r/Wallstreetbets re-bans crypto discussions following Bloomberg article
r/Wallstreetbets, or WSB, a subsite known for hosting the Dogecoin (DOGE) pump and GameStop short squeeze, has imposed a ban on crypto discussion after officially allowing the subject to be discussed for a day.
The moderator of subreddit u/bawse1 announced Thursday that WSB had permanently banned crypto discussions after a Bloomberg article titled WallStreetBets Bows to Crypto. A day earlier, the same moderator officially announced that the subreddit will finally allow discussions about cryptocurrencies strictly limited to Bitcoin (BTC), Ether (ETH) and DOGE. The new position reads as follows:
Thanks to an article written by Bloomberg, which somehow felt like WallStreetBets is bowing to crypto. Discussion of cryptography is prohibited indefinitely. I’ve read a lot of stupid articles on wsb. That’s the icing on the cake. P.S.: As always. Be polite.
Thursday’s update to the WSB rules states that the subreddit will automatically remove content that mentions cryptocurrency with unreadable tags. You may mention this in passing, but posts where the only topic is cryptocurrency or the underlying technology are not allowed. The crypto currency market is generally made up of small accounts and pump and dumps, notes the subreddit’s content guide.
WSB, founded in 2012, is a subreddit where members discuss stock and options trading. The subreddit, which has about 10 million members, became extremely popular this year after r/Wallstreetbets collectively drove up the price of GameStop’s stock from about $20 in early January to more than $340 on the 28th. January.
Although the GME craze has cooled a bit and the stock is trading at $158 at the time of this writing, DOGE has hit new all-time highs several times recently and today hit a new all-time high of $0.29. Altcoin is up over 380% in the past seven days and over 6,000% in the past 12 months.