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Robinhood is automatically initiating GME sell orders on users' behalf

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Re: Robinhood is automatically initiating GME sell orders on users' behalf

#81

Post by short_sells_poo »

captainarab wrote: post #74
short_sells_poo wrote: post #61

Earlier quoted context omitted.

Do you have any evidence of this or are you just spamming every thread with the same accusations?

See my response below - do some due diligence on your own part instead of asking people to spoon feed you information, lol

No, you are making bold claims providing no evidence whatsoever. I can also just start spewing unfounded opinions that the illuminati are trying to defraud r/WSB. Everyone can do that.

You are going around parroting the same stuff everywhere and making zero effort to at least provide links to credible sources to support your claim.

I'm not saying you are wrong, I'm saying that if you want people to take you seriously (as opposed to looking like a shill), you have to do more than spam every possible discussion.

Re: Robinhood is automatically initiating GME sell orders on users' behalf

#82

Post by joe_the_user »

captainarab wrote: post #54

This is blatant anti-competitive behavior on the part of Robinhood and Citadel. As i say elsewhere - this margin call was FORCED by RH because they blocked users ability to buy shares as Citadel + others were ladder short selling to artificially lower the stock price of GME, forcing the margin call. This is horrific, criminal, and should be prosecuted. Ultimately, they know that their SEC Fine will be less than the $…

A stock market is a high stakes gambling system. The smart and the powerful win. You'll never limit winners to just the smart. If you someone did for a period of time, those smart people would become powerful and decide to limit other smart people.

But so what if you did allow just smart people win? Most people aren't that smart and you'd wind-up with a fleecing. So making this game fair isn't particularly in the average not-genius-with-nerves-of-steel person's interests. It's more in the average person's interests to have an index-traded-funds go up a reliable amount each year.

Fleecing Reddit geeks isn't fleecing everyone in America.

Edit: My point is - sure it might be against the rules but this affair is between smart speculators and big speculators. Saying it's crime against everyone is ridiculous.

Re: Robinhood is automatically initiating GME sell orders on users' behalf

#83

Post by AngryData »

leesalminen wrote: post #33
detaro wrote: post #27

Earlier quoted context omitted.

Where does tat say "to protect you from yourself"? Reads to me a lot more as "since brokering your position is an unreasonable risk to us, we stop doing so" (and the right to do so is likely lined out in their ToS)

Could you expand on what the risk to Robinhood is here? From what I understand, users purchased stock for money. What is Robinhood holding here that can create risk for them?

The company that owns Robinhood is the same company that was shorting all the GME stocks.

Re: Robinhood is automatically initiating GME sell orders on users' behalf

#84

Post by greenshackle2 »

eterm wrote: post #7

Browing the top of reddit right now is really reminiscent of /r/The_Donald, particularly the shift from a bunch of 'ironic' jokers to conspiracy theories and shouty chest beating and calls for upvotes. I'd treat anything like this with a huge pinch of salt.

Not just Reddit. It's here too. It's wild to see people being whipped into a frenzy in real time.

I'm following the discussions a bit, lots of comments by people spreading conspiracy theories, comments asking for evidence are just downvoted, or met by the conspiracy theorist's favorite, "do your research", comments spreading disinformation like "citadel owns robinhood" with a tweet as the only source, people who have no idea how market functions talking about "naked shorting", etc. The disinformation spreads faster than it takes to rebut it.

Re: Robinhood is automatically initiating GME sell orders on users' behalf

#85

Post by short_sells_poo »

captainarab wrote: post #57
jrochkind1 wrote: post #43

Earlier quoted context omitted.

OK, but they are almost certainly also trading on margin right? You trade with robinhood's money, then they can decide not to lend it to you anymore for nearly any reason they want. ¯\_(ツ)_/¯

Sure, no argument from me on here. You have to admit, though - that is disingenuous. Those plays were profitable, no need to call them (unless there has been irresponsible behavior on the behalf of the broker)

That is entirely up to the broker. They make no guarantees to you that they'll underwrite your risk taking with no limits. If you don't want this to happen, go to a reputable broker and make sure you are not trading on margin. This is not rocket science, but does require a basic level of understanding.

Re: Robinhood is automatically initiating GME sell orders on users' behalf

#86

Post by guerrilla »

almost_usual wrote: post #71
czechdeveloper wrote: post #37

Earlier quoted context omitted.

Doing this will already probably kill them, so they must be afraid of worse. Who would remmain using them after this?

> Who would remmain using them after this? Most users who don’t know anything about WSB probably

Who's that? It's been headline news for at least three days.

Re: Robinhood is automatically initiating GME sell orders on users' behalf

#87

Post by JohnHaugeland »

captainarab wrote: post #66
akavi wrote: post #34

Earlier quoted context omitted.

> This morning Robinhood conspired with Citadel to halt trading Do you have evidence that happened, or are you arguing from pure cui bono circumstantiality?

It's in the logs, go see for yourself? GME purchases blocked this morning on apps where Citadel is the clearing house. SOMEONE proceeds to ladder short sell GME to cause a massive price dump. Users are margin called from previously profitable positions (without being able to provide buying pressure needed to fight against a ladder short sell) Shorts are able to unethically cover your position. Read into this... it's…

Every time someone asks you for evidence, you claim that you gave it somewhere else without linking to it, or pretend that you can psychically detect that someone is a "shill."

Re: Robinhood is automatically initiating GME sell orders on users' behalf

#88

Post by spir »

Robinhood's behavior shows why blockchain-based finance, with its censorship resistance and permissionless participation, is the future.

It's already the case that many of ethereum's DeFi apps can't betray users.

Unlike a centralized financial institution, a DeFi app's smart contract code can be shown to be a public API that treats all users fairly and correctly, with no admin keys or back doors.

Smart contracts can fail for other reasons, such as bugs or bad economics. But, what they can't do is call up their friends and ask them for some favoritism.

In DeFi, we say that smart contracts that can't betray users are "credibly neutral". https://nakamoto.com/credible-neutrality/ (by Vitalik Buterin)

As an example, one important DeFi app that is credibly neutral is Uniswap, a decentralized trading exchange that did $700M in volume yesterday. The main Uniswap app is here https://app.uniswap.org/. Financial stats for Uniswap are available here https://info.uniswap.org/. Yesterday, Uniswap made $2M in fees for its liquidity partners (anyone can provide liquidity). Fee data can been seen here https://cryptofees.info/.

Many tokens on Uniswap are pump-and-dumps or projects that won't succeed. Anyone can list any token. Yet, users seem to love the control and reliability given to them by Uniswap and other DeFi apps.

Re: Robinhood is automatically initiating GME sell orders on users' behalf

#89

Post by sjs382 »

robot1 wrote: post #21

This is ONLY if you enable margin trading via Robinhood Gold - they increased their margin requirements recently on GME and this will not happen to you if you are trading on cash.

It's not just Robinhood Gold.

All accounts are "Robinhood Instant" by default. You need to permanently opt-out of Robinhood Instant (or wait for deposits/trades to settle) to opt-out.

Edit: to add a link. This info is fairly well buried: https://robinhood.com/us/en/support/articles/robinhood-accou...

Re: Robinhood is automatically initiating GME sell orders on users' behalf

#90

Post by GavinMcG »

captainarab wrote: post #67
captainarab wrote: post #26

Earlier quoted context omitted.

Will repeat what I said above: This morning Robinhood conspired with Citadel to halt trading amid a short ladder sell to drive the price lower, allowing shorts to cover their losses with no competition. This is blatant market manipulation and anti competitive behavior, and must be stopped. Why does everyone insist on protecting billionaires who insist on playing the game with a different set of rules than the rest of…

I don't know why I am being downvoted for sharing the truth...

Because you keep saying someone did this without showing that someone to be who you're accusing.

And because spamming the same comment across the thread is... spammy.

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