Robinhood is automatically initiating GME sell orders on users' behalf • Hacker News Board

Re: Robinhood is automatically initiating GME sell orders on users' behalf

#311

Post by jsjohnst » Sat, Jan 30, 2021, 5:59 AM UTC

ptd wrote: post #302

jsjohnst wrote: post #297

Earlier quoted context omitted.

> If you don't mind me asking, do you interface with these kind of people? Yes, I do, multiple people in fact (which I refuse to name drop). That’s why I replied to you the way I did in my other sibling comment. Him tweeting it means somebody told him, and likely he trusts that person. Billionaires are humans like anyone else, they sometimes trust the wrong people. They can also fall victim to “hearing what they want…

Thank you for sharing your experience in such a thorough manner. Makes sense to me, and I agree. I was definitely assigning him some kind of value that he may or may not have based on his success. Thanks for pointing out this flaw in my train of thought. Have a wonderful day!

> I was definitely assigning him some kind of value that he may or may not have based on his success.

Which is definitely reasonable, but my point was that doesn’t necessarily lead to the conclusion you assumed. Hope I’ve helped, but either way, have a wonderful day yourself!

Re: Robinhood is automatically initiating GME sell orders on users' behalf

#312

Post by jsjohnst » Sat, Jan 30, 2021, 6:02 AM UTC

ptd wrote: post #303

jsjohnst wrote: post #298

Earlier quoted context omitted.

> Why don't you think they communicate? Probably because it’s the law that there’s barriers put in place, that’s why? Like some communication will inevitably happen, but there are compliance teams who’s job it is to ensure it’s at a minimum.

In my mind I was assuming that there is some communication between the two groups. Not at work, and definitely not where you can be overheard, but it just seems crazy to me that they don’t talk at all. But I’ve never been in a position to actually know, im just assuming.

I’m sure there is some friendly banter, but I also assume they’d not risk it. Compliance in this context would be very invasive to an average person not in the field, like monitoring your communications, social media, call logs, etc, so I’m not sure they’d risk just casual banter of prohibited topics.

Re: Robinhood is automatically initiating GME sell orders on users' behalf

#313

Post by presidentmochi » Sat, Jan 30, 2021, 1:09 PM UTC

Yes I can confirm. Robinhood sold 3 of my GME options as I was selling some of my other positions in order to exercise 3 GME $115C JAN29 for $150 and 6 ACM $7C for ~$5 for me at 2:13pm on 1/29/21.

This was when both stocks were near the lowest point during the day.

I had ~$110,000 total portfolio with many positions holding penny stocks strictly so I would be able to unload in the afternoon. I had been exercising AMC $7C all day and 2 of them were not sold automatically as I had sell limits on them.

Immediately after, both GME and AMC prices went up.

This is criminal on a level I have not seen before. An options contract gives me the right to buy the shares at a certain price and that right was taken away from me.

The total difference in the GME contracts from the point at which they sold mine and the average price all day was about $35k less. This. Is. Criminal and it must be shut down completely.

Re: Robinhood is automatically initiating GME sell orders on users' behalf

#314

Post by ptd » Sat, Jan 30, 2021, 2:16 PM UTC

jsjohnst wrote: post #311

ptd wrote: post #302

Earlier quoted context omitted.

Thank you for sharing your experience in such a thorough manner. Makes sense to me, and I agree. I was definitely assigning him some kind of value that he may or may not have based on his success. Thanks for pointing out this flaw in my train of thought. Have a wonderful day!

> I was definitely assigning him some kind of value that he may or may not have based on his success. Which is definitely reasonable, but my point was that doesn’t necessarily lead to the conclusion you assumed. Hope I’ve helped, but either way, have a wonderful day yourself!

Yep. I’m bagging what you’re raking.

Re: Robinhood is automatically initiating GME sell orders on users' behalf

#315

Post by ric2b » Sun, Jan 31, 2021, 6:41 PM UTC

SamBam wrote: post #140

AnHonestComment wrote: post #111

Earlier quoted context omitted.

A margin call on a stock you halted trading in smells like fraud. It’s like the bank banning selling your home then repossessing it when the value falls. Crooked entirely.

I'm ignorant. In your example, the bank manipulated the housing price and now owns the house, earning them an asset. The the Robinhood example, they (maybe) manipulated the price, and then forced you to sell, so you now have the money. They don't now own the proceeds from the sale (except what you already owed them). These don't seem similar.

If you only look at Robinhood, sure, they're not gaining anything.

But look further up, and you'll see that their main client (~40% of their revenue), Citadel, is looking at major losses if this keeps going.

Re: Robinhood is automatically initiating GME sell orders on users' behalf

#316

Post by dang » Mon, Feb 01, 2021, 10:04 PM UTC

captainarab wrote: post #78

short_sells_poo wrote: post #61

Earlier quoted context omitted.

Do you have any evidence of this or are you just spamming every thread with the same accusations?

also, you're an obvious hedge fund industry shill, see your comment history

Hey, I'm afraid you broke the site guidelines badly and repeatedly. We ban accounts that do that, regardless of how wrong other commenters are or you feel they are.

If you wouldn't mind reviewing https://news.ycombinator.com/newsguidelines.html and sticking to the rules when posting here, we'd be grateful.