Moderators at /r/WallStreetBets have created a new subreddit dedicated to the discussion of cryptocurrency. Beforehand, moderators limited cryptocurrency dialogue due to concerns that it might devour your entire discussion board. Reddit’s /r/WallStreetBets is controversial due to its role in the massive GameStop short-selling that took place this year.
Moderators at Reddit’s r/WallStreetBets community have determined 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 identical moderators in the identical format, in response to an announcement published on Wednesday.
Though /r/WallStreetBets allows members to debate 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 issues about crypto topics taking up the forum totally.
“We at all times saved crypto out of /r/wallstreetbets as a result of it simply isn’t what this community is about,” he famous.
Later, he discovered a means “to allow at least some dialogue” by permitting solely Bitcoin, Ethereum, and Dogecoin conversations. That coverage was carried out in April and was intermittently reversed, leaving members with no reliable option 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 to briefly suspend trading. Later, the U.S. government became concerned because it held hearings attended by the CEOs of Reddit and Robinhood.
January’s Dogecoin surge was tangentially tied to /r/WallStreetBets as effectively. Although dialogue of Dogecoin didn’t take place on the subreddit, one user on Twitter associated with the group was single-handedly responsible for mass funding in the asset.
The new crypto-focused subreddit is unlikely to have as much of an effect as its parent group any time soon. Whereas /r/WallStreetBets has 10.8 million readers, /r/WallStreetBetsCrypto has just 13,800 readers.
Moreover, an earlier unrelated subreddit called /r/cryptosteetbets has attracted 30,000 readers thus far.