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

561–570 of 1001 posts

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

#561

Post by zaltekk »

Unfortunately the account deactivation story is quite poor.

Under Settings > Account Information > Deactivate Account you're just sent to a customer service email form. They say it takes 1-3 business days to process.

As a side note, you have to close out all of your positions and transfer out all of your money before you're allowed to close the account. This seems unusual to me from experiences with other brokers.

From my understanding the average retail broker will allow you to transfer you assets out to another brokerage. You can do this as part of closing your account.

While just transferring money out separately and keeping the account open longer isn't a big deal, there's tax and other financial implications to having to close your positions instead of transfer them. You'll have to realize capital gains. You'll also have multiple banking days in which the price could move up while your money is transferred to another brokerage to re-buy the shares.

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

#562

Post by krupan »

ARandumGuy wrote: post #150
JohnJamesRambo wrote: post #66

Earlier quoted context omitted.

Just invest in Bitcoin now, it is going to do the same thing in a few months. And it can’t be censored like this. I admire the gme crowd’s efforts but they are so misguided. Investing in zombie companies we actually hate is pointless. Yes you might bankrupt a hedge fund or two but the system will continue. Bitcoin was created for the disruption to the corrupt financial system that they are seeking.

It may displace the billionaires who run banks, hedge funds, etc... and replace them with billionaires who own huge mining farms. Bitcoin doesn't solve any of our problems. It just shuffles around who's in power.

This is a gross oversimplification of how power to influence fiat and power to influence Bitcoin differ. Do better.

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

#563

Post by avs733 »

Aunche wrote: post #555
zarkov99 wrote: post #57

Sure. Robinhood got a call from someone very powerful in their circle, politely asking them to stop the amateur plebes from interfering with their professional market manipulation. We are taking about people commanding titanic amounts of capital and (indirect) regulatory power. Robinhood then had the choice, do we make enemies out of these people or do we just screw, er, I mean protect, our customers? Unburdened by a…

This narrative doesn't make any sense. Hedge funds aren't a monolithic entity. Some hedge funds lost billions of dollars on shorts. Redditors made millions of dollars. Where do you think the rest of the money went to? That's right, other, more powerful, hedge funds. BlackRock held 9.2 million shares as of a few weeks ago.

not having a RH account, can you trade there on leverage? I imagine if a huge number of retail traders are ending up leveraged to high hell, RH may have ended up in an uncanny financial position because of this.

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

#564

Post by supernovae »

josho wrote: post #457
vergessenmir wrote: post #365

Earlier quoted context omitted.

This is so true. It's all connected. It's probable that Reddit, Discord, RobinHood have all received calls to disrupt retail traders from political players or financial backers. There's no evidence of this, the truth is we'll never know, but how its most obvious reason. If only RobinHood would live up to its namesake. It is alarming that "soft" circuit breakers are being used to target retail traders on exchanges. I…

I look forward to the investigations on market manipulation that RH, Schwann, and TD did by not allowing their customers to trade on that stock. Or is it normal for brokers to independently halt trades on stocks they deem too risky?

I've noticed that EFTs that typically happened in 24 hours all the sudden require nearly a week. Even from places that have auto-drips enabled.

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

#565

Post by the_local_host »

dan-robertson wrote: post #558
Aunche wrote: post #555

Earlier quoted context omitted.

This narrative doesn't make any sense. Hedge funds aren't a monolithic entity. Some hedge funds lost billions of dollars on shorts. Redditors made millions of dollars. Where do you think the rest of the money went to? That's right, other, more powerful, hedge funds. BlackRock held 9.2 million shares as of a few weeks ago.

BlackRock hold everything. It doesn’t really mean anything to say that they hold a lot of shares in some particular company. You might as well have just written “GameStop is a publicly traded US company” and one would deduce that BlackRock owns a lot of shares in it.

BlackRock had 13% of GameStop. That's more consistent with taking a real stake than just happening to own it along with a piece of everything else.

https://www.reuters.com/article/us-blackrock-investment-game...

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

#566

Post by krupan »

thecupisblue wrote: post #101
JohnJamesRambo wrote: post #66

Earlier quoted context omitted.

Just invest in Bitcoin now, it is going to do the same thing in a few months. And it can’t be censored like this. I admire the gme crowd’s efforts but they are so misguided. Investing in zombie companies we actually hate is pointless. Yes you might bankrupt a hedge fund or two but the system will continue. Bitcoin was created for the disruption to the corrupt financial system that they are seeking.

And then the rich noted that, bought mining farms and turned bitcoin into their own playtoy.

How? Do you even understand how Bitcoin works?

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

#567

Post by m4eta »

dan-robertson wrote: post #558
Aunche wrote: post #555

Earlier quoted context omitted.

This narrative doesn't make any sense. Hedge funds aren't a monolithic entity. Some hedge funds lost billions of dollars on shorts. Redditors made millions of dollars. Where do you think the rest of the money went to? That's right, other, more powerful, hedge funds. BlackRock held 9.2 million shares as of a few weeks ago.

BlackRock hold everything. It doesn’t really mean anything to say that they hold a lot of shares in some particular company. You might as well have just written “GameStop is a publicly traded US company” and one would deduce that BlackRock owns a lot of shares in it.

Linkedin is your friend. A lot of top people came from Blackrock. lol.

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

#568

Post by tfehring »

Aunche wrote: post #555
zarkov99 wrote: post #57

Sure. Robinhood got a call from someone very powerful in their circle, politely asking them to stop the amateur plebes from interfering with their professional market manipulation. We are taking about people commanding titanic amounts of capital and (indirect) regulatory power. Robinhood then had the choice, do we make enemies out of these people or do we just screw, er, I mean protect, our customers? Unburdened by a…

This narrative doesn't make any sense. Hedge funds aren't a monolithic entity. Some hedge funds lost billions of dollars on shorts. Redditors made millions of dollars. Where do you think the rest of the money went to? That's right, other, more powerful, hedge funds. BlackRock held 9.2 million shares as of a few weeks ago.

BlackRock isn’t a hedge fund, it’s (primarily) an index provider and just holds stocks including GME on behalf of clients who invest in wide swaths of the market at once. Most of the profit has probably gone to passive investors who own a little bit of GME as part of a diversified portfolio. (I’m pretty sure that group includes me but I’m not even 100% certain of that.)

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

#569

Post by throwaway4good »

I am the only one who finds this understandable?

Sure short selling sounds weird and dodgy. But how is this different from shilling penny stocks in year 2000?

People on Internet forums find stocks that are easy to move for whatever reason; generate hype and price hike and then watch gullable speculators pile in while the core group of manipulators exit their positions.

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

#570

Post by MrMan »

joering2 wrote: post #438
zarkov99 wrote: post #57

Sure. Robinhood got a call from someone very powerful in their circle, politely asking them to stop the amateur plebes from interfering with their professional market manipulation. We are taking about people commanding titanic amounts of capital and (indirect) regulatory power. Robinhood then had the choice, do we make enemies out of these people or do we just screw, er, I mean protect, our customers? Unburdened by a…

Now they made enemies of most of their clients. I bet not more than few weeks before you will see advertising from big shot lawyers on national TV welcoming you into class action lawsuits. Frankly, I am terribly disgusted by this news from Robinhood and I hope they will be sued into eternity... and then hopefully DOJ step in an see what they did was illegal. If you have Robinhood account, write you state AG. Show you…

there are lots of other ways to trade stocks and they will all limit your ability to trade any old thing depending on the state of the market, the state of your balance sheet, the state of their balance sheet. why do you care about one particular crappy retail broker?
Post reply on HN