Reddit is removing its current coins and awards system on September 12th. Users will no longer be able to buy awards like Reddit Gold to give to other users’ posts. Reddit says the current awards system is too cluttered and confusing, so they plan to introduce a new simpler system in the coming months that will allow users to reward each other in a more meaningful way. Many users are unhappy about the removal of the awards system without a replacement ready. Some are also frustrated that Reddit is not providing compensation for the coins users have already purchased. While details of the new system are vague, it appears Reddit may allow users to cash out their gold and karma for real money.
Reddit’s handling of removing the awards aside I was never a huge fan of the awards system and felt it amplified or legitimized certain posts just by virtue of someone really liking it rather than it necessarily being accurate or especially “good.” I’m far more concerned with the indications that they’re working on a system to turn Karma itself into a system that could be exchanged for value. That’d turn Karma Farming into a legitimate profession.