Reddit Stops Bitcoin Payment Support

Ali Raza

Some Redditors may be dismayed to learn that they will no longer be able to purchase Reddit Gold with Bitcoin payments. The popular link sharing and discussion board site discontinued its Bitcoin payment service in response to recent changes in the Bitcoin payment processing infrastructure.

The transactions were managed by Coinbase, who has recently announced a new arm of the business, Coinbase Commerce, that has been plagued with lacklustre reviews.

According to Reddit, this change within Coinbase, coupled with some bugs that users encountered when buying Gold with Bitcoin, has led them to drop the payment service. Reddit says that it will review whether or not to reactivate the service at a later date. The site will take
user demand for the payment service into account. 

Reddit is a major space for the crypto community to discuss the crypto markets and often breaking stories will be found on Reddit before anywhere else.

Since the company opened in 2005, it has garnered millions of users. As of June 2015, the total number of accounts was around 36 million.

Reddit Gold is a token by which users can access paid content, and reward each other for insightful, humorous, or simply awesome discussion. Reddit Gold costs $4 a month, or thirty bucks a year. General membership is free, and subreddits vary in topic from pictures of owls being awesome to cryptocurrency info to educational platforms and celebrity discussions.

When Reddit teamed up with Coinbase to offer the Bitcoin payment system in 2013, they did so with the hope of reaching and including users. Removing the payment option could be viewed unfavourably by users of crypto-related subs.

/r/Darknetmarkets Banned

Another move that might upset the crypto faithful is that Reddit has banned /r/Darknetmarkets. That sub was a space where users could discuss the ability and potential to purchase things anonymously online.

According to Reddit moderators, the subreddit violates their user agreement terms surrounding the propagation of information and transactions related to illegal goods. Items that fall under that policy includes drugs, sexual services, firearms, forged documents and stolen property, among others.

As other social media giants outright ban crypto ads and offerings, Reddit’s behaviour is not surprising, and may even be indicative of a softer policy on crypto than other companies are exhibiting. For now, subs /r/cryptocurrency and /r/blockchain and /r/Bitcoin are still alive and well.

P2P Token Trading Platform AirSwap Discloses ‘Critical Vulnerability’

  • Peer-to-peer trading platform AirSwap claims to have identified a "critical vulnerability" in one of its smart contracts. 
  • Ten addresses have been identified so far as being at risk of exploitation. 

Peer-to-peer token trading network AirSwap has disclosed a “critical vulnerability” in a newly released smart contract. 

AirSwap's Critical Vulnerability

According to the disclosure, which was published on Sept. 13, AirSwap’s internal security team identified a potential exploit in a newly released mainnet smart contract. The vulnerability would allow an attacker to “perform a swap without requiring a signature from a counterparty.” 

AirSwap claims that the offending code was only present for twenty-four hours on the network before being identified and removed. However, users of AirSwap Instant between Sept. 11 and Sept. 12 may have been affected by the vulnerability, with the report claiming that 10 accounts have been recognized so far as being at risk. 

AirSwap has published the addresses to the vulnerable accounts, telling all other users that no further action is required. The report also outlines the step-by-step actions taken by the exchange in the aftermath of discovering the vulnerability, including an apology to its client base, 

We would like to deeply apologize to our affected users for any inconvenience these vulnerabilities may have caused, and hope that the important lessons we continue to learn throughout these processes form the basis for a more open, secure, and efficient trading environment.

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