It’s not a hoax, President Obama really did do an AMA on Reddit yesterday. It was Reddit’s biggest day, traffic-wise, ever and caused lots of folks to not be able to access the site (myself included).
AMA stands for “Ask Me Anything” and is conducted live, with members (AKA Redditors) asking questions and the subject answering them. So while you can’t ask any questions now, you can still visit the site and read the exchange.
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