Online social networks facilitate the diffusion of misinformation. Some theorists construe the problem of misinformation as a problem of knowledge, hence of ignorance. This assumption leads to solutions in which misinformation (false belief) is resisted by good information (true belief). We argue that information is better understood as gossip. We believe that gossip spreads as part of an economy of social capital that has a specific discursive grammar that mimics ordinary human gossip. But there are some critical differences. These differences have immense and divisive social and political effects. If we shift our focus from the truth or falsity of information, and instead focus on the social dynamics of gossip we can more effectively respond to the challenges and dangers of online social networks. Our argument has three parts. (1) We briefly critique epistemological and truth-centered accounts of misinformation. (2) We describe a basic discursive grammar of gossip as a social practice. (3) We, then, match the properties of online information with this discursive grammar of gossip. While gossip has a particular discursive form, its online modes involve a number of unique social features that will have immense and divisive social and political effects. Our goal is not to replace current accounts of information diffusion but to augment these accounts with a descriptive model of gossip. Information diffusion models should be understood as tools with which to explore the sociology of evolving online communities in conjunction with offline communities.