everybody on ilx complains about reddit

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 😤👐💎

there is a weird poetry to this subreddit

i don't understand what the SEC can investigate the redditors for. it seems like over-shorting it was sleazier than what the small players did.

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?

― Smokahontas and John Spliff (PBKR), Thursday, January 28, 2021 4:12 PM (twenty-three seconds ago) bookmarkflaglink

yeah when you put money in to stock trading app being able to you know trade stocks on it seems like a reasonable expectation, and if people can demonstrate that your actions cost them money its not unreasonable to ask for compensation, i mean who knows how it will play out but the shape of the thing is extremely obvious

it's you, treeship. you hold all the shorts.

Lol, the SEC is too busy helping the fed shove money into the economy to prop it up. I don't see them doing shit.

If I were going to bet who is most likely to get dinged by the SEC, it's the redditers.

xp to caek

hold deez shortz

it's you, treeship. you hold all the shorts.

― Yerac, Thursday, January 28, 2021 4:17 PM (thirty-four seconds ago) bookmarkflaglink

aren't you my advisor? how could you do this to me

this is all v funny, and i get yerac's point that wsb isn't entirely terrible incels. but the majority of posts there are gross and always have been. the lingo doesn't necessarily translate into ignorance of wall street, but it's a community with a gross "edgelord libertarian joke post" style that is probably the opposite of what ilx aspires to be. they definitely draw randos into gambling away more money than they probably should, and this is just another chapter of that.

it's you, treeship. you hold all the shorts.

― Yerac, Thursday, January 28, 2021 4:17 PM (two minutes ago) bookmarkflaglink

shorts all winter

i don't understand what the SEC can investigate the redditors for. it seems like over-shorting it was sleazier than what the small players did.

"you murdered the guy that did 2 murders, so we'll just let you go"

"it was your memorabilia, O.J., we get it"

i don't know if that is a good analogy. what is the murder here?

what is even the memorabilia?

the friends we made along the way

From Robinhood's Terms and Conditions:

You agree that, without notice, Robinhood may terminate these Terms and Conditions, or suspend your
access to the Service or the Content, with or without cause at any time and effective immediately. These
Terms and Conditions will terminate immediately without notice from Robinhood if you, in Robinhood’s
sole discretion, fail to comply with any provision of these Terms and Conditions. Robinhood shall not be
liable to you or any third party for the termination or suspension of the Service or the Content, or any
claims related to such termination or suspension.
Robinhood and/or the Third-Party Providers may discontinue or modify the Content, or any portion thereof,
at any time. You release and agree to indemnify and hold harmless Robinhood, and the Third-Party
Providers, for any loss or damages arising from or relating to such discontinuation or modification.

Robinhood disabled access to a handful out of millions of stocks and they're going to be liable? I don't think so.

again terms and conditions are basically meaningless, this isnt a tv show where you can trick someone into signing a contract

it's not legal just because it's in the TOS. that's not how the law works.

what is the murder here?

― treeship., Thursday, January 28, 2021 4:24 PM (five minutes ago) bookmarkflaglink

not murder, murdaaaa

They hedge fund guy shorted these stocks now we can’t buy them ppl start selling out of fear... we lose money they make money on the short... THIS IS A FUCKING CRIME!!!

— Ja Rule (@jarule) January 28, 2021

a kiss is not a contract, as they say

you can't pay someone less than minimum wage just because it says you're going to do it in the contract they sign

i know all of our marketing materials say one thing but look over here at the fine print it says another... checkmate

👀

Americans are told to invest in the market. But when they start to threaten the profits of billionaires, strange things happen.
If anyone on Wall Street with short positions in particular stocks used their power to cut off the public from buying those stocks, send them to prison.

— Ilhan Omar (@IlhanMN) January 28, 2021

i am not a contract lawyer but iirc whether terms and conditions are binding is not an easy question, they are not "basically meaningless," and it is not "how the law works." in fact the one thing i remember most from contracts class is my professor castigating people who said or wrote the word "clearly" in anything.

paying someone less than minimum wage is a great example of a statute or regulation superseding terms of a contract! do the statutes/regs say an app can't do this? i mean i hope so but that would not mean t&c are meaningless.