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Over the last decade, GWAS meta-analyses have used a strict P-value threshold of 5 × 10-8 to classify associations as significant. Here, we use our current understanding of frequently studied traits including lipid levels, height, and BMI to revisit this genome-wide significance threshold. We compare the performance of studies using the P = 5 × 10-8 threshold in terms of true and false positive rate to other multiple testing strategies (1) less stringent P-value thresholds, (2) controlling the FDR with the Benjamini-Hochberg and Benjamini-