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Robinhood is limiting purchases of stocks: AMC, Blackberry, Nokia, and GameStop

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Re: Robinhood is limiting purchases of stocks: AMC, Blackberry, Nokia, and GameStop

#411

Post by ta302349 »

koheripbal wrote: post #182
TheRealDunkirk wrote: post #87

Earlier quoted context omitted.

> the powers that rule USA don't realize that soon the only tool left to common people is violence? What's even more concerning to me is that, to platforms looking for an excuse, your comment could be painted as trying to "incite" violence, and used as a justification to ban you.

The WSB sub is almost certainly going to get banned by Reddit. Given the track record Reddit has of keeling over to public pressure, there is no way they are going to stand up to the SEC.

What SEC rule is WSB violating? I've seen no evidence yet that there is any sort of pump and dump collusion, the speculative bubble / stick-it-to-the-market-manipulators deal on WallStreetBets seems to be fairly organically driven as many memes are. There's no rules that I can think of against "tulip mania" type speculative bubbles. If there were, a huge amount of people would have been in serious trouble for the 2008 real estate bubble / crash.

To be honest, I think the recent restrictions on trading specific stocks (on Robinhood etc.) is absolutely dumb. Apparently, the sort of crappy market manipulation that led to the 2008 Volkswagen "short squeeze" or the 2010 "flash crash" is absolutely fine because it was driven by traders. But an amateur mob performing the short squeeze must be stopped at all cost? What bullshit. Either the "casino" should be open to all, or rules that apply to the "amateur mob" should apply to the HFT and derivatives market as well.

Re: Robinhood is limiting purchases of stocks: AMC, Blackberry, Nokia, and GameStop

#412

Post by djrogers »

dwpdwpdwpdwpdwp wrote: post #217
speeder wrote: post #9

This sort of stuff will put people more and more on edge, there is the deplatforming going on, people asserted their power financially, and now getting that removed too, the powers that rule USA don't realize that soon the only tool left to common people is violence? Even more with some irresponsible newspapers blaming the whole thing on GamerGate and Alt-Right, effectively pushing away people that previously could b…

This is a twitter post of a screenshot. There's almost no substance here. We don't know why or even if this happened. So the immediate leap to talk of violence as a reaction is incendiary.

It’s happening. You can’t find GME on Robinhood unless it’s in one of your lists, and when you do it says “This stock is not supported in Robinhood”.

There are millions of users of this app, and it’s easy enough to verify - why the skepticism?

Re: Robinhood is limiting purchases of stocks: AMC, Blackberry, Nokia, and GameStop

#413

Post by GVIrish »

kasey_junk wrote: post #289
GVIrish wrote: post #199

Earlier quoted context omitted.

If that were the case then why didn't RH put out a statement saying exactly that? They haven't even put out a tweet.

Why didn’t they tweet a policy decision? One explanation is that this is a systematic behavior, part of their software is seeing market conditions it can’t execute into and hitting this case. If it’s not sustained or is happening only during particular microbook states the best thing to do is let the software behave as designed and let it stabilize.

If it were a case of their software functioning as intended, it would be malpractice to not come out and say that. Right now it looks like they're deliberately manipulating the market to the detriment of their customers. That makes for a humongous blow to trust in their platform and can lose them many, many customers.

Re: Robinhood is limiting purchases of stocks: AMC, Blackberry, Nokia, and GameStop

#414

Post by ucha »

Robinhood sells their order flow to Citadel.

Citadel is financing Melvin Capital's GME short. The financing terms are private but whether they just lent them funds to cover the margin calls or actually hold their short positions until the storm passes for a fee, it is absolutely in their interest to prevent GME from continuing to skyrocket. Drawing a collusion between Citadel and RH isn't that far-fetched but I obviously have no insider knowledge of this.

Most brokerages sell their order flow and Citadel trades 25% of the equities market in the US, from memory. Schwab, which also sells order flow to Citadel, requires 200% margin to go long GME which makes no sense since at most, you can lose 100% of your bet.

This is not what free markets are supposed to be like.

Re: Robinhood is limiting purchases of stocks: AMC, Blackberry, Nokia, and GameStop

#415

Post by csomar »

bko wrote: post #136
speeder wrote: post #9

This sort of stuff will put people more and more on edge, there is the deplatforming going on, people asserted their power financially, and now getting that removed too, the powers that rule USA don't realize that soon the only tool left to common people is violence? Even more with some irresponsible newspapers blaming the whole thing on GamerGate and Alt-Right, effectively pushing away people that previously could b…

> the powers that rule USA don't realize that soon the only tool left to common people is violence? Do you honestly believe this? Somehow we'll go from not being able to buy certain stocks to violence? Banning collecting rain water on your own property didn't do it. Abject failure of politicians keeping drinking water clean didn't do it? Not being able to buy cheese from unpasteurized milk didn't do it. Can't grow a…

I mean it could be not "it" but the "it" that triggers this build-up of tension. People are fed up (and rightly so) of the elite gaming the system.

KYC is fine if you are a multi-millionaire. You just delegate your lawyers and army of accountants to do it. But if you are a small man/company, it's a headache that can drive you out of business.

This financial restrictions has to be stopped. Financial freedom is more important than Freedom of expression.

Re: Robinhood is limiting purchases of stocks: AMC, Blackberry, Nokia, and GameStop

#416

Post by littlecranky67 »

esyir wrote: post #406
TheRealDunkirk wrote: post #87

Earlier quoted context omitted.

> the powers that rule USA don't realize that soon the only tool left to common people is violence? What's even more concerning to me is that, to platforms looking for an excuse, your comment could be painted as trying to "incite" violence, and used as a justification to ban you.

Private platforms, can't do shit about them, yada yada yada. That's bullshit. The principle, and thus the the right to free speech is the fundamental value of a free country. Hiding behind the "they're a private company, they can do what they want" is nonsense when the vast majority of communication flows through them. I'm wondering though what happens if section 230 was modified to only allow for filtering and remov…

IANAL, but common misconception is that a constitution regulates the rights between individuals/citizens of that state. But this is wrong, the constitution regulates the rights of an individual against the state/government. That is, you have the freedom of speech against any government entities and cannot be prosecuted for exercising it. But if you come to my bar/house whatever and I don't like your opinion, I can show you the door and you can't quote the constitution and refuse to leave because you are exercising your rights.

Re: Robinhood is limiting purchases of stocks: AMC, Blackberry, Nokia, and GameStop

#417

Post by Bantros »

Bud wrote: post #202
TheRealDunkirk wrote: post #87

Earlier quoted context omitted.

> the powers that rule USA don't realize that soon the only tool left to common people is violence? What's even more concerning to me is that, to platforms looking for an excuse, your comment could be painted as trying to "incite" violence, and used as a justification to ban you.

There's not any real reason to be concerned about this. Not yet, at least. Furthermore, this comment is offensive. Let's please not pretend that Facebook and Twitter were "looking for an excuse" before deplatforming Trump. They were entirely justified and would have been justified in doing so many years before they eventually did so. Let's also not put the word "incite" in dick quotes barely three weeks after an insu…

Oh no, it's offensive. Get a grip

Re: Robinhood is limiting purchases of stocks: AMC, Blackberry, Nokia, and GameStop

#418

Post by kingnothing »

spamizbad wrote: post #288
bko wrote: post #136

Earlier quoted context omitted.

> the powers that rule USA don't realize that soon the only tool left to common people is violence? Do you honestly believe this? Somehow we'll go from not being able to buy certain stocks to violence? Banning collecting rain water on your own property didn't do it. Abject failure of politicians keeping drinking water clean didn't do it? Not being able to buy cheese from unpasteurized milk didn't do it. Can't grow a…

What nightmare of a HOA do you have that bans rain barrels?

The entire states of Colorado and Utah ban rainwater collection.

Re: Robinhood is limiting purchases of stocks: AMC, Blackberry, Nokia, and GameStop

#419

Post by BunsanSpace »

koheripbal wrote: post #201
kmeisthax wrote: post #175

Earlier quoted context omitted.

If I were running a financial brokerage I'd totally do this, too. It's not a matter of "helping my hedge fund broker friends", it's a matter of "how do we keep the SEC off our backs". Remember: Robinhood is already being charged with securities law violation for giving their customers a raw deal on order execution. We usually don't see distributed market manipulation like this, but I wouldn't be surprised if a shitto…

It's not only that - the current price of AMC, GME, etc... are being manipulated artificially. This is text-book illegal activity. There is no logical derivation of GameStop's financial books that would warrant the kind of stock price it has. It is very very clearly market manipulation, and these exact sorts of manipulations are commonly prosecuted.

What about Tesla? It's incredibly overvalued and in the same boat essentially.

Why is one okay but not the other? Right because rich people with connections are the ones being burnt right now.

Re: Robinhood is limiting purchases of stocks: AMC, Blackberry, Nokia, and GameStop

#420

Post by read_if_gay_ »

sailingparrot wrote: post #267
ceilingcorner wrote: post #46

Earlier quoted context omitted.

It’s a pretty classic tactic in the history of conflict. By pushing your opponent into a tight position, you force him to strike first, thus giving you complete justification in your disproportionate response.

> It’s a pretty classic tactic in the history of conflict Yes when executed by a single coherent entity. This is not it, unless you believe there is a powerful cabal controlling twitter, facebook, robinhood, discord etc. They are all doing it independtly to limit the legal and/or financial risks for themselves. Getting people to "strike first" is not the intent, saving $ is the intent here.

Apple, Amazon and Google killing Parler in lockstep isn't coherent enough for you?
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