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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

#161

Post by clusterfish »

QuesnayJr wrote: post #89
bszupnick wrote: post #38

Earlier quoted context omitted.

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 d…

Melvin could have "gotten out" by selling their position to Citadel for all we know.

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

#162

Post by slg »

tw600040 wrote: post #134
ashtonkem wrote: post #130

Earlier quoted context omitted.

Anti-trust law is a far cleaner way to approach that, with far fewer unintended consequences.

"movement from platforms to protocols" is essentially anti-trust laws codified

Depending on how its done, "movement from platforms to protocols" can also be anarchy codified. Most people don't want that either.

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

#163

Post by echelon »

alangibson wrote: post #80

One of the good things I see coming out of Robinhood blocking trading, Twitter and Reddit booting problematic users, Parler getting vaporized, etc. is a sudden realization amongst people of just how easily major parts of their lives can be instantly turned off by intermediaries. My hope is that this will drive a reformist movement around digital rights (speech, commerce, etc.) As well as a movement from platforms to…

Every time I mention this on Hacker News, I get downvoted by the neoliberal fascists that want to suppress the speech they feel comfortable with silencing.

Free speech is only free if we allow all of it.

Americans have thick skin. It's in our culture. We've accomplished so much in spite of internal disagreement and oppression: voting rights, women's rights, gay marriage (which still isn't enshrined in the constitution -- work to be done!)

Imagine if we froze back in the 50's because we didn't have free speech. Pick any point in the timeline and freeze the American experiment. It will lead to a worse outcome.

I can tolerate some idiots with racist hate flags, Westboro funeral protests, etc. Because the freedom we enjoy is worth so much more than their minor nuisance.

edit: Yep, predictably downvoted. Go move to another country that isn't America so you don't have to listen to people you disagree with.

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

#164

Post by nightowl_games »

ritchiea wrote: post #156
anm89 wrote: post #23

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?

I've been reading WSB since yesterday and while I understand the outrage about blocking trading. They started blocking trading with $GME trading in the $400's, and a slew of redditors on WSB, Discord & Telegram pushing penny stocks. It started out a crusade against the hedge fund shorting $GME and quickly turned into rallying dumb money to pump and dump penny stocks. Looking at the direction things were going it seem…

> Robinhood acted responsibly

No. This is against the Free Market hypothesis. We are supposed to let the Dumb Money get into the market, fail out and learn their lesson.

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

#165

Post by ttt0 »

yuliyp wrote: post #122
Red_Leaves_Flyy wrote: post #92

Earlier quoted context omitted.

So because -company- does illegal thing and people respond by using whatever means they have Google should silence the masses of disaffected users just because some people changed their rating? That is some grade a: "It is difficult to get a man to understand something when his salary depends upon his not understanding it." -Upton Sinclair

A rating is not a thing that an app deserves. It's a datapoint published by an app store to help its users make decisions about which apps to use.

As a user, I'd like to make sure that a trading app won't deny me the opportunity to actually make decent money.

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

#166

Post by theptip »

karlmcguire wrote: post #132
ashtonkem wrote: post #130

Earlier quoted context omitted.

Anti-trust law is a far cleaner way to approach that, with far fewer unintended consequences.

Yea, because that's been working great thus far.

Well no, the US hasn't been enforcing its existing antitrust laws very rigorously, that's the point the GP is making.

E.g. see https://www.antitrustinstitute.org/work-product/antitrust-en...

Rather than proposing a new technological solution to the problem ("platforms to protocols") which may work but is unproven, we could simply restart the use of existing tools that have been proven to work. This has the advantage of being a strategy that can be explained to non-technical folks.

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

#167

Post by jcranmer »

brador wrote: post #30

Could we see a class action? Is there a case?

The case appears to be filed here: https://www.courtlistener.com/docket/50143052/nelson-v-robin...

Scanning the complaint quickly... it's not a strong case. The problem plaintiffs have is that the contract they signed lets Robinhood essentially refuse to trade if it wants to. In order to defeat that, you're going to have to argue that those contract provisions violate federal law and are therefore unenforceable. That's not really want the complaint does. Instead, it seems to argue that Robinhood's error was in failing to allow trades in GME in the first place, not in the reasoning for its failings. (At least they actually allege enough of this to potentially get discovery, which is better than some other complaints I've seen recently).

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

#168

Post by bigmattystyles »

I'm not sure if this is new as of today - but to close (deactivate) your robinhood account, you need

1. No outstanding trades 2. a $0.00 balance 3. Contact support and (optionally?) give a reason

(1) and (2) make sense, but is (3) new?

I wonder if there is a mass exodus - there should be.

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

#169

Post by treeman79 »

alangibson wrote: post #80

One of the good things I see coming out of Robinhood blocking trading, Twitter and Reddit booting problematic users, Parler getting vaporized, etc. is a sudden realization amongst people of just how easily major parts of their lives can be instantly turned off by intermediaries. My hope is that this will drive a reformist movement around digital rights (speech, commerce, etc.) As well as a movement from platforms to…

Maybe make Protecting free speech part our governments highest law.

Maybe we could amend the law. Seriously.

Lots of people love to dump on the constitution as old and not relevant. But it’s meant to restrict government and protect people’s freedom.

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

#170

Post by clusterfish »

Mtinie wrote: post #100
a_t48 wrote: post #19

Earlier quoted context omitted.

Halting buying and selling is even worst - it means that people are locked into owning GME even if it tanks to 0. (someone please correct if wrong) Edit: I know they haven't halted selling, this is directly in response to a part of the parent's comment

Buying was halted. Held shares can still be sold, if you so chose. That’s what I’m seeing in RH when I look at the small amount of Blackberry (BB) shared I own.

If you sell it, someone gotta buy it. But buying on RH is blocked. They're just trying to crash the price.
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