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(adj) a word used to describe or comment on a controversial opinion or idea that you RESPECT, not necessarily one that you AGREE WITH.

The word is common among Reddit users, especially those in r/PoliticalCompassMemes or similar subreddits, although it is often used incorrectly.
Friend: Look at this cool America #1 T-shirt I just bought!

Me: Made in China?

Friend: ...
Me: Based

Friend: F*cked up opinion
Me who doesn't know the actual meaning of based: Oh wow this is so based! I completely agree with this so it is based! Never have I witnessed a more based statement in my life! This totally sums me up! Based based based!
Based by Erik42069 October 10, 2021
Based
That’s based
Based by Donald Duckinson December 1, 2020
Short for "debased," referring to a concept, object, practice or ideology that has been stripped of its intrinsic significance by association with and absorbption into the mass cultural continuum. Used meta-ironically, given that the word is itself a slang contraction and represents the debasement it seeks to impartially describe.
"Dude, I think that Nietzsche might be my favourite philosopher."
"That's based, bro."
based by MajorMushroom August 19, 2018
The cringiest term in the English language. Originally meaning positive affirmation of a statement, its connotation has been eroded by dude bros and cuckflakes using it amongst themselves to denote what they agree with so they can pat each other on the back.

It now simply denotes those who effectively ruined the word and destroyed its meaning.
Those based dude bros are so clueless.
Based by Viroodiem January 20, 2022
The opposite of 'woke'
Dave is so based. Unlike Aaron, he doesn't form his opinions around what is considered most politically correct by others or according to how many perceived victims he appears to care about.
Based by Reckit January 13, 2021