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That already exists, but it's only for administrators. It isn't practical to make old revisions public, because sometimes a revision is made to correct a privacy mistake (uploaded sensitive info).
A better option might be to allow posts to be edited up-to 60 minutes, and then not edited beyond that. Long enough to correct type-o's or fix obvious problems.
I go every day to "new posts" function. I use to have 3 or 4 pages of threads with new posts. And many of them I decided not to follow, but now I have to read every day its titles just to ignore. If we could declare a thread ignore list, the new post list would be very reduced (threads not in the ignore list, and new threads), and this is a big amount of time in a year.
BTW I want to say that I find many very good threads and posts in them, but so extense for me, and unfortunately, I have to select and prioritize because of this horrible issue called time (a human figuration, btw).
I can see having a thread be ignored if you have placed the thread starter on ignore. But I don't agree with ignoring other threads in their entirety really. There is already the option to ignore a particular subforum, like if you want to ignore subforums about trading platforms that don't pertain to you, or ignore foreign language threads --- you can already do that today.
Personally I don't use new post at all, I go an subscribe to the threads I want to read and then check my CP daily to make my rounds through the different threads I want to read or comment on.
My two cents is that the 60 minutes would be too tight. I'm not sure what the edit window is now, but I could easily notice or remember an error much later than that.
Bob.
When one door closes, another opens.
-- Cervantes, Don Quixote