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1.
the act of reminiscing about a bygone era or way of doing things in a manner that elevates oneself and one's experiences, while denigrating those who take an active part in modern events/trends/etcetera
When older generations call younger generations "lazy", "narcissistic", "entitled", and "disrespectful", while insisting that THEY were never that way when they were young, they're doing little more than wanking nostalgic.

"Everything was so much better when I was young. Kids these days are ruining the world/subculture I grew up in."
"Quit wanking nostalgic. Things were plenty fucked-up back then, too, and you know it."

"Back in my day . . ."
"Ignore Grandpa. He's just wanking nostalgic again."
by bellevoix April 09, 2014