It was obvious, the real customer of Robihood are hedge found for their front-running business. They protect interest of hedge founds.
Robinhood is limiting purchases of stocks: AMC, Blackberry, Nokia, and GameStop
241–250 of 1001 posts
Re: Robinhood is limiting purchases of stocks: AMC, Blackberry, Nokia, and GameStop
#242I really don't get why everybody is so upset. The stock market is a private company. If you don't like it just make your own financial system.
/s
Re: Robinhood is limiting purchases of stocks: AMC, Blackberry, Nokia, and GameStop
#243What SEC thinks of this GameStop madness? Is this normal market activity or pump and dump scheme? They only said they are monitoring ongoing market volatility. [1]
I didn't research this whole situation a lot but I know brick and mortar game selling is almost dead and everything moved online especially to Steam which basically has monopoly on digital online video games selling.
I don't agree with Chamath when he said paraphrasing this is the move against financial establishment, this is the result of transparent and open stock market research. For me this is public and collective pump and dump scheme.
The narrative of going against current financial establishment is the same one that motivated criminals and drug sellers to embrace Bitcoin because they thought it was meant to be anonymous and anarchist but in reality it was meant to be everything opposite; to establish decentralized trust, transparency, enable micro transactions and to eradicate fraud and financial mischief.
[1] https://www.sec.gov/news/public-statement/joint-statement-on...
Re: Robinhood is limiting purchases of stocks: AMC, Blackberry, Nokia, and GameStop
#244FWIW, Robinhood posted a statement on their blog[1].
Two snippets:
>In light of recent volatility, we are restricting transactions for certain securities to position closing only, including $AMC, $BB, $BBBY, $EXPR, $GME, $KOSS, $NAKD and $NOK.
Also:
>We fundamentally believe that everyone should have access to financial markets.
Cognitive dissonance to the hilt :)
[1]https://blog.robinhood.com/news/2021/1/28/keeping-customers-...
Re: Robinhood is limiting purchases of stocks: AMC, Blackberry, Nokia, and GameStop
#245What kind of joke brokerage would do this? Closing my account ASAP
Re: Robinhood is limiting purchases of stocks: AMC, Blackberry, Nokia, and GameStop
#246Can someone help me understand Robinhood's POV? This just seems so outrageous that there must be some sane rationale that I'm not seeing. Why do Robinhood, Reddit, Discord, etc feel like they have to respond to this? Whether the investments being made are responsible or not, it doesn't seem like it should be their place to intervene. If the hedge funds over-shorted GME and WSB recognized that and traded against that…
It's one of the things:
1. SEC is protecting the little guy and being paternalistic
2. Institutional collusion
However, 1. could be likely because this GME frenzy is reducing confidence in the overall market. S&P500 lost 100 pts this week. By stifling buys, they
Re: Robinhood is limiting purchases of stocks: AMC, Blackberry, Nokia, and GameStop
#247This sort of stuff will put people more and more on edge, there is the deplatforming going on, people asserted their power financially, and now getting that removed too, the powers that rule USA don't realize that soon the only tool left to common people is violence? Even more with some irresponsible newspapers blaming the whole thing on GamerGate and Alt-Right, effectively pushing away people that previously could b…
> the powers that rule USA don't realize that soon the only tool left to common people is violence? Do you honestly believe this? Somehow we'll go from not being able to buy certain stocks to violence? Banning collecting rain water on your own property didn't do it. Abject failure of politicians keeping drinking water clean didn't do it? Not being able to buy cheese from unpasteurized milk didn't do it. Can't grow a…
> Banning collecting rain water on your own property
What does that refer to?
Re: Robinhood is limiting purchases of stocks: AMC, Blackberry, Nokia, and GameStop
#248Earlier quoted context omitted.
> the powers that rule USA don't realize that soon the only tool left to common people is violence? What's even more concerning to me is that, to platforms looking for an excuse, your comment could be painted as trying to "incite" violence, and used as a justification to ban you.
The WSB sub is almost certainly going to get banned by Reddit. Given the track record Reddit has of keeling over to public pressure, there is no way they are going to stand up to the SEC.
Dogecoin subreddit may get banned too. Saw elsewhere that they're trying to push it to $1 (it's at $0.01 and the push has raised it 72%). Half tempted to drop $1k in it, in a Just-In-Case thing. Supposedly the total volume of Dogecoin is only 128k coins, though that sounds low. If it is that low it explains why the coin is so volatile. My main cryptocurrency positions are Bitcoin and Cardano.
Re: Robinhood is limiting purchases of stocks: AMC, Blackberry, Nokia, and GameStop
#249This is unbelievable. If there ever was a time to be outraged. This is naked corruption as usual hiding under the shabbiest veil of virtue. RobinHood traders can bankrupt and kill themselves, and that is fine, we will continue prodding them to trade more often, but once we get a call from one our hedge fund buddies, moaning about the rubes stopping him from raping another company, we will shut the rabble down.
Ah yes, speculate, and then be outraged from your own unfounded, evidence-less, conclusions... should we storm the Capitol next, because we are dead certain the election was stolen?
You know, one day this sort of thing will happen to you or someone or something you care about, and you will instantly be enlightened on the dangers of unchecked power.
Re: Robinhood is limiting purchases of stocks: AMC, Blackberry, Nokia, and GameStop
#250Earlier quoted context omitted.
I've heard the talk that Robinhood website is an op by a financial fund called Citadel LLC. It may be considered market manipulation on their side well more solidly than some speculation on the internet, not to say a breach of brokerage contractual obligations.
Is that the same Citadel who lent money to Melvin Capital? If so, that's a huge red flag.
Citadel securities is the market maker that pays for order flow, Citadel is the hedge fund that lent 2 billion to melvin capital. Definitely smells like some backroom don't bite the hand that feeds you.