Hacker News Board Hacker News, browsed like a classic message board
Live data from Hacker News

Robinhood is limiting purchases of stocks: AMC, Blackberry, Nokia, and GameStop

twitter.com

Post reply on HN
Print view View original

341–350 of 1001 posts

Re: Robinhood is limiting purchases of stocks: AMC, Blackberry, Nokia, and GameStop

#341

Post by ryanmarsh »

WhompingWindows wrote: post #233
speeder wrote: post #9

This 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…

Violence against whom and how? Do the powers that rule the USA truly fear any commoners? I doubt it, the rich are ensconced in private jets, mansions, posh offices, and do not interact with commoners, nor are they easily targeted due to lack of proximity and knowledge. It's not like the French Revolution, where the mobs knew precisely where the king, queen, and legislature were, and could assail them personally.

You had me, up until "legislature". Recent events seem to indicate the people know precisely where the legislature meets.

Re: Robinhood is limiting purchases of stocks: AMC, Blackberry, Nokia, and GameStop

#343

Post by ceejayoz »

coldcode wrote: post #165
bondarchuk wrote: post #47

Earlier quoted context omitted.

As far as I understand it robinhood makes (most of their?) money from selling their order flow to hedge funds.

Which is not remotely illegal, and most brokers do the same thing, except they used to charge people to buy and sell as well but now just make money from order flow. In fact market makers have always been involved in stock sales to ensure a fluid market; none of this is new. What is new is that buying and selling stocks costs you nothing, so there is no barrier to anyone to put money in or take it out. While everyone…

The theory isn't "it's illegal", the theory is "someone at their main source of revenue might call them up and pressure".

Re: Robinhood is limiting purchases of stocks: AMC, Blackberry, Nokia, and GameStop

#344

Post by netsharc »

listless wrote: post #269
netsharc wrote: post #225

Earlier quoted context omitted.

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 can be outraged without donning a pair of horns and running through the capitol with a stolen lectern. This kind of overcharged rhetoric gets us nowhere when rhetoric is all we have to solve the problem.

My rhetoric? Meanwhile guy I was replying to has made up a story in his mind and is dead fucking sure that's what happened...

Re: Robinhood is limiting purchases of stocks: AMC, Blackberry, Nokia, and GameStop

#345

Post by wavefunction »

ForHackernews wrote: post #35
wavefunction wrote: post #10

"Free marketeers declare markets a little too free for their tastes" I've been really enjoying watching this whole thing pan out but you had to know that the 'professional capitalists' who brought us the economic crisis in 2009 would close ranks and appeal to the SEC to save them from the vicious retail investors. Robin Hood doesn't want to be banished to the proverbial wastelands because their customers are more cle…

I'd argue Robinhood customers are not more clever, but they are more irrational/motivated by non-market goals. Getting absolutely wrecked by irrational market behaviour is a rite of passage for small traders, and it's only fair that some bigger hedge funds should learn that lesson too.

Some of them were sophisticated enough to see the short squeeze opportunity and realized it was possible to exploit it. Melvin Capital kept pouring more good money after bad in a classic and literal sunk-cost fallacy. This is all completely rational behavior by WSB investors, taking advantage of the short squeeze. At a fundamental level GME just got a new activist investor/board member with a history of revitalizing retail operations and turning them around. This would be a rational reason to invest in GameStop at a basic level. This is just the status quo realizing their position can be threatened and the easy money the wealthy have rolling in can be taken by average people acting in concert.

Re: Robinhood is limiting purchases of stocks: AMC, Blackberry, Nokia, and GameStop

#346

Post by jberryman »

thaumaturgy wrote: post #137
speeder wrote: post #9

This 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? I wonder how big the intersection is between people saying this now and people who said that the Black Lives Matter protests were violent (when they largely weren't). > there is the deplatforming going on, people asserted their power financially, and now getting that removed too It's not the same people. I keep seei…

Vague predictions of inevitable violence (never "when we start a civil war", always "when the civil war happens" or "when the shit hits the fan") does seem like a hallmark of the far right, or white grievance.

Re: Robinhood is limiting purchases of stocks: AMC, Blackberry, Nokia, and GameStop

#347

Post by snarf21 »

vincentmarle wrote: post #99
snowwrestler wrote: post #36

Brokers are worried about their legal exposure at this point. They could face lawsuits from investors in Melvin and other hedge funds, who will allege that the brokers knew they were facilitating intentional financial harm. It doesn’t matter if these are likely to fail; they are expensive lawsuits to defend against and therefore may result in settlements. And they could face class action litigation from trial lawyers…

> They could face lawsuits from investors in Melvin and other hedge funds Wait until Robinhood sees the class action lawsuit

Class action lawsuits never tend to work out that well for the little guy. Lawyers get rich and the Goliath pays essentially a fine.

Re: Robinhood is limiting purchases of stocks: AMC, Blackberry, Nokia, and GameStop

#348

Post by cableshaft »

loceng wrote: post #183
speeder wrote: post #9

This 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…

It's also ironic that one of the supposed ethos of Bitcoin is to circumvent these powers that be - meanwhile every time there's an upward surge in pricing Coinbase conveniently isn't accessible which temporarily blocks impulse sellers and stops a rush of the "army of HODLers" from selling. If this behaviour isn't illegal it certainly should be, it's manipulation.

When that happens it's usually at the same time as a huge influx of new users and/or user activity.

I agree it's somewhat suspicious if it happens all the time, like this has happened enough times why haven't you designed your infrastructure to handle surges more gracefully, but for the most part I think it's legit.

If we assume intentional malice every time a website goes down, that's a dangerous precedent for the tech industry.

The corporations I've worked for had nothing to do with finances but managed to have several major outages I've sat in on that have lasted as little as 2 hours and as much as 48 hours. They were pretty much always network or server related, sometimes unrelated to the business entirely (a T1 line got cut accidentally by the city in one case).

Those corporations didn't want to go down, and often lost some serious money as a result. I imagine Coinbase loses out on a good amount of money every time they go down as well.

I also expect it's at least somewhat overreported or only a partial outage as well. One person has an issue and announces it and everyone just repeats it without checking themselves. There was at least two instances when I saw people say Coinbase was down and I tried logging in myself and had no issues.

Re: Robinhood is limiting purchases of stocks: AMC, Blackberry, Nokia, and GameStop

#350

Post by christophilus »

worldmerge wrote: post #285

Anyone have any recommendations on brokers? I would like to move off Robinhood as soon as possible.

Fidelity has been rock solid for me. Great customer service. Relatively terrible UI, but you get used to it.

Edit: Also, their rewards card dumps 2% of your usage into your brokerage. It's a nice combo.

Post reply on HN