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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

#701

Post by dahfizz »

ehsankia wrote: post #642
Dem_Boys wrote: post #38

This whole Game Stop situation has made the power of the rich so obvious and disgusting. They temporarily shut down the market, banned the discord server, and are now preventing people from buying stocks on the most popular app used by small time investors. All of these moves hurt the small time investor trying to cash in on the next bitcoin-like bubble. This just creates more division, more disgust, and more of a cl…

Were the market shutdowns manual or automatic handbrakes? I know there are breaks when specific thresholds are hit that are pre-determined.

There are different layers here.

Baked into the exchanges (NYSE, Nasdaq) are circuit breakers which halt all trading on certain volatility conditions. The intent is to stabilize prices. This is not what happened here.

What happened here is a broker (Robinhood) decided to not accept certain kinds of orders. It wasn't a market shutdown, it was a specific manipulation to stop the purchase but _not_ the sale of an instrument, causing the price to drop.

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

#702

Post by xiphias2 »

zarkov99 wrote: post #57

Sure. Robinhood got a call from someone very powerful in their circle, politely asking them to stop the amateur plebes from interfering with their professional market manipulation. We are taking about people commanding titanic amounts of capital and (indirect) regulatory power. Robinhood then had the choice, do we make enemies out of these people or do we just screw, er, I mean protect, our customers? Unburdened by a…

It’s Citadel, they are holding the shorts, and they are the main customer of Robinhood.

I think Citadel is winning this war, but people are moving in masses to Fidelity now that they learned why Robinhood is ,,free’’

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

#703

Post by naebother »

codecamper wrote: post #583

This is exactly what they should have done immediately when these stocks started to make no sense. 150% moves would be maybe a rough estimate. Markets need to be protected from manipulation. Not allowing purchases from robinhood does not punish retail traders more than institutions. There was NO legitimate reason for the price on these stocks. By limiting purchases they are preventing their clients from getting into…

> There was NO legitimate reason for the price on these stocks

Agreed, $TSLA next.

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

#704

Post by headsupftw »

joering2 wrote: post #438
zarkov99 wrote: post #57

Sure. Robinhood got a call from someone very powerful in their circle, politely asking them to stop the amateur plebes from interfering with their professional market manipulation. We are taking about people commanding titanic amounts of capital and (indirect) regulatory power. Robinhood then had the choice, do we make enemies out of these people or do we just screw, er, I mean protect, our customers? Unburdened by a…

Now they made enemies of most of their clients. I bet not more than few weeks before you will see advertising from big shot lawyers on national TV welcoming you into class action lawsuits. Frankly, I am terribly disgusted by this news from Robinhood and I hope they will be sued into eternity... and then hopefully DOJ step in an see what they did was illegal. If you have Robinhood account, write you state AG. Show you…

Speaking of which, https://twitter.com/ljmoynihan/status/1354836830169006081

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

#705

Post by slim »

zarkov99 wrote: post #57

Sure. Robinhood got a call from someone very powerful in their circle, politely asking them to stop the amateur plebes from interfering with their professional market manipulation. We are taking about people commanding titanic amounts of capital and (indirect) regulatory power. Robinhood then had the choice, do we make enemies out of these people or do we just screw, er, I mean protect, our customers? Unburdened by a…

is robinhood a publicly traded company? are there any alternatives?

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

#706

Post by krapp »

djvu9 wrote: post #699

I have to say whoever voted for Biden voted for this. A Trump admin would have done the same but at least we could get some angry journalists yelling at them. See what we get now? A bunch of a* lickers.

>A Trump admin would have done the same but at least we could get some angry journalists yelling at them. See what we get now? A bunch of a* lickers.

But Trump supporters have been telling everyone for years that journalists are all a*lickers for corporations and the left. Why would they suddenly have integrity today if Trump were in office now? Surely they would just toe the line of their corporate masters of find some way to blame Trump for everything, as we're told their extremist left-wing pro Democrat agenda required them to.

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

#708

Post by atwebb »

retube wrote: post #630
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 know there's a lot of conspiracy around wall st screwing over the little guy here, I suspect the truth is more mundane. When the music stops a LOT of people will be left holding the bag and will lose a great deal of money. There are people putting their parents life savings into GME at $300/share. It's insane, and nothing but pure gambling at this point. I suspect regulators are extremely concerned at the risk peop…

While you're right that eventually the music will stop, this thread is about direct intervention. There isn't a way I see that the intervention protects retail at all. By its nature it ensured a full crash and retail didn't see it coming.

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

#709

Post by rirarobo »

paulddraper wrote: post #394
notacoward wrote: post #355

Earlier quoted context omitted.

Please don't use rape as a metaphor.

Why?

Because sexual abuse is a visceral trauma real to many people, by some estimates 1 in 3 women and 1 in 6 men have experienced sexual abuse. Those who have experienced sexual abuse also face higher risks of PTSD, drug abuse, suicide, and many other challenges. They also often never report their abuse, never discuss it with others, and suffer lifelong emotional distress at higher rates than for any other violent crime.

Consequently, sexual violence is not treated lightly in most public discourse. In that sense, it is simply a common courtesy.

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