WallStreetBets (WSB) bows to the crypto wave and finally allows Bitcoin discussions was what mainstream media reported today.
However, I just went over to the WSB community to see how they were taking the news.
Well in WSB fashion this is the first post you find. WSB has has had a “No Cryptocurrency” rule forbidding posts devoted solely to digital tokens like Bitcoin and their underlying technology, and that still stands elsewhere in the forum.
Bloomberg reported [WallStreetBets Bows to Crypto Wave, Allows Bitcoin Discussio]https://www.bloomberg.com/news/articles/2021-04-15/wallstreetbets-bows-to-crypto-wave-allows-bitcoin-discussion
in their article they quoted a blog post saying:
“I don’t see the point in delaying the inevitable anymore as crypto is here to stay,” the post said. The forum has avoided posts on crypto for many years mainly because its “concern is that crypto discussion overtakes the core of what WallStreetBets is about, which is the stock market.”
They then go on to say 'Banned from Bitcoin Posts, WallStreetBets Turns to Crypto Miners' which feels like manipulation or just bad reporting based on what I'm seeing.
So what actually happened?
For about 20 hours, moderators of the Reddit r/WallStreetBets opened the floodgates to crypto, a topic that’s been banned on the forum for years.
Last night, longtime moderator bawse1 announced that, after, much deliberation and resistance, the subreddit would begrudgingly lift the crypto embargo. The content guidelines strictly forbid posts solely on the topic of cryptocurrency or blockchain technology because the market “tends to consist of small accounts and pump & dumps.” Bawse1 wrote, in the ruling:
Our main concern is that crypto discussion overtakes the core of what r/wallstreetbets is about which is the stock market. I’ve known at some point that r/wallstreetbets will have to find a place for it. As much as some of us hate it, there are just as many that love it and the way I’ve always tried to shape the sub is to never gatekeep, allow everyone to feel welcome, and always be able to adapt. I don’t see the point in delaying the inevitable anymore as crypto is here to stay.
Crypto discussion would be cordoned off in a separate thread “as to not burden everyone with crypto spam.” Currencies would be strictly relegated to Bitcoin, Dogecoin, and Ethereum.
“Just to be clear, we are not a crypto subreddit,” bawse1 wrote. “We’re just trying to find a place for you guys within our subreddit.”
I see this is they tired of moderating crypto posts all the time so now they are saying go over there! I do think this is a sign of the times that crypto is part of every discussion. I feel that mainstream media is trying to use WSB for their agenda, but it still does not mute the point that discussion and adoption of crypto is on the rise.
WallStreetBets, famous for the frenzy its users created in video game retailer GameStop Corp.’s stock, has also seen multiple references to outperforming shares of cryptocurrency miners such as Riot Blockchain Inc. and Marathon Digital Holdings Inc. amid Bitcoin’s resurgence over the past year.
Euphoria around digital assets surged this week as Bitcoin hit a record of almost $65,000 before pulling back after the debut of the U.S. crypto exchange Coinbase Global Inc. on Nasdaq Wednesday.