Reddit’s Wall Street Bets Community Goes Crypto

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What to Remember The moderators of / r / WallStreetBets have created a new caption dedicated to the cryptocurrency discussion. Previously, moderators limited discussions on cryptocurrencies due to concerns that they might consume the entire forum. Reddit’s / r / WallStreetBets is controversial due to its role in GameStop’s massive short sale that took place this year. Share this article

Reddit’s / r / WallStreetBets community moderators decided to create a derivative cryptocurrency-focused subreddit.

A crypto forum has been created

The new subreddit is called / r / WallStreetBetsCrypto and will be operated by the same moderators in the same format, according to an announcement released Wednesday.

While / r / WallStreetBets allows members to discuss most types of investing, discussing cryptocurrencies is largely prohibited on the main subreddit. Moderator bawse1 explained that the crypto-focused discussion has been in the works since April, but has not been implemented due to concerns about crypto topics taking full advantage of the forum.

“We’ve always kept crypto out of / r / wallstreetbets because that’s just not the purpose of this community,” he noted.

He later found a way to “allow at least some chat” by only allowing Bitcoin, Ethereum, and Dogecoin conversations. This policy was implemented in April and has been reversed intermittently, leaving members with no reliable way to discuss cryptocurrency.

WallStreetBets remains controversial

WallStreetBetsCrypto gained notoriety earlier this year when members mass sold Gamestop (GME) shares through the Robinhood trading app. The incident led Robinhood to briefly suspend trading. The US government later got involved by holding hearings attended by the CEOs of Reddit and Robinhood.

The January Dogecoin surge was also tangentially linked to / r / WallStreetBets. While the discussion on Dogecoin did not take place on the subreddit, a Twitter user associated with the group was solely responsible for the mass investment in the asset.

The new crypto-focused subreddit is unlikely to have as much of an impact as its parent group anytime soon. While / r / WallStreetBets has 10.8 million readers, / r / WallStreetBetsCrypto has only 13,800 readers.

In addition, an earlier unrelated subroutine called / r / cryptosteetbets has so far attracted 30,000 readers.

Disclaimer: At the time of writing, this author held less than $ 75 worth of Bitcoin, Ethereum, and altcoins.

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