Issuing shares to millions of people would have made reddit a public company. reddit did not want to be a public company. This is a contradiction.

I did not realize Reddit Notes (crypto or not) are supposed to be "shares" of anything? Much less shares of Reddit as a company.

It's been said many times since the beginning, including in this article:

>Announced in September 2014 as part of a fundraising round that raised $50m from VC firms including Andreessen Horowitz and Sequoia Capital, Redditcoin was a key part of an audacious plan by Wong to give part of the company’s equity back to users.

>Wong wrote in a blogpost: “The investors in this round have proposed to give 10% of their shares back to the community, in recognition of the central role the community plays in Reddit’s ongoing success.”