Robinhood Crypto – Invest in Bitcoin and other cryptocurrencies • Hacker News Board

Re: Robinhood Crypto – Invest in Bitcoin and other cryptocurrencies

#61

Post by pixie_ » Thu, Jan 25, 2018, 4:55 PM UTC

Wooo this is awesome! Robinhood gets it :) I already use Robinhood for trading, so this would be a one stop shop. Plus the fact that it integrates with TurboTax means there's zero work to pay taxes on trades. Keeping track of the taxes is my biggest hassle trading crypto.

Hey Robinhood if you're reading I'd like

BTC, ETH, LTC, XMR, DOGE, XRP, XLM, XEM

Re: Robinhood Crypto – Invest in Bitcoin and other cryptocurrencies

#62

Post by lettergram » Thu, Jan 25, 2018, 4:55 PM UTC

googletazer wrote: post #51

lettergram wrote: post #44

Earlier quoted context omitted.

Use the code: pigletbeta3 for 6 months free access, provided you give feedback at least once a month. It doesn't have that same issue you describe.

Cool, I'll check it out

Note: It is in Beta, and we have limited data. Thus, expect a work in progress.

Right now we need funds to continue development and add more data. So we will be charging if you don't provide feedback - so please help us improve! :)

Re: Robinhood Crypto – Invest in Bitcoin and other cryptocurrencies

#63

Post by frgtpsswrdlame » Thu, Jan 25, 2018, 4:56 PM UTC

darawk wrote: post #49

tptacek wrote: post #30

Earlier quoted context omitted.

I put money down on a blackjack table, play a hand, win, and cash out with more money than I put in. How is that not an investment?

A better question might be: How is anything an investment? If the stock market is priced efficiently, it is as much a gamble as Bitcoin. The stock market is of course not perfectly efficient, but it is likely extremely efficient relative to the knowledge of your average retail investor. Which means that buying Bitcoin or other cryptos is no more a gamble than any stock market investment with a similar volatility.

>If the stock market is priced efficiently, it is as much a gamble as Bitcoin.

Well... we're just shoving a poor definition of investment off onto a poor definition of gamble. If potential drawdown could be considered part of the risk of 'investing' )or 'gambling') then Bitcoin is definitely more of a gamble.

Re: Robinhood Crypto – Invest in Bitcoin and other cryptocurrencies

#64

Post by SteveGregory » Thu, Jan 25, 2018, 4:56 PM UTC

I think the feature makes lots of sense for Robinhood from a business perspective, but I cannot see the majority of Robinhood users fully understanding the risks of buying cryptocurrencies as an investment. It feels similar penny stocks and late-90s tech IPOs in that the price is driven primarily by uncertainty/unknowability in outcome and hype from recent returns.

Also I'm curious if Robinhood Gold (Robinhood's version of margin accounts) will work here, letting people easily borrow money to buy cryptocurrencies. This seems particularly dangerous for a product targeting small/layman investor.

Re: Robinhood Crypto – Invest in Bitcoin and other cryptocurrencies

#65

Post by kaycebasques » Thu, Jan 25, 2018, 4:56 PM UTC

(Pure speculation warning) I was wondering why they were taking so long to put out their options trading and web UI. I wonder if this had something to do with it.

Re: Robinhood Crypto – Invest in Bitcoin and other cryptocurrencies

#66

Post by clarkmoody » Thu, Jan 25, 2018, 4:56 PM UTC

tptacek wrote: post #30

DerfNet wrote: post #27

Earlier quoted context omitted.

I buy bitcoin, it changes in value, I cash out, I now have a different amount of money than I put in. How is that not an investment?

I put money down on a blackjack table, play a hand, win, and cash out with more money than I put in. How is that not an investment?

In gambling, you stand to lose your entire stake if luck is against you.

In (spot) market movements, your value goes down as the market declines, but you don't stand to lose everything in a moment.

Re: Robinhood Crypto – Invest in Bitcoin and other cryptocurrencies

#67

Post by sabareesh » Thu, Jan 25, 2018, 4:56 PM UTC

If any one interested in building your trading bot here is open api spec for robinhood. https://github.com/sabareeshkkanan/robinhood

Re: Robinhood Crypto – Invest in Bitcoin and other cryptocurrencies

#68

Post by pixie_ » Thu, Jan 25, 2018, 4:57 PM UTC

tptacek wrote: post #30

DerfNet wrote: post #27

Earlier quoted context omitted.

I buy bitcoin, it changes in value, I cash out, I now have a different amount of money than I put in. How is that not an investment?

I put money down on a blackjack table, play a hand, win, and cash out with more money than I put in. How is that not an investment?

When you put money into blackjack you're not buying an asset. A crypto coin is an asset that can be held. Just like a share of a company, or a dollar itself.

Re: Robinhood Crypto – Invest in Bitcoin and other cryptocurrencies

#69

Post by sabareesh » Thu, Jan 25, 2018, 4:57 PM UTC

lettergram wrote: post #6

pdude444 wrote: post #4

This is amazing! I have been following robinhood for years, can’t wait to move my bitcoin away from coinbase

I'd put money on their backend being something such as CoinBase...

I hope not

Re: Robinhood Crypto – Invest in Bitcoin and other cryptocurrencies

#70

Post by fortythirteen » Thu, Jan 25, 2018, 4:59 PM UTC

xya3453 wrote: post #54

DerfNet wrote: post #27

Earlier quoted context omitted.

I buy bitcoin, it changes in value, I cash out, I now have a different amount of money than I put in. How is that not an investment?

Investing connotes some kind of exchange for rights, usually equity. When you invest in say APPL, you are buying a stake of the company. Bitcoin, like the $US or € doesn't make anything. Bitcoin is not an investment, you're just speculating that it's exchange value will rise.

Is buying gold not an investment?