Transfer Stocks Out of Your Robinhood Account • Hacker News Board

Re: Transfer Stocks Out of Your Robinhood Account

#141

Post by SpicyLemonZest » Fri, Jan 29, 2021, 4:26 AM UTC

nightski wrote: post #117

newacct583 wrote: post #88

Earlier quoted context omitted.

> Hopefully some (many) people will take it to heart that Robinhood users are suckers. While this is all true (and realistically Robinhood has killed their brand and probably won't survive), those same users were also suckers for falling for this ridiculous GME pump. What Robinhood did was absolutely in self-interest, but it was trying to cover up a mess that fundamentally wasn't of its own devising. They were either…

I've been watching the market for years. Pump & dumps happen. They are usually over in a few hours max. Sometimes much quicker. This has been going on for days (the majority of the week) and shows no signs of stopping. In fact tomorrow could be the most volatile day yet. I'm not sure what is making you think all of the RH users were suckers, many of them have made quite a bit off of this. I don't personally use RH cu…

I can't speak for the original commenter, but the completely nonsensical claims I've been constantly seeing over the past few days are what's making me think the bulk of them will end up being suckers.

A friend was telling me a few hours ago that she's exiting once GME hits $5000 - yes, five thousand dollars, I specifically checked that was what she meant. She (and a few other friends who didn't name dollar amounts) have been misled about what a short squeeze is, and believe there's some specific future event called "the short squeeze" where they're guaranteed to make money if they're holding GME when it happens.

Re: Transfer Stocks Out of Your Robinhood Account

#142

Post by MattGaiser » Fri, Jan 29, 2021, 4:26 AM UTC

flyGuyOnTheSly wrote: post #123

I really don't know what all the fuss is about. Robinhood decided to halt trading on a number of stocks due to uncommon volatility, just for a day, so they can assess the matter. [0] And as is common practice in the trading world... when a market is closed, you are still allowed to close your position. Which means that you are allowed to sell, and not buy. (If robinhood allowed for true shorting then people could sti…

Everyone would rather believe that trillions of dollars worth of companies and dozens of government officials are all conspiring because one (not terribly well liked) short seller and his fund exploded.

Re: Transfer Stocks Out of Your Robinhood Account

#143

Post by bo1024 » Fri, Jan 29, 2021, 4:27 AM UTC

nightski wrote: post #117

newacct583 wrote: post #88

Earlier quoted context omitted.

> Hopefully some (many) people will take it to heart that Robinhood users are suckers. While this is all true (and realistically Robinhood has killed their brand and probably won't survive), those same users were also suckers for falling for this ridiculous GME pump. What Robinhood did was absolutely in self-interest, but it was trying to cover up a mess that fundamentally wasn't of its own devising. They were either…

I've been watching the market for years. Pump & dumps happen. They are usually over in a few hours max. Sometimes much quicker. This has been going on for days (the majority of the week) and shows no signs of stopping. In fact tomorrow could be the most volatile day yet. I'm not sure what is making you think all of the RH users were suckers, many of them have made quite a bit off of this. I don't personally use RH cu…

> This has been going on for days (the majority of the week) and shows no signs of stopping.

It seems that the reddit community has been expecting this for quite a while, though maybe they didn't expect it to get noticed outside of wallstreetbets.

15 days ago, with discussion on upcoming gamma squeezes and eventual short squeeze. Price was $20. https://www.reddit.com/r/wallstreetbets/comments/kwb827/gme_...

1 month ago: "shorts are still ~100% short and running out of time" https://www.reddit.com/r/wallstreetbets/comments/kh9na8/gme_...

4 months ago: "bankrupting institutional investors for dummies, ft Gamestop" https://ns.reddit.com/r/wallstreetbets/comments/ivs6dw/bankr...

(added) another from 4 months ago, focusing even more on a short squeeze: https://www.reddit.com/r/wallstreetbets/comments/ip6jnv/the_...

(I just found these via the search function.)

Re: Transfer Stocks Out of Your Robinhood Account

#144

Post by kasey_junk » Fri, Jan 29, 2021, 4:27 AM UTC

teeray wrote: post #133

kasey_junk wrote: post #54

Earlier quoted context omitted.

Should the IB execs & TD Ameritrade execs be charged too? What about APEX clearing which enforced this rule with all of their customers?

Yes. The calculus in their heads that the SEC fines for doing this would be less than their losses from allowing trading to continue needs to die. The penalty for violating the law must always be greater than the consequences of following it.

What law do you suppose was broken?

Re: Transfer Stocks Out of Your Robinhood Account

#145

Post by 8note » Fri, Jan 29, 2021, 4:27 AM UTC

mike00632 wrote: post #91

alasdair_ wrote: post #61

Earlier quoted context omitted.

>After-hours is a bad indicator. I'd be happy to bet you that it's a better indicator of actual price than the close. $100 to a charity of the loser's choice that GME will open closer to $314 than $194?

Why not just donate your bet money to the people who inevitably lose money holding GameStop stock?

You could instead invest in GME yourself?

Re: Transfer Stocks Out of Your Robinhood Account

#146

Post by fairity » Fri, Jan 29, 2021, 4:28 AM UTC

Why is Robinhood getting singled out when six brokerages implemented the exact same trade restrictions?

Re: Transfer Stocks Out of Your Robinhood Account

#147

Post by 8note » Fri, Jan 29, 2021, 4:28 AM UTC

optimalsolver wrote: post #3

The fact that so many of these bandwagoners didn't understand what a margin call is demonstrates that Robinhood was right to save them from themselves.

How many of those Robin hood margin calls were on people waiting for their deposit to go through though?

Re: Transfer Stocks Out of Your Robinhood Account

#148

Post by newacct583 » Fri, Jan 29, 2021, 4:29 AM UTC

nightski wrote: post #117

newacct583 wrote: post #88

Earlier quoted context omitted.

> Hopefully some (many) people will take it to heart that Robinhood users are suckers. While this is all true (and realistically Robinhood has killed their brand and probably won't survive), those same users were also suckers for falling for this ridiculous GME pump. What Robinhood did was absolutely in self-interest, but it was trying to cover up a mess that fundamentally wasn't of its own devising. They were either…

I've been watching the market for years. Pump & dumps happen. They are usually over in a few hours max. Sometimes much quicker. This has been going on for days (the majority of the week) and shows no signs of stopping. In fact tomorrow could be the most volatile day yet. I'm not sure what is making you think all of the RH users were suckers, many of them have made quite a bit off of this. I don't personally use RH cu…

> I'm not sure what is making you think all of the RH users were suckers, many of them have made quite a bit off of this.

The stock is still up like 250%. By definition, far more of them are still in their positions than out. You only "make" money when you sell.

Re: Transfer Stocks Out of Your Robinhood Account

#149

Post by grecy » Fri, Jan 29, 2021, 4:29 AM UTC

ogre_codes wrote: post #128

lettergram wrote: post #119

Earlier quoted context omitted.

They aren't in it for the money exactly... https://www.reddit.com/r/wallstreetbets/comments/l6omry/an_o... Further, at the moment there are still 62m outstanding short positions (with 71m yesterday). However, there was only 50m (likely revolving) trading volume today on GME. Honestly, it looks like the redditors are going to successfully cause a squeeze.

The tricky bit is they all need to get out at the right moment or they will be crushed.

What happens if they ALL hold until it's at an astronomical price like $10,000 ?

Re: Transfer Stocks Out of Your Robinhood Account

#150

Post by JMTQp8lwXL » Fri, Jan 29, 2021, 4:29 AM UTC

flyGuyOnTheSly wrote: post #123

I really don't know what all the fuss is about. Robinhood decided to halt trading on a number of stocks due to uncommon volatility, just for a day, so they can assess the matter. [0] And as is common practice in the trading world... when a market is closed, you are still allowed to close your position. Which means that you are allowed to sell, and not buy. (If robinhood allowed for true shorting then people could sti…

Who is supposed to buy the stock if nobody else in the app is allowed to enter positions? It's strictly forcing the transfer of the stock from a retail investor to a market maker. It's the antithesis of a free market where any market participant can act as buyer or seller.

I don't think it implies there's a huge conspiracy, but it does implicate certain bad actors in the financial system. No, not everyone is bad. But the idea of some participants evading the rules is extremely plausible. It's happened in the past (see: 2008 GFC). Saying everyone thinks it's a 'huge conspiracy' is a straw man fallacy of the more legitimate concerns raised today.