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No, the scope is wrong.
Everything that appears in the right hand bar is to do with whatever appears in the main content to the left.
"Mark Everything Read" makes sense on the home page, as "everything" is to the left.
The Following page shows only a subset of things on the site, and some of those things are not even affected by that button (private messages). Which makes it the wrong place to put the button.
The very simple rule: I'll consider things for the right hand bar only when they are related to the left hand content.
i.e. "Would you consider putting a list of people browsing a forum in the right hand bar on a forum page?" Yes, because it relates to that.
i.e. "Would you consider putting a list of prople browsing the forum on the Following page?" No, because it doesn't relate to that.
And before you ask, no I'm not going to make 10 different ways of doing something either. Keeping things super simple is hard, but the benefits in usability are enormous.
@Velocio can we have a "mark everything read" button on the Following page as well as the Forums page?