we can get that done right here, then we have a head start.
21 So my final point is why Smart Nation. The answer is: we do so because we have no choice. Like many things we have done in Singapore for the last 50 years, all the way back to the time when Mr Sim Kee Boon was a pioneer senior civil servant working for Mr Lee Kuan Yew, we had to break new grounds, we had to be adventurous, we had to be innovative because we have no choice. Jobs were going to disappear in the early 1970s as the British forces pulled out of all ports east of the Suez, and that’s why we industrialised. Similarly, what I have described now is potentially another occasion when 20 to 30 percent of previously stable, good, middle class, white collar jobs are at risk because you cannot out-compete a robot, a machine, or a computer for routine, white collar work.
22 So we need to do all these things, and we believe we have an edge because we are small, and we have a single layer of government. Half of our cabinet ministers are engineers. Our PM is a mathematician who can still code. If you do not believe me, you can check his Facebook account and so far after five days, people have only found a little boundary error in his algorithm. But it is a very elegant program.
23 So the point is that we get it, we understand technology, we are not afraid of Science and Technology, but we need to have not just the PM coding, we need an entire society that is capable of understanding and exploiting the opportunities that this wave provides for us. So I wish you all the very best and I hope SMU, and especially the Sim Kee Boon Institute, continues to break new ground, not just because it is fun, but because it is essential for our continued prosperity and progress as a nation. Thank you all very much.
Today, February 17 2014, Bitcoin is trading at around $250 on the once notorious Mt. Gox. submitted by
People with Bitcoin wealth are becoming frenzied. But they should fear not. This is what Bitcoin does. If it really is as resilient as some of us gather, then this is just a temporary set back. Remember back in 2009 when Bitcoin was an infant, how much was a bitcoin worth? This author thinks one should buy Bitcoin now, while it’s relatively cheap.
Bitcoin is still trading around $600/BTC on some exchanges. That’s good news.
Here’s what Boston University Professor Mark Williams had to say:
“Prices remain volatile and market illiquidy high,”.
“If Bitcoin currency and infrastructure are unstable, the longer the virtual currency economy is allowed to grow unchecked, the greater the chance of adverse economic impact.”
Furthermore he said, “Bitcoin sellers on Mt. Gox are running for the hills, exiting at much lower prices than on other exchanges, demonstrating the extreme liquidity risk inherent in Bitcoin Speculating”.
Last December, Boston University School of Management professor Mark T. Williams issued a prediction that drew rapt attention from the mainstream media, as well as the united ire of the bitcoin ... Mark T. Williams, better known in the Bitcoin community as Professor Bitcorn, is a Boston University faculty member. In 2013 Williams predicted that bitcoin "could" trade for less than 10 dollars by mid-2014, and provided testimony before Mark T. Williams teaches finance, risk management, and capital markets at Boston University Questrom School of Business and is a former Federal Reserve Bank examiner. His current research includes ... Boston University Economist Mark T. Williams’ Infamous Bitcoin Price Prediction [dropcap size=small]I[/dropcap]n December 2013, Bitcoin was taking the world–and the news media–by storm, and economists worked their way into the story by making bold and often ill-informed Bitcoin price predictions. @UcontrolRisk Mark Thomas Williams (born August 19, 1963) is an academic, financial author, columnist and risk management expert, better known in the Bitcoin community as "Professor Bitcorn". In 2013 Williams predicted that bitcoin "could" trade for less than 10 dollars by mid-2014, and provided testimony before the New York State Department of Financial Services hearing on virtual currencies.
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