Robinhood is limiting purchases of stocks: AMC, Blackberry, Nokia, and GameStop • Hacker News Board

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

#371

Post by ceilingcorner » Thu, Jan 28, 2021, 3:13 PM UTC

sailingparrot wrote: post #267

ceilingcorner wrote: post #46

Earlier quoted context omitted.

It’s a pretty classic tactic in the history of conflict. By pushing your opponent into a tight position, you force him to strike first, thus giving you complete justification in your disproportionate response.

> It’s a pretty classic tactic in the history of conflict Yes when executed by a single coherent entity. This is not it, unless you believe there is a powerful cabal controlling twitter, facebook, robinhood, discord etc. They are all doing it independtly to limit the legal and/or financial risks for themselves. Getting people to "strike first" is not the intent, saving $ is the intent here.

Doesn’t need to be a grand conspiracy, merely the same reaction by multiple independent entities.

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

#372

Post by axiom92 » Thu, Jan 28, 2021, 3:13 PM UTC

And dogecoins!

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

#373

Post by albedoa » Thu, Jan 28, 2021, 3:13 PM UTC

mFixman wrote: post #111

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…

> some irresponsible newspapers blaming the whole thing on GamerGate and Alt-Right [...] What?

OP might have a few hangups: https://hn.algolia.com/?dateRange=all&page=0&prefix=false&qu...

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

#374

Post by gorgoiler » Thu, Jan 28, 2021, 3:13 PM UTC

WSB reminds me of the heyday of LulzSec. As questionable as LulzSec / anon’s hacking was, it was also exciting to watch in real-time (10 years ago!)

Of course they were caught and of course they turned out to be regular nobodies. Everything is normal and banal in the end.

If WSB doesn’t turn out to be a regular ole pump and dump then I’d be very surprised. The only thing that’s weird about it is that not even the current cohort of pumpers realise that’s what they are doing.

Could it be that the original pumpers have closed out already leaving behind a crowd of meme spewing parrots that collective display malicious sentience while individually being regular joes?

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

#375

Post by lefrenchy » Thu, Jan 28, 2021, 3:14 PM UTC

This whole situation was supposed to be bad because “retail traders would be left holding the bag”. Now Robinhood has intervened, essentially crashing the stock by taking away retail buy pressure, so retail is inevitably left holding the bag.

Meanwhile, Kelly Loeffler and other senators insider traded before the pandemic market crash. Nancy Pelosi holds deep ITM Apple and TSLA calls.

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

#376

Post by nfriedly » Thu, Jan 28, 2021, 3:15 PM UTC

wyldfire wrote: post #26

Can 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…

A charitable guess is that Robinhood is trying to protect their users from buying at the height of this mania.

There are people literally investing their rent money into GME, and it's almost inevitable that the price will come down at some point, the only question is when and how far.

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

#377

Post by cambalache » Thu, Jan 28, 2021, 3:16 PM UTC

gspr wrote: post #212

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…

> 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 Don't compare deplatforming and this. Deplatforming is akin to throwing a customer out of the grocery store for doing nazi salutes in the vegetable aisle. What Robinhood is doing is akin to throwing a customer out of the grocery store because you do…

> Deplatforming is

> throwing a customer out of the grocery store because you don't agree with his choice of vegetables.

There, fixed for you.

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

#378

Post by minkeymaniac » Thu, Jan 28, 2021, 3:16 PM UTC

What they should do if it is indeed to protect the user is have you sign a document. Just like Fidelity does if you want to buy UVXY or the oil short securities

FWIW Fidelity lets you buy GME....

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

#379

Post by jberryman » Thu, Jan 28, 2021, 3:16 PM UTC

krelian wrote: post #323

pdevr wrote: post #244

FWIW, 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…

At least for GME the stock is still rising uncontrollably. If the WSB crowd who mainly uses Robinhood can't buy then who is pushing the price up?

I'm really out of my depth here but my understanding is at a certain point short sellers start getting forced to buy at whatever price, pushing the stock up further?

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

#380

Post by swalsh » Thu, Jan 28, 2021, 3:17 PM UTC

bko wrote: post #136

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? 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…

> Somehow we'll go from not being able to buy certain stocks to violence?

Please read this whole thread (https://old.reddit.com/r/wallstreetbets/comments/l6omry/an_o...)

This isn't about buying stock any more. This has become a battleground. The people in this thread are normal people fighting back for the first time in their lives.