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When I go to my About Me text and delete its contents, this following placeholder shows:
Is this intentional or a bug (as suggested by Doorknob)?
It isn't filled in.
It is a placeholder - the moment you put anything in the box, the placeholder is gone.
The grey color is a hint of this.
And the wording is intentional - the idea is to give people an example of what they can and should be putting there.