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Robinhood now has a 1-Star rating on the Google Play Store

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Re: Robinhood now has a 1-Star rating on the Google Play Store

#81

Post by reducesuffering »

Miner49er wrote: post #26
newfeatureok wrote: post #5

I wonder what percentage of Robinhood users hold GME - if it's more than 25% I'd say they're finished. If we assume 25% of users hold GME and 80% of GME holders will not return after this fiasco that's extremely significant IMO. Not to say that they'll cease to exist, but I doubt they'll remain the "#1 trading platform."

According to Motherboard it's more than half. https://twitter.com/motherboard/status/1354798244455395328 EDIT: This is untrue, please refer to jaywalk's reply.

I can say with 99% certainty that they aren't just counting invidual $GME holders, but every one of Robinhood users that holds an ETF (like total US Market) that contains $GME...

So this is really such a bad faith statement from Motherboard, because all of the ETF holders (probably 90% of the "half") can still sell their ETF's and thus their indirect $GME shares...

Re: Robinhood now has a 1-Star rating on the Google Play Store

#83

Post by psychlops »

ArtTimeInvestor wrote: post #3

Just as I was wondering how many retail investors might be involved: https://news.ycombinator.com/item?id=25947674 From the number of Playstore votes it seems quite a few? Will be interesting to see if it stays that way. Or if they can somehow cheat their way out of it and get all recent ratings deleted or something. Any guesses?

Only approved messages are now allowed on the large platforms. I predict they will "correct" the error.

Re: Robinhood now has a 1-Star rating on the Google Play Store

#85

Post by jaywalk »

Miner49er wrote: post #26
newfeatureok wrote: post #5

I wonder what percentage of Robinhood users hold GME - if it's more than 25% I'd say they're finished. If we assume 25% of users hold GME and 80% of GME holders will not return after this fiasco that's extremely significant IMO. Not to say that they'll cease to exist, but I doubt they'll remain the "#1 trading platform."

According to Motherboard it's more than half. https://twitter.com/motherboard/status/1354798244455395328 EDIT: This is untrue, please refer to jaywalk's reply.

Although they've left the tweet up, the article it links to says that this is incorrect: "Correction: An earlier version of this article stated that 56 percent of Robinhood users hold GME stock. This is incorrect, based on a misreading of a statistic on Robinhood. Motherboard regrets the error."

Re: Robinhood now has a 1-Star rating on the Google Play Store

#86

Post by Kranar »

fennecfoxen wrote: post #52
MPSimmons wrote: post #9

Earlier quoted context omitted.

If they keep selling people's stocks without their consent, then yeah, I'm pretty sure it'll stay until RH can buy better reviews. [edit] though there are some reports that the stocks were bought on margin, which makes it more(?) okay, I guess?

> though there are some reports that the stocks were bought on margin, which makes it more(?) okay, I guess? https://cdn.robinhood.com/assets/robinhood/legal/RHS%20Custo... 4. Liquidation. In the event of the death of the Customer, or in the event the margin in any account in which the Customer has an interest shall in either Robinhood’s or the Introducing Broker’s discretion become unsatisfactory to either Robinhood…

A margin call that liquidates a customer is not only perfectly reasonable but responsible on the part of the broker. I would never hold it against Robinhood to liquidate positions or have restrictions on buying/selling stocks where the broker could be at risk.

The problem is that Robinhood is selling positions that are fully covered by their clients as well as prohibiting the buying of shares even when the purchase is 100% covered by the user.

I've been in this industry for 15 years now, including obviously the great recession, the flash crash, brexit, and a host of highly volatile events resulting in massive market swings and this is absolutely unheard of. I've never seen a broker prevent its clients from buying shares or liquidating shares that are fully accounted for and pose no risk to the broker.

Re: Robinhood now has a 1-Star rating on the Google Play Store

#87

Post by Miner49er »

tinyhouse wrote: post #17
ArtTimeInvestor wrote: post #3

Just as I was wondering how many retail investors might be involved: https://news.ycombinator.com/item?id=25947674 From the number of Playstore votes it seems quite a few? Will be interesting to see if it stays that way. Or if they can somehow cheat their way out of it and get all recent ratings deleted or something. Any guesses?

My guess is that Google will get involved. It's not the first time a mob is trying to destroy the rating of an app. But their rating before all of this drama is not going to last; that's for sure.

It's honest reviews though? I had a 5 star rating on the app and loved it. After what they've done today, I am switching brokers, and changed my review to 1 star. I would honestly no longer recommend Robinhood to anyone.

Re: Robinhood now has a 1-Star rating on the Google Play Store

#88

Post by Daniel_sk »

remram wrote: post #43
cromka wrote: post #21

Earlier quoted context omitted.

Why would they? They just need spam protection. If legitimate, independent users vote them down in thousands then why would an app need a protection?

Steam (video game store) has separate "reviews" and "recent reviews" summaries, so you will see something like "reviews: mostly positive, recent reviews: overwhelmingly negative". It is often informative, as updates can make a good game unplayable, riddle it with microtransaction, or servers can go offline.

Google Play also prioritizes the recent reviews, they have much more weight on the overall ranking.

Re: Robinhood now has a 1-Star rating on the Google Play Store

#89

Post by QuesnayJr »

bszupnick wrote: post #38
sneak wrote: post #7

Can someone who knows more about such things than I explain to me why their weird response to the situation (halting buying, but still permitting selling) was deemed by them to be the best of their options (the other two obvious ones being to temporarily stop dealing in those securities entirely (halting buying and selling), or to continue letting people trade them as they had the previous day)? It's confusing to me.…

My understanding is that Robinhood didn't actually block these purchases but rather the service they use to buy/sell stocks blocked it called Citadel So it's not Robinhood, persay, but rather Citadel. Why did Citadel block purchasing of GME stock? Because Citadel just invested 2 billion dollars in Melvin Capital Management; one of the hedge funds that has a lot to lose as long as the GME stocks keep going up.

I think this is possible, but do we know for a fact this is the case? Melvin claims they already got out of the GME trade. They could be lying, but they would open themselves to a lawsuit from investors if they were.

I'm not sure if Citadel can just refuse to purchase GME (RH could just go elsewhere), but maybe they said they wouldn't pay RH anymore for order flow unless they blocked it. But do we know that Citadel did this? I've only heard speculation to that effect.

Re: Robinhood now has a 1-Star rating on the Google Play Store

#90

Post by [deleted] »

Miner49er wrote: post #26
newfeatureok wrote: post #5

I wonder what percentage of Robinhood users hold GME - if it's more than 25% I'd say they're finished. If we assume 25% of users hold GME and 80% of GME holders will not return after this fiasco that's extremely significant IMO. Not to say that they'll cease to exist, but I doubt they'll remain the "#1 trading platform."

According to Motherboard it's more than half. https://twitter.com/motherboard/status/1354798244455395328 EDIT: This is untrue, please refer to jaywalk's reply.

[deleted]
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