When retail in traders en masse decide that a trading platform is impinging upon their rights, the SEC should be obligated to open an investigation. Isn't this pretty much a major component of their intended purpose?
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Robinhood now has a 1-Star rating on the Google Play Store
431–440 of 547 posts
Re: Robinhood now has a 1-Star rating on the Google Play Store
#432Earlier quoted context omitted.
This will probably be my least popular post ever, but the explanation needs to get out there for why Robinhood stopped trading on GME. Selling a stock short is NOT illegal. It is a perfectly valid type of investment according to the SEC: “D. Are short sales legal? Although the vast majority of short sales are legal, abusive short sale practices are illegal. For example, it is prohibited for any person to engage in a…
um, buying stocks is not a scheme to manipulate the price. However disabling purchases of a stock for millions of users does artificially suppress demand. Also robinhood doesn't allow selling naked options so that entire point of yours is moot.
Interactive Brokers does allow naked selling of options, and also shut down trading probably for similar reasons. Robinhood could lose money in any number of ways if a stock gaps and some of it's customers go bankrupt.
If you buy or sell stocks with the intent to manipulate the price (either through a pump and dump scheme, or a short squeeze scheme) that is illegal. It doesn't matter whether the action is only buying or only selling. It is the intent.
Re: Robinhood now has a 1-Star rating on the Google Play Store
#433Earlier quoted context omitted.
If you sell it, someone gotta buy it. But buying on RH is blocked. They're just trying to crash the price.
Robinhood is one of many brokers. If you sell GME through RH, the buyer can come from anywhere.
First, RH aren't the only ones blocking GME purchases.
Second, if popular trading platforms artificially block demand, it becomes a self fulfilling prophecy, and the stock is going to plunge by this action alone.
Given Citadel's involvement, this is blatant market manipulation, and I hope people go to prison for this. Ftr, I never traded individual stocks, so I'm not affected, but this is still bullshit.
Re: Robinhood now has a 1-Star rating on the Google Play Store
#434Earlier quoted context omitted.
I have a bit of knowledge from friends who work in fintech, and the sentiment among fintech companies seems to be that SEC doesn't matter. The fine is small and comes way too late. You can simply account for an approximate future fine and move forward with your shady business.
This will probably be my least popular post ever, but the explanation needs to get out there for why Robinhood stopped trading on GME. Selling a stock short is NOT illegal. It is a perfectly valid type of investment according to the SEC: “D. Are short sales legal? Although the vast majority of short sales are legal, abusive short sale practices are illegal. For example, it is prohibited for any person to engage in a…
Robinhood stopped people from purchasing a stock without margin, so I don't buy your second reason.
Re: Robinhood now has a 1-Star rating on the Google Play Store
#435Earlier quoted context omitted.
This will probably be my least popular post ever, but the explanation needs to get out there for why Robinhood stopped trading on GME. Selling a stock short is NOT illegal. It is a perfectly valid type of investment according to the SEC: “D. Are short sales legal? Although the vast majority of short sales are legal, abusive short sale practices are illegal. For example, it is prohibited for any person to engage in a…
Well I think probably most of the people on wsb have no idea what they're doing, those that trade on margin are extremely reckless and irrational. Having said that I still find absolutely ridiculous and highly corrupt that they solely stopped buy orders. If you stop trading that's reasonable, but to cap this off on one side and allow Wallstreet to make up for losses is unacceptable.
Robinhood's platform was allowing illegal activity - many people had come out publicly [0] saying they were attempting a short squeeze on GME which is illegal. Robinhood is extremely vulnerable to lawsuits for enabling that activity if they did not take action.
0- https://www.reddit.com/r/wallstreetbets/comments/l594yg/gme_...
Re: Robinhood now has a 1-Star rating on the Google Play Store
#436Earlier quoted context omitted.
This will probably be my least popular post ever, but the explanation needs to get out there for why Robinhood stopped trading on GME. Selling a stock short is NOT illegal. It is a perfectly valid type of investment according to the SEC: “D. Are short sales legal? Although the vast majority of short sales are legal, abusive short sale practices are illegal. For example, it is prohibited for any person to engage in a…
Wrong. The bull case was made for GME as far back as late 2019, and it gained momentum this year. Nothing different than Jim Cramer talking up a stock on CNBC every fucking night. Edit: I know this because I watched a youtube video from a popular redditor named deepfuckingvalue a few weeks ago and bought into the thesis fully as a value investment. He goes under the name RoaringKitty on youtube. I lost multiple years…
> Wrong. The bull case was made for GME as far back as late 2019, and it gained momentum this year.
That argument was made last year and early this year. The argument this week has been that the stock price will increase specifically because of a short squeeze, and the popular comment on WSB has been that buying and/or holding GME stock is a rebellious act that will cause that short squeeze to happen.
If deliberately causing a short squeeze constitutes illegal market manipulation, then at least some of the WSB comments advocate for going over that line. On the other hand, the SEC would probably have its hands full linking these comments to actual trades that were meaningful enough to move the stock price -- SEC rules aren't written with a horde of enraged small-dollar investors in mind as the culprits.
Notice that RoaringKitty has taken profits from his GME holdings over the past few weeks, most recently about two days ago, and has not continued buying into the stock.
> I lost multiple years worth of salary this morning when RobinHood decided to stop selling GME.
With all due respect, GME has been a highly speculative play for at least this entire week. It's not a good idea to speculate with money that you can't afford to lose.
Re: Robinhood now has a 1-Star rating on the Google Play Store
#437It has five stars on Apple store, that’s quite a difference
Re: Robinhood now has a 1-Star rating on the Google Play Store
#438I predict Google will whitewash their rating within a month.
what incentive do they have to do that?
https://twitter.com/TheQuartering/status/1354909724869853188
They already have
Re: Robinhood now has a 1-Star rating on the Google Play Store
#439Earlier quoted context omitted.
This will probably be my least popular post ever, but the explanation needs to get out there for why Robinhood stopped trading on GME. Selling a stock short is NOT illegal. It is a perfectly valid type of investment according to the SEC: “D. Are short sales legal? Although the vast majority of short sales are legal, abusive short sale practices are illegal. For example, it is prohibited for any person to engage in a…
Assuming this is all true, it still just feels like they're picking winners, which is probably the thing that's going to matter more than anything else going forward. People can and will point to a laundry list of rules violations by institutional investors (is a 140% short of a stock completely and unambiguously within the rules?) that show the hypocrisy of the little guy getting screwed.
They aren't picking winners, they are avoiding lawsuits for allowing illegal activity on their platform. Short squeezes are illegal. You can see people collaborating all over WSB to create short squeezes, most frequently using the Robinhood app.
https://www.reddit.com/r/wallstreetbets/comments/l594yg/gme_...
Re: Robinhood now has a 1-Star rating on the Google Play Store
#440Earlier quoted context omitted.
I have a bit of knowledge from friends who work in fintech, and the sentiment among fintech companies seems to be that SEC doesn't matter. The fine is small and comes way too late. You can simply account for an approximate future fine and move forward with your shady business.
This will probably be my least popular post ever, but the explanation needs to get out there for why Robinhood stopped trading on GME. Selling a stock short is NOT illegal. It is a perfectly valid type of investment according to the SEC: “D. Are short sales legal? Although the vast majority of short sales are legal, abusive short sale practices are illegal. For example, it is prohibited for any person to engage in a…
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