WallStreetBets Does Not Bow to Crypto Wave

3 years ago

April 16, 2021 at 7:30 am

WallStreetBets Does Not Bow to Crypto Wave

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. What does it mean that the savviest meme stock buccaneers in the universe have surrendered to the unstoppable onslaught of crypto boobs and their mindless chants of DOGE DOGE DOGE???

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.”

Ostensibly, it sounds like: We’re tired of moderating you all the time, go over there. But I hear: come, come to us, zombies, there are delicious brains in the merchandise areaaaa…

Bloomberg had a separate theory. “WallStreetBets Bows to Crypto Wave, Allows Bitcoin Discussion,” their headline read, pointing to bawse1’s remark that “crypto is here to stay.”

Upon reading the piece, bawse1 announced that crypto is again banished indefinitely due to the proliferation of such speculation.

Due to the article that was written @bloomberg who somehow felt that “WallStreetBets Bows to Crypto”

Crypto discussion is banned indefinitely. I’ve read a lot of dumb articles written about wsb. This one takes the cake.

As Bloomberg noted, the brief concession to cryptobros happened to coincide with record surges for Dogecoin (17 cents ($0.22)) and Bitcoin (nearly $US65,000 ($83,870)). Recent reporting indicates that the establishment has started to give cryptocurrencies a serious look in the build-up to Coinbase going public, which briefly raised the company’s valuation to as much as $US100 ($129) billion. Leading up to this, CNBC reported that Goldman Sachs and Morgan Stanley plan to offer digital currencies. Summing it all up, Bloomberg just tweeted that it’s convening a Clubhouse meet-up to ask whether this is “the institutionalization of Bitcoin trading?”

But hey, if WSB doesn’t want the crypto gang, we’ll hear them out. Here’s some stuff they’re posting on Twitter:

#btc ????#ETH???? #xrp #bnb #tron #Chainlink #flow ???? #Doge. THE ONLY WAY IS UP! #Dogecoin #Doge #Dogemoon @SlimJim. ₿