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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

#421

Post by layoutIfNeeded »

drewcon wrote: post #408

Trading stocks is not the 1st amendment where we basically say we don’t really care about the outcome of your speech (as an individual). Say what you want even if its dumb and hurts you. With capital markets...there absolutely is a goal, and it’s not speculation/gambling. The goal is to have a place where corporations can raise capital and investors can hold them accountable for how they return value to them...and th…

>it’s not speculation/gambling

What is short selling if not speculation? It's speculating that an asset will be worth less than it is now.

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

#422

Post by gdubs »

Zooming out above the vitriol, a few thoughts:

1) There’s a deep irony in calling yourself Robinhood - literally a guy who stole from the rich to pay the poor - and taking a move like this.

2) The 2008 financial crisis continues to have deep reverberations and has played a role in a lot of the upheaval over the past decade.

3) The Medium is the Message. This one probably deserves an essay, but if McCluhan were alive today he’d probably say that what’s really happening is society is getting buffeted against the waves of new mediums.

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

#423

Post by dataminer »

One of the things people don't realize is that all these short squeezed companies get put into a very hard position. CEOs at these companies don't want a situation like this, as it damages the company's reputation, CEO of Tilray has talked about it when Tilray got squeezed for two months.

He said something interesting “My advice to those CEOs would be that, at times like this, your company is not your stock and your stock is not your company”.

Another things we need to realize is that there are people who will be losing their life savings or getting into debt. It doesn't matter if someone with high networth loses 1% of their wealth, but it does matter if someone in middle class loses 100% of their savings or worse bought these stocks with debt and now need to pay high interest on the losses. There have been painful situations where losses like these have caused people to have heart attacks, mental health issues and suicide.

Brokers, apps, platforms don't want their names associated with such painful situations.

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

#424

Post by [deleted] »

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…

[deleted]

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

#427

Post by dixego »

drewcon wrote: post #408

Trading stocks is not the 1st amendment where we basically say we don’t really care about the outcome of your speech (as an individual). Say what you want even if its dumb and hurts you. With capital markets...there absolutely is a goal, and it’s not speculation/gambling. The goal is to have a place where corporations can raise capital and investors can hold them accountable for how they return value to them...and th…

Perhaps this is proof regulations on the market should be stricter, then. After all, if a bunch of barely coordinated randos on the internet can do this through the power of 'meme magic', imagine what people with real resources and power and influence could do.

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

#428

Post by paganel »

TheRealDunkirk wrote: post #87
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? 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.

> be painted as trying to "incite" violence,

They're using the "terrorist" word already in many cases.

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

#429

Post by nrmitchi »

wyldfire wrote: post #26

Can someone help me understand Robinhood's POV? This just seems so outrageous that there must be some sane rationale that I'm not seeing. Why do Robinhood, Reddit, Discord, etc feel like they have to respond to this? Whether the investments being made are responsible or not, it doesn't seem like it should be their place to intervene. If the hedge funds over-shorted GME and WSB recognized that and traded against that…

I'm just guessing here, but another thought is that since Robinhood apparently want to IPO in the near-mid term future, they would rather take the “bad press” now, than take it in a month when it’s “Gambling allowed on Robinhood ruins lives as Robinhood makes record profit”

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

#430

Post by luxuryballs »

snakeboy wrote: post #226
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…

I think it's important to put this in the context of many other related issues/pressures: * Increasing wealth inequality for several decades now * older generations holding onto more wealth and power in society than ever before - with a large share of their wealth in the stock market * Wall Street is seen as entirely unaccountable due to 2008 bailout * Pandemic this year has basically been a huge wealth transfer from…

Game, stop.
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