UPDATE: In case you needed any reason to think the wallstreetbets subreddit could get any dumber, this story was apparently the result of a joke. "The Bank of Japan has still not responded to our questions regarding why Japan's yield curve looks like Japan. Find out more at https://discord.gg/wallstreetbets" was what the private community statement said, and now things are back up over on the subreddit. Speculation that Bank of America was suing the mods was the result of a "bofa deez nuts" joke by another mod who obviously has too much time on their hands.
Here's a statement from one of the mods over there u/zjz:
Anyway, hilarious joke, guys...
Things just keep getting weirder for the meme stock revolution as we head into month seven of the movement. Today, the moderators of r/WallStreetBets have set the subreddit private. Users will now require approval to be able to read and participate in the forum. The subreddit had grown to over 10 million members in 2021, but it appears that the community may have finally reached its breaking point.
r/WallStreetBets has made a few very interesting moves in the past few months, the biggest being when the moderators banned the Daily GME Megathread back in April 2021. This was also the day of Keith "TheRoaringKitty" Gill's last YOLO post as u/DeepFuckingValue on the subreddit. Multiple subreddits have been born out of r/WSB's decisions to limit GME, AMC, and crypto conversations. r/Superstonk just topped 500,000 members this week, and there is even a dedicated r/GME subreddit for conversations just dedicated to GameStop.
Today's actions are not entirely surprising, as r/WallStreetBets has been coming to grips with the influx of novice traders and investors since January. The subreddit used to be a place for traders to post options trades that we truly gambles, and has really lost its identity. Making the subreddit private further fractures the meme stock movement across multiple subreddits as well as Twitter. It's worth noting that Keith Gill has not tweeted in over two weeks, so there is a chance that the SEC is involved here. When the mods banned the GME Megathread back in April, they provided an explanation. Today, radio silence...
We reached out to the r/WallStreetBets mod team for a comment, and will update if we hear back. It will be interesting to see how AMC, GME, Dogecoin, and other investments tied to r/WSB will behave in the coming days, but if history is any indication, this will just further anger the masses who are still holding on for the moon.
Captain Business posted a new article, Moderators of r/WallStreetBets set the subreddit private, users now require approval to read
I guess prefacing posts with “this is not investing advice” wasn’t enough?
It’s trash now anyways. Just thousands of posts of “AMC!” or whatever ticker people want to hype.
As in every other trapezoid scheme, it's far far too late to get in on those existing schemes. I mean, the people already in WELCOME your money.