everybody on ilx complains about reddit

I'll listen to an entire Grimes album!

They are automatically selling shares. pic.twitter.com/o9XCdL9ND1

— Sunny (@555Sunny) January 28, 2021

Wild

Is Robin Hood technically a brokerage? Aren't brokerages all covered by FINRA arbitration and therefore not subject to class actions?

That's crazy lol

see near the bottom of that domain linked above, about margins...

Whatever they are, it doesn't seem like the kind of thing you'd want to be using for this if you had access to a big bank brokerage account.

Wait, this is legal? (Signed, a philistine.)

It's too bad RobinHood isn't publicly traded, it could become the new meme stock after it crashes to pennies.

I feel like this is blatantly illegal, but they figure the SEC fine will be less than the amount they'd lose if they didn't liquidate

I was saying to a hoos on twitter that it'd certainly be Interesting if this episode led (say) several million index investors who sock cash into their vanguard Roths and don't touch it (like yrs truly) to consider investing instead in a somewhat less diverse basket of stocks that are basically picked on the basis of "is this a normal company that people understand and that isn't involved in petroleum extraction?"

Like can you bolster the enterprises that despite capitalism actually do matter to people's lives and the cities they live in? AMC is a big dumb chain but big dumb chains are a good place to see big dumb movies

robinhood was trying to go public this year.

it's wonderful that something named robinhood is what's going to get screwed from this

i just laugh because the name and logo is so Pied Piper

there might be some relation to them and Citadel (the fund that loaned Melvin money) taking user info for their own trades but i haven't had time to confirm anything.

i just laugh because the name and logo is so Pied Piper

glad i wasn't the only one

It's too bad RobinHood isn't publicly traded, it could become the new meme stock after it crashes to pennies.

― Joe Biden Stan Account (milo z), Thursday, January 28, 2021 2:38 PM (fifty-eight minutes ago) bookmarkflaglink

A RobinHood IPO is in the works. Today's actions could have...interesting consequences.

this is the most fascinating news story i've ever followed, honestly

And I've seen screencaps elsewhere suggesting RobinHood's terms and conditions authorize them to sell in response to something like extraordinary circumstances. But at least two suits have been filed already, so the lawyers are already fighting.

it was a risky move on their part. obviously, wall street itself wants to stem the losses -- it's not just a few big hedge funds

Boomers are onto us pic.twitter.com/Qqf89AJKIK

— Fifty Shades of Whey (@davenewworld_2) January 28, 2021

The narrative that Robinhood stopping GME is some big wall street conspiracy against the little guy is some sort silicon-valley elon musk utopianism bullshit.

doesn't have to be a big conspiracy, just a couple entities colluding

there's an alternate world where ilx accepted advertising, started getting funded and became reddit

i coulda been rich

you fuckers

If anything Robinhood ended a bleeding.

it's a little goofy to me that these ppl are/were dicking around on an app called *checks notes* robin hood, when etrade et al have been trying to get this volume of people to do this VERY THING! for the better part of 35 years.

robinhood has no fee trading is what makes it different

in that alternate world d0m p4ss4nt1n0 is the lad who was up 25 million yesterday on this. and lost 13 million today but is still up 12 million. and is doling out fp-gold. and 🚀holds the line🚀.

so this reality is not all bad tbf.

xp to forks

very curious to find out exactly what led to their decision to stop trading on the meme stocks considering their business is obviously going to take a major hit from it

it's like how trump recoiled at his supporters storming the capitol. bad optics. looks trashy.

i don't really think there is a principled reason behind their decision. i think they're panicked that their software facilitated something so big.

it can't be that simple treesh, surely.

stopping the ability to buy a stock is making this something way bigger than it was.

a lot of brokers would not allow you to buy, only sell and no options. It was all fucked up all day long. Some took their block off the buy button when it started getting bad.

Given that Robinhood is playing a central role in retail investors pumping dark horse stocks, it’s worth examining once again how it makes money: namely, by selling user’s trades to other large firms before they are actually executed. Those firms make money by effectively seeing what the retail investors on Robinhood are going to do before they actually do it, and acting accordingly. Those firms are basically buying information that then informs their own trades.

It's all good until you find yourself having to sell overvalued penny stocks that no one will want to touch with a ten foot pole.

Love these nerds trying to bring class actions against Robinhood. Good luck with that. I would be willing to bet that super long click agreement you just breezed past when downloaded the app probably permits them to do what they are doing.

those agreements dont really mean much but they really dont mean much if youve broken laws

regardless, people are still buying gamestop, and there are also lots of people with short positions on the stock. like, 122%, still, of the number of shares out there. the price is going to bounce back up as people can still buy it on other platforms.

robinhood to investors: these games must stop on our app!
*investor heads to robinhood app to buy GME, sees the games are stopped*
investor: noooooooooo

― (snoball), Thursday, January 28, 2021 1:01 PM (forty seconds ago in the alternate ilx as reddit reality) bookmarkflaglink

Source for link above

lmao xp

those agreements dont really mean much but they really dont mean much if youve broken laws

― lag∞n, Thursday, January 28, 2021 4:05 PM (fifty-three seconds ago) bookmarkflaglink

Lol, where to I short Robinhood broker the law and is going to jail?

broker = broke

but, lol either way

doesnt have to mean jail there are all sorts of regulations, general reasonable assumptions etc, that could be problems for them in the context of a lawsuit

which is you know what we were talking about

i mean you cant just be like i said it was okay for us to rip you off in our terms of service, thats not actually how contracts work

who is holding the short positions? is it just these hedge funds we know about or are there anonymous players involved

And I am laughing at the prospects of such a lawsuit. What is the theory? I am somehow guaranteed access to trade through an app?

I assume they have legal exposure as the vehicle used by Reddit ringleaders etc currently under investigation by the the SEC, and they also have exposure for shutting down from customers. They probably figure the sec is more dangerous.

AvenDonn
1 hour ago
I want in on the action but I didn't use robinhood.

My bank was cucking me all day long but just in time for the dip, I bought.

SUE THEM SO HARD THAT THE CLASS ACTION GAINS BEAT THE FUCKING STOCK.
WE LOVE THE STOCK

3.0k

ftPIRG
1 hour ago
WE LOVE THE STOCK

608

TheOcean24
1 hour ago
THIS GUY HAS A POINT I DO LOVE THE STOCK 😤👐💎