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I'm the second person to ever say
"Based, thanks for exposing him" I'm pretty sure the first guy was a newfag who didn't understand the board. He said it after barneyfag exposed someone for stealth mlp posting and I decided to repost it all over the board. Some Russian guy also came in later and helped spread it.
To me, the meaning of the phrase is sarcastic, as exposing people for pony posting is futile due to the fact that nobody actually cares. By saying "based thanks for exposing him" you are essentially highlighting the absurdly of lee's accusations.
The first dimension of this absurdity is that you are acting like you did not know that the person is stealth mlp posting. This is absurd because any seasoned bant user will recognize that an oddly cropped image is mlp stealth posting , and be aware that the only reason they are doing it is to bait lee into responding. By acting like Lee is doing a good job, you are highlighting the absurdity of somebody trying to hide their mlp posting to save face or not get banned . What goals would such a person even accomplish by stealth posting? There is literally nothing to gain from stealth posting if you are not doing it as bait. Which makes the idea of a stealth poster worrying about being exposed even more ridiculous.
The second dimension of absurdity is that you are acting like Lee is doing the community a service by exposing the pony posters. The act of stealth posting entirely harmless, because nobody except lee actually cares whether or not the op image is derived from a formerly pony image. If lee didn't necrobump them, then the thread would probably just slide to page ten and go away. By acting like the person is doing something dangerous, you are mocking how odd it is to act like posting a cropped image is some despicable and haneos affront to humanity. When it is very benign in reality.
Anyways, I just wanted to share my mind on the subject and now that I'm done doing so, I no longer give a damn.