Wasn't there a crypto robinhood called cobinhood already?
Robinhood Crypto – Invest in Bitcoin and other cryptocurrencies
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Re: Robinhood Crypto – Invest in Bitcoin and other cryptocurrencies
#12If anyone is interested, my company is working on an investment advisor for cryptocurrencies (and stocks):
It works very well for short-term trading on cryptocurrencies, still waiting to release the longer term strategy (buy and hold is honestly a great choice). We've just started revewing some of the results (since we launched last week), and we're already up stagaring amounts:
https://blog.projectpiglet.com/2018/01/30-weekly-returns-usi...
Not to say it'll always be that way...
Re: Robinhood Crypto – Invest in Bitcoin and other cryptocurrencies
#13Is there a UK equivalent for Robinhood? Would be extremely keen to give it a go.
Re: Robinhood Crypto – Invest in Bitcoin and other cryptocurrencies
#14Buy incrementally, hold. If all markets are tanking, cash to USD, wait for the blood bath to be over. Otherwise you are gambling.
Accessible crypto is going to be a disaster simply because of unregulated markets. My friends get shakey when they lose $100 in the market, this is going to be "Weak Hands: The App". Or "Taking Candy From A Baby: The App".
I had to lose ~$200k over the course of a couple months and only after then I started really getting into the swing of things and started making good money while also making it back. It took all that to realize that if I didn't day trade my yields would have been much much higher. Day trading is hard, don't do it unless you really truly know what you're doing. Reading crap about market psychology and fractals and fibonacci this and wave theory that is all trash and does not make you a trader.
Here come the 'I lost my life savings' rants by people with weak hands. Regular people + unregulated market = blood bath.
Re: Robinhood Crypto – Invest in Bitcoin and other cryptocurrencies
#15I wonder what the thinking behind the name is. It seems like a bad idea to entrust your money to a startup that is named for someone who's famous for "stealing from the rich".
If you have any branding ideas for "stealing from the poor" that will get those poor to use it, I'm all ears.
Cash4Gold?
Re: Robinhood Crypto – Invest in Bitcoin and other cryptocurrencies
#16Does anyone know what happens in the event that a brokerage like robinhood fails? Are the assets insured by a federal agency or is it wiser to switch my portfolio to another broker?
Read the small print at the bottom of the page?
> Robinhood Financial is a member of the Financial Industry Regulatory Authority (FINRA) and the Securities Investor Protection Corporation (SIPC) ...
> Robinhood Crypto is not a member of FINRA or SIPC. Cryptocurrencies are not stocks and your cryptocurrency investments are not protected by either FDIC or SIPC insurance.
Re: Robinhood Crypto – Invest in Bitcoin and other cryptocurrencies
#17Does anyone know what happens in the event that a brokerage like robinhood fails? Are the assets insured by a federal agency or is it wiser to switch my portfolio to another broker?
All of the assets you have in Robinhood aren't actually held by Robinhood; they're held by Apex, which is a huge firm that many companies use. If Robinhood goes down, your assets are still with them and there'd be some reasonable way to transfer them to another brokerage.
If Apex goes down, which is vastly more unlikely, Federal SIPC insurance kicks in up to $500,000.
Re: Robinhood Crypto – Invest in Bitcoin and other cryptocurrencies
#18Buy incrementally, hold. If all markets are tanking, cash to USD, wait for the blood bath to be over. Otherwise you are gambling. Accessible crypto is going to be a disaster simply because of unregulated markets. My friends get shakey when they lose $100 in the market, this is going to be "Weak Hands: The App". Or "Taking Candy From A Baby: The App". I had to lose ~$200k over the course of a couple months and only af…
> If all markets are tanking, cash to USD
Might not always be possible if the exchange closes, has liquidity issues, etc.
It is certainly not advisable to expect to get any of your money back from a crypto exchange. Play with what you’re willing to lose.
Re: Robinhood Crypto – Invest in Bitcoin and other cryptocurrencies
#19I wonder what the thinking behind the name is. It seems like a bad idea to entrust your money to a startup that is named for someone who's famous for "stealing from the rich".
If you have any branding ideas for "stealing from the poor" that will get those poor to use it, I'm all ears.
I think something that rhymes with "Bells Largo" would be a good place to start!
Or if you're going for the sweet investor moneydrop, go for something like "Sharing Economy". That says "We steal from the poor and give to the rich" like no other!
Re: Robinhood Crypto – Invest in Bitcoin and other cryptocurrencies
#20Does anyone know what happens in the event that a brokerage like robinhood fails? Are the assets insured by a federal agency or is it wiser to switch my portfolio to another broker?
According to all that light print at the bottom of the website, up to $500K in securities are protected... and all your crypto belongs to whoever manages to grab it, sue all you like afterwards.