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Robinhood Crypto – Invest in Bitcoin and other cryptocurrencies

crypto.robinhood.com

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Re: Robinhood Crypto – Invest in Bitcoin and other cryptocurrencies

#71

Post by kaycebasques »

dayjah wrote: post #37

As a very happy user of Robinhood financial, this really does look exciting. If you’ve not used robinhood, and have a little interest in investing, I’ve found their simple interface to be very nice to use relative to the more heavy weight options I’ve had experience with (etrade, schwab, fidelity). I didn’t see how their crypto offering would allow me to transfer my wallet from Coinbase to them, do I create a new wal…

The main draw for me is no commission fees on virtually any stock or ETF.

Although I did just try to buy SPXH (S&P500 + Volatility Hedge) and for some mysterious reason it was "not available for trading on Robinhood", even though it's an ETF with a not-miniscule AUM ($50M). I pinged their support about this, and it took them over a week to get back to me to ask what type of security SPXH is.

Re: Robinhood Crypto – Invest in Bitcoin and other cryptocurrencies

#72

Post by adrr »

pixie_ wrote: post #68
tptacek wrote: post #30

Earlier quoted context omitted.

I put money down on a blackjack table, play a hand, win, and cash out with more money than I put in. How is that not an investment?

When you put money into blackjack you're not buying an asset. A crypto coin is an asset that can be held. Just like a share of a company, or a dollar itself.

I can hold a lottery ticket.

Re: Robinhood Crypto – Invest in Bitcoin and other cryptocurrencies

#73

Post by beeskneecaps »

pixie_ wrote: post #61

Wooo this is awesome! Robinhood gets it :) I already use Robinhood for trading, so this would be a one stop shop. Plus the fact that it integrates with TurboTax means there's zero work to pay taxes on trades. Keeping track of the taxes is my biggest hassle trading crypto. Hey Robinhood if you're reading I'd like BTC, ETH, LTC, XMR, DOGE, XRP, XLM, XEM

GRLC!

Re: Robinhood Crypto – Invest in Bitcoin and other cryptocurrencies

#74

Post by sjbase »

013a wrote: post #17
cwperkins wrote: post #10

Does anyone know what happens in the event that a brokerage like robinhood fails? Are the assets insured by a federal agency or is it wiser to switch my portfolio to another broker?

All of the assets you have in Robinhood aren't actually held by Robinhood; they're held by Apex, which is a huge firm that many companies use. If Robinhood goes down, your assets are still with them and there'd be some reasonable way to transfer them to another brokerage. If Apex goes down, which is vastly more unlikely, Federal SIPC insurance kicks in up to $500,000.

Exactly true for stocks, but I don't think Apex or any equities clearinghouse is clearing cryptocurrencies (exception: clearport for CME futures). So we're left guessing as to whose balance sheet holds the crypto assets.

Re: Robinhood Crypto – Invest in Bitcoin and other cryptocurrencies

#75

Post by AznHisoka »

darawk wrote: post #49
tptacek wrote: post #30

Earlier quoted context omitted.

I put money down on a blackjack table, play a hand, win, and cash out with more money than I put in. How is that not an investment?

A better question might be: How is anything an investment? If the stock market is priced efficiently, it is as much a gamble as Bitcoin. The stock market is of course not perfectly efficient, but it is likely extremely efficient relative to the knowledge of your average retail investor. Which means that buying Bitcoin or other cryptos is no more a gamble than any stock market investment with a similar volatility.

I also think the stock market is not "investing" but think it's safer to invest.

1. There's more government regulation and less manipulation.

2. New money is constantly flowing in, via 401K's and pensions. Most people aren't even aware they're invested in the stock market.

3. The government cares so much about the stock market doing good. Look at how Trump brags about the booming market. If it goes in a funk, the government will think of ways to prop it back up.

That said, without any of those 3 things, stocks are just as a gamble as bitcoin.

People say "past is not a predictor/indicator of the present", yet they love to say "stocks return 7-8% annually, and you should just invest in an index to enjoy such returns". Why? That's such as a huge assumption that everyone takes for granted.

Re: Robinhood Crypto – Invest in Bitcoin and other cryptocurrencies

#77

Post by Ajedi32 »

nxsynonym wrote: post #35
loup-vaillant wrote: post #32

The web page reads: "Invest in Bitcoin & other cryptocurrencies". Can someone change the title to better match the web page? "Crypto" is a bit confusing without "currency".

The domain is crypto.robinhood.com and the website title is "Robinhood Crypto". Title is perfectly accurate.

Just because the title is technically accurate, doesn't mean it's useful. An ideal headline should accurately and succinctly communicate the contents of the page it links to.

Re: Robinhood Crypto – Invest in Bitcoin and other cryptocurrencies

#78

Post by xya3453 »

fortythirteen wrote: post #70
xya3453 wrote: post #54

Earlier quoted context omitted.

Investing connotes some kind of exchange for rights, usually equity. When you invest in say APPL, you are buying a stake of the company. Bitcoin, like the $US or € doesn't make anything. Bitcoin is not an investment, you're just speculating that it's exchange value will rise.

Is buying gold not an investment?

Buying gold to hold and then sell at a higher exchange rate is pure speculation.

Re: Robinhood Crypto – Invest in Bitcoin and other cryptocurrencies

#79

Post by pfista »

IronKettle wrote: post #33

Related, kinda: Robinhood seems to be pulling in a lot of different directions and there's all these "early access" features that never seem to actually, well, launch. I've now signed up for: * Web access (otherwise it's mobile-only) * Options trading * And now, cryptocurrency trading (because why not) and I haven't gotten access to any of them yet, even though Robinhood for web has been in "early access" for quite a…

I’m using web access and it’s great- they just haven’t fully rolled it out yet I suppose.

Re: Robinhood Crypto – Invest in Bitcoin and other cryptocurrencies

#80

Post by kaycebasques »

IronKettle wrote: post #33

Related, kinda: Robinhood seems to be pulling in a lot of different directions and there's all these "early access" features that never seem to actually, well, launch. I've now signed up for: * Web access (otherwise it's mobile-only) * Options trading * And now, cryptocurrency trading (because why not) and I haven't gotten access to any of them yet, even though Robinhood for web has been in "early access" for quite a…

I remember being in a startup that promised features before they could deliver, and how it was a symptom of shoddy business practices in general. So when I consider the fact that I have a decent amount of money tied up in Robinhood, and I see them promising features without delivering, I get uneasy.

Otherwise it's a great product. I'm really only writing this in the hope that a Robinhood person catches eye on this comment and takes it to heart.

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