-
Ever wanted an RSS feed of all your favorite gaming news sites? Go check out our new Gaming Headlines feed! Read more about it here.
Robinhood Has Restricted Users From Buying GME, AMC, BB, NAKD, and NOK Stocks.
- Thread starter Lucky Aces
- Start date
All the brokerages have apps. Im with Fidelity, just switch to one of them. Not worth playing those kind of shitty games with companies like Robinhood.
Im shocked though, thats fucking insane that they actually did this. Its about as blatantly fucked up as possible. All that crying from the news and stuff then they fucking lock the trading. Thats just unreal.
The good thing they did is force everyone else to offer free trades but there is no need to use them over established firms at this point
So everyone is showing up to claim normal folks need protecting because of this. Well where was those protections when normal folks who have shares in companies that hedge funds short to fuck and drive their value down to make money? Oh no one cared then right? Yeah sorry but fuck off with that protecting people shit. If people want to invest their money they can do so however they like. America has been saying for decades that the the market is the answer to normal folks economic issues and now suddenly they're acting like normal people need protecting from the fact that they are getting into stuff they don't understand?
If anything this is exactly why america is fucking stupid, your country claims the stock market is the answer to a bunch of issues and then at the same time are shocked when people decide to believe the hype and not do their own research and think before putting their money in. Sorry but that's not an excuse to stop people trading their own money for stocks and the idea that's OK is ridiculous, this isn't just gamestop stocks that were stopped here. Shall we also demand that all hedge funds stop shorting and buying stocks of companies they want to change the value of? No? Oh so it is a system that is designed to protect one set of people over the other, totally cool.
Let's ignore the fact that people are making out normal folks are too stupid to know they're blowing money but hedge funds are so stupid they got into a situation where they blew a bunch of money because of these normal folks noticing the bullshit they pulled and only one side is having demands for restrictions thrown on them despite the fact that one side can only lose the money they actually have and not some amount they never did.
If anything this is exactly why america is fucking stupid, your country claims the stock market is the answer to a bunch of issues and then at the same time are shocked when people decide to believe the hype and not do their own research and think before putting their money in. Sorry but that's not an excuse to stop people trading their own money for stocks and the idea that's OK is ridiculous, this isn't just gamestop stocks that were stopped here. Shall we also demand that all hedge funds stop shorting and buying stocks of companies they want to change the value of? No? Oh so it is a system that is designed to protect one set of people over the other, totally cool.
Let's ignore the fact that people are making out normal folks are too stupid to know they're blowing money but hedge funds are so stupid they got into a situation where they blew a bunch of money because of these normal folks noticing the bullshit they pulled and only one side is having demands for restrictions thrown on them despite the fact that one side can only lose the money they actually have and not some amount they never did.
Which part is bullshit, cause it's already a lot weirder out there than some people manipulating an ancient system like the stock exchange.
There's cryptoart now where only 1 or a small set of people have the original, backed up by the block chain. Ushering in a whole new era of art collecting/auctioning.
The bullshit part is you being restricted of buying any asset you want.
Fuck Robinhood!
This is clear market manipulation; there was no prior notice and they only targeted specific (meme) stocks.
Any suggestions on more legit apps/brokers to use or all they all following suit?
This is clear market manipulation; there was no prior notice and they only targeted specific (meme) stocks.
Any suggestions on more legit apps/brokers to use or all they all following suit?
Never seen a more beloved service implode more thoroughly and more quickly.
Robinhood is toast after this morning andI don't get how they don't see that.
Robinhood is toast after this morning andI don't get how they don't see that.
This is their tactic with Robin Hood. They're trying to scare people by stopping trading.
Won't save them from a class action and losing all their customers.
Who wants to bet that some sort of legislation for this whole ordeal is passed before any meaningful COVID relief?
Trying to pull my money out of Robinhood, but the app is saying they won't do withdrawals for 60 days into "different accounts" due to money laundering concerns... But it's the same bank account. Is there a way to make them do it, or do I really have to wait two months?
What a bunch of bullshit. LolThis is their statement:
"Volatility."
Ah, going with the old "you're too dumb for this shit" excuse. Even worse.This is their statement:
"Volatility."
Both sides likely have legitimate lawsuits at this point, and at least redditors / discord users could be put in jail. Not sure about Robinhood execs, but one of the problems for them, and other trading institutions is that this type of mass manipulation puts their entire platforms at risk. So chances are - they've taken down these companies because it presents a huge legal risk.
yeah I bought 17 AMC last night and that pretty much has halved already.
Hope they get sued to hell lolThis is their statement:
"Volatility."
This is not government regulation, this is the market regulating itself and it's bull shit. If there was government regulation of financial markets, as has been fought for by the likes of Liz Warren in the past, then this risky environment wouldn't exist in the way it does.
Well yeah, because America for decades was being very dumb about consumer protections. That's starting to change.
Seriously, this saga was great for the memes (I'll embed favorite below lol) but GME is not worth $400 a share. It never was, and eventually the stock price was going to return to the actual reality of GameStop's financial situation once the hedge funds got the shares needed to cover their short positions.
Short sellers need X shares. People (including a lot of regular folks, not millionaires) bought up way more than X shares to drive the price up. This is smart as the hedge funds must buy X shares, whatever the price.
However what was always going to happen was the hedge funds finish up buying the shares they needed. What happens then to people's shares of GME? In a few months, we'll find out some people spent money they didn't have chasing a dream that fell out under them. Some rich people lost money but they'll still be eating good and driving nice cars.
Edit: I promised a tweet :P
They shorted more than stocks actually existed. Something like 140%. This should have never happened to begin with.
I don't think a company being able to put an effective freeze on buying shares = free marketing regulating itself. At least not in the sense that proponents of free markets defined.
Isn't RobinHood interfering in the market regulating itself? I though the invisible hand was all about letting people do what they want with their money, even if it ends up in a loss?
Correct. There will absolutely be some legislation passed here, but my point is this whole situation is an effect, not the cause. The stock market being driven by monopoly bucks instead of actual pay-your-bills money lead to this.
