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Armadilo

Banned
Oct 27, 2017
9,877


6014710e6dfbe10018e00db0

Robinhood traders can now only hold one share of GameStop compared to the five they were previously allowed. Traders are also now limited to five options contracts, per the Journal. An additional 10 companies were added to Robinhood's list of restricted stocks, including Nokia and AMC Entertainment.

What the hell are they doing ?

This seems like the most bullshit I can't even trust anything on this trading app anymore.

Total self destruct mode.
 
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Nepenthe

When the music hits, you feel no pain.
Administrator
Oct 25, 2017
20,766
Imagine naming your app Robinhood and protecting billionaires' hedge funds.
 

chefbags

Member
Oct 25, 2017
9,300
Yeah I'm opening a chase account and move my Nakd stocks there this weekend. Robinhood went from "oh cool this is pretty simple to use" 2 days ago, to now going full fuckery lol.
 
Nov 18, 2020
1,408
From the other thread:

Robinhood has to post collateral to float the trades as they settle in T+2. They effectively have to put up cash to the clearinghouse that handles and tracks all trades. The cost and collateral here has gone up significantly. Robinhood required an emergency funding of $1B yesterday to not go insolvent due to this.

One way to lower required collateral is to lower volumes.

Likely what's happening. They're desperate to avoid bankruptcy at this point. Robinhood is a sinking ship, and everyone should move to a reputable brokerage firm instead, like Fidelity, Vanguard, or Schwab.
 
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RJeddy

Member
Dec 4, 2017
721
How long does it take to transfer stocks to other brokerages? I'm done with them.
 

BWoog

Member
Oct 27, 2017
38,371
The genie's out of the bottle and people are just going to keep jumping to new stocks. If they had just done nothing with Gamestop, maybe it would have stopped but now people are just going to keep doing it with new things. They're going to have be doing this bullshit forever, and I would imagine that companies can easily sue the fuck out of them.
 

NookSports

Member
Oct 27, 2017
5,215
RobinHood deleted an FAQ page that had this definition of Socialism after it started making the rounds on Twitter:

Socialism is an economic system under which the means of production are owned by everyone in society rather than by individuals. Historical examples of socialist countries include Nazi Germany and the Soviet Union.
 

Zombine

Member
Oct 25, 2017
13,231
If I just bought stock there, how long do I have to wait to move it to somewhere else????
 

Deleted member 46804

User requested account closure
Banned
Aug 17, 2018
4,129
From the other thread:



Likely what's happening. They're desperate to avoid bankruptcy at this point. Robinhood is a sinking ship and everyone should move to a reputable brokerage firm instead, like Fidelity, Vanguard, or Schwab.
Makes sense but this is bonkers. They can't do the thing their app is supposed to do. Silicon Valley bullshit at its finest.
 

Uzuzu

Member
Nov 18, 2017
530
they dont even let you buy more than one share of boomer stocks like gm and starbucks anymore
 

Mindwipe

Member
Oct 25, 2017
5,240
London
Essentially Robin Hood have to do this, because they've run out of money use as collateral to process the trades for people.

The entire product turns out to have been an unsustainable scam.

They'll be bust by the end of next week.
 

Wispmetas

The Fallen
Oct 27, 2017
6,546
If this doesn't take any and all semblence of trust users could have in this app, I don't know what will.
 

King Fossil

Member
Oct 26, 2017
1,230
Likely what's happening. They're desperate to avoid bankruptcy at this point. Robinhood is a sinking ship and everyone should move to a reputable brokerage firm instead, like Fidelity, Vanguard, or Schwab.

Is there a reason why they wouldn't say this to the public instead? Would it just scare people off of the platform or stop trading on it entirely? I mean, the alternative is what's happening now, where people think they are helping their hedge fund buddies which is also turning people away. I suppose both can be true.
 

chefbags

Member
Oct 25, 2017
9,300

TheRightDeal

Member
Oct 27, 2017
1,591
What's the process like from moving stocks from one service to another? I want to move to Fidelity but I have a lot of stuff I'd want to move over from RH.
 

Slayven

Never read a comic in his life
Moderator
Oct 25, 2017
93,325
Essentially Robin Hood have to do this, because they've run out of money use as collateral to process the trades for people.

The entire product turns out to have been an unsustainable scam.

They'll be bust by the end of next week.
Yeah seems like the company was build on sand, another tech company faking it until they make it
 

Deleted member 5359

User requested account closure
Banned
Oct 25, 2017
11,326
Fuuuuuuck this company forever.

CashApp isn't selling GME at all, either.

I do all of my serious stock purchasing on TD Ameritrade. Very happy with them. But they're old school.
 

EdibleKnife

Member
Oct 29, 2017
7,723
The genie's out of the bottle and people are just going to keep jumping to new stocks. If they had just done nothing with Gamestop, maybe it would have stopped but now people are just going to keep doing it with new things. They're going to have be doing this bullshit forever, and I would imagine that companies can easily sue the fuck out of them.
Right? It's always a wonder seeing that the people heading up massive companies like Robinhood are so brutally short-sighted & moronic when the rubber really hits the road. They really just publicly plugged the hole of a dam with chewing gum and confidently think they've accomplished something as it continues to roar & stress behind them.
 

Superman00

Member
Jan 9, 2018
1,140
What are the chances they go bankrupt? Moving 6 figures is going to be a pain. Really don't wanna sell my crypto.
 

adj_noun

Avenger
Oct 25, 2017
17,303
They took it down but it was here:

Es7nAtVXcAAaYES

Never forget the immortal quote:

First they came for the socialists, and I did not speak out—because I was not a socialist.
Then they came for the trade unionists, and I did not speak out— because I was not a trade unionist.
Then they came for the Jews, and I did not speak out—because I was not a Jew.
Then they came for me—but, fortunately, there was no one left to come for me, because the Nazis were socialist and had already come for themselves.
 

Zombine

Member
Oct 25, 2017
13,231
I haven't done it yet but the option seems simple enough when you go to the chase app and choose investing on the left tab and you can open a broker account for yourself.

From then on I'll follow these instructions to move my Nakd stock to my chase account.

https://www.google.com/amp/s/in.mashable.com/tech/19894/heres-how-to-transfer-stocks-out-of-your-robinhood-account?amp=1

$75 is a lot when I only have $30 in NAKD stock on Robinhood. Best option for me is probably to just sell and start over, right?
 

CrichtonKicks

Member
Oct 25, 2017
11,238
Is there a reason why they wouldn't say this to the public instead? Would it just scare people off of the platform or stop trading on it entirely? I mean, the alternative is what's happening now, where people think they are helping their hedge fund buddies which is also turning people away. I suppose both can be true.

People will jump off the platform if Robinhood admits that they are having liquidity issues. They are fighting for their lives here.
 

Joe

Member
Oct 25, 2017
8,643
From the other thread:



Likely what's happening. They're desperate to avoid bankruptcy at this point. Robinhood is a sinking ship, and everyone should move to a reputable brokerage firm instead, like Fidelity, Vanguard, or Schwab.

I thought Robinhood was, itself, a clearing broker.
 

Euphoria

Member
Oct 25, 2017
9,567
Earth
I wonder if this results in them not be able to provide instant funds. That or the days of free trading is gone.
 

chefbags

Member
Oct 25, 2017
9,300
$75 is a lot when I only have $30 in NAKD stock on Robinhood. Best option for me is probably to just sell and start over, right?

Yeah right now that'd be your best bet I'd say. I only have $100 on NAKD stock but I figure I'm fine eating the cost of transferring for the 80 shares I get to keep.