I always figured people used to term to make fun of all the reps that hit us up on ICQ "hey bro!" trying to peddle their programs and content.
When someone calls you a bro, you feel liked. A warm fuzzy feeling that makes you feel like you're special, though in reality it's just some guy on the internet trying to use you for his own financial reasons.
I think it's labeled bad to be a "bro" because lots of people fall for the facade, kind of like calling someone a "tool".
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