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Reddit’s WallStreetBets Community Moves Into Crypto

By Crypto BriefingCryptocurrencySep 26, 2021 01:32AM ET
www.investing.com/analysis/reddits-wallstreetbets-community-moves-into-crypto-200603078
Reddit’s WallStreetBets Community Moves Into Crypto
By Crypto Briefing   |  Sep 26, 2021 01:32AM ET
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The moderators of the group have created a spinoff subreddit dedicated to crypto discussion.

Key Takeaways

  • Moderators at /r/WallStreetBets have created a new subreddit dedicated to the discussion of cryptocurrency.
  • Previously, moderators limited cryptocurrency discussion due to concerns that it would consume the entire forum.
  • Reddit's /r/WallStreetBets is controversial due to its role in massive GameStop (NYSE:GME) short selling that took place this year.

Moderators at Reddit’s /r/WallStreetBets community have decided to create a spinoff subreddit focusing on cryptocurrency.

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 published on Wednesday.

Though /r/WallStreetBets allows members to discuss most types of investment, cryptocurrency discussions are largely prohibited on the main subreddit. Moderator bawse1 explained that crypto-focused discussion has been considered since April, but was not implemented due to concerns about crypto topics taking over the forum entirely.

“We always kept crypto out of /r/wallstreetbets because it just isn’t what this community is about,” he noted.

Later, he found a way “to allow at least some discussion” by allowing only Bitcoin, Ethereum, and Dogecoin conversations. That policy was implemented in April and was intermittently reversed, leaving members with no reliable way to discuss cryptocurrency.

WallStreetBets Remains Controversial

WallStreetBetsCrypto gained notoriety earlier this year when members shorted GameStop stock (GME) en masse via Robinhood’s trading app. The incident led Robinhood (NASDAQ:HOOD) to briefly suspend trading. Later, the U.S. government became involved as it held hearings attended by the CEOs of Reddit and Robinhood.

January’s Dogecoin surge was tangentially tied to /r/WallStreetBets as well. Though discussion of Dogecoin did not take place on the subreddit, one user on Twitter associated with the group was single-handedly responsible for mass investment in the asset.

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

Furthermore, an earlier unrelated subreddit called /r/cryptosteetbets has attracted 30,000 readers so far.

Original Post

Reddit’s WallStreetBets Community Moves Into Crypto
 

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Reddit’s WallStreetBets Community Moves Into Crypto

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Comments (3)
Brad Eff
Brad Eff Oct 07, 2021 12:06PM ET
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"WallStreetBetsCrypto gained notoriety earlier this year when members shorted GameStop stock (GME) en masse via Robinhood’s trading app." There's a glaring factual misstep in here and I'll leave you to figure it out. (Hint: long)
Reynolds Chen
Reynolds Chen Sep 26, 2021 5:49PM ET
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Well that's not the problem right now, in past few weeks I was on 15% shortage the update was not really clear. I made some good recovery using trading with accurate signals. All thanks Declan Brock.
Mohamed Leanna
Mohamed Leanna Sep 26, 2021 5:49PM ET
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How can one use signal to accumulate more this period what do you recommend?
Reginald Gwendolyn
Reginald Gwendolyn Sep 26, 2021 5:49PM ET
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It has been a devastated moment with my portfolio. what can I do to profits this period.
Torres Kirsten
Torres Kirsten Sep 26, 2021 5:49PM ET
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I just send him a detailed message regarding my experience on how to trade better
China Joe
ChinaJoe Sep 26, 2021 9:21AM ET
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I don't know how you missed the mark so badly but  WallStreetBets members were not shorting GME.  They were attempting to squeeze big time short sellers out of the market by buying GME.  Look it up.
 
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