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What happens if you over leverage and end up owing your broker after a bad trade and you can't pay it back..
Example: https://markets.businessinsider.com/commodities/news/oil-tra...
As the saying goes: If you owe the bank $100 that's your problem. If you owe the bank $100 million, that's the bank's problem.
Earlier quoted context omitted.
Where’s the source to that?
It's a pretty well known Robinhood "glitch" at this point. Has to do with how they handle assigned/exercised legs of option spreads. Example: https://old.reddit.com/r/wallstreetbets/comments/aohvow/hi_t...
That SubReddit glorifies playing fast and loose with silly bets.
A while ago I got a recruiting email from somebody at Robinhood. In it, they listed the number of times their average user interacts with the app daily and framed the high number as something to be proud of. For a lot of services, this is a neutral (or even good) metric. But for an investing platform, encouraging people to interact more is a fabulous method of turning it into gambling and causing people to blow a hug…
My friend Andy Ettelson took his own life; his girlfriend had recently broken up with him. Those who didn't know him might assume that his suicide was due to heartbreak, but those close to him knew that his 25-year struggle with his bipolar condition was the more likely culprit. He refused to stay on his meds.
When a mutual friend called me to let me know that Andy was dead, he said, "you may wonder why I sound so emotionless. Let me tell you why: I had been expecting the call for years, so when Andy's father called me, I knew right away what happened."
Is it a fair question to ask if one should be allowed to manage 700k via a mobile app? You can’t even have more than 250k in a bank that’s FDIC insured. Most of our most effective safeguards in life is to straight up take away even the possibility of fucking up. It doesn’t sound like Robinhood wants to take on any ethical responsibility when things are put in those terms.
What's the difference between a mobile app vs any other interface other than convenience? Should I be required to talk to a financial advisor before managing my own freaking money that I earned? While we're at it why don't we make Amazon track user bank accounts so they can decide what you can and can't afford and stop you before you buy that $10,000 TV when you still have credit card debt? Not saying there should be…
When dealing with potentially addictive behaviors with their associated dopamine hit, interface and immediacy matters. This is why there are a lot more heavy cigarette users than cigar users and tobacco pipe users. For cigarettes, being able to have 20 cigarettes with you all the time in your shirt pocket makes it easy to indulge whenever the urge hits you. On the other hand, having to prep a pipe for tobacco gives the person time to think.
I think this is similar to stock trading. If you are addicted to stock trading, being able to whip out your phone and go to the app with FaceID in a few seconds is going to lead to a lot more impulsive behavior than if you had to go to your desktop/laptop and go to the site.
A while ago I got a recruiting email from somebody at Robinhood. In it, they listed the number of times their average user interacts with the app daily and framed the high number as something to be proud of. For a lot of services, this is a neutral (or even good) metric. But for an investing platform, encouraging people to interact more is a fabulous method of turning it into gambling and causing people to blow a hug…
So it's Robinhood's fault somehow?? Holee fuk. This is why we can't have nice things.
I see this as roughly equivalent. IMO, Robinhood is being socially irresponsible if they are making design choices intended to increase engagement.
Earlier quoted context omitted.
So it's Robinhood's fault somehow?? Holee fuk. This is why we can't have nice things.
Is heightened clickbait and outrage porn Facebook's fault? I see this as roughly equivalent. IMO, Robinhood is being socially irresponsible if they are making design choices intended to increase engagement.
That's not the same, and NO they are not 'socially responsible' you know how many times that happened at NYSE?
Look it's easy, don't work/play with money you cannot effort to loose, never think more than 10% profit is normal because your a genius, and never ever listen to others.
Is it a fair question to ask if one should be allowed to manage 700k via a mobile app? You can’t even have more than 250k in a bank that’s FDIC insured. Most of our most effective safeguards in life is to straight up take away even the possibility of fucking up. It doesn’t sound like Robinhood wants to take on any ethical responsibility when things are put in those terms.
You can have more than 250k, it's just the amount over 250k won't be FDIC-insured. There is no law or rule saying you can't have more than 250k in a single bank account.
Earlier quoted context omitted.
Where’s the source to that?
It's a pretty well known Robinhood "glitch" at this point. Has to do with how they handle assigned/exercised legs of option spreads. Example: https://old.reddit.com/r/wallstreetbets/comments/aohvow/hi_t...