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Have the suits started jumping out of windows yet?
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Jan 28, 2021 19:05
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If you want to protect people from themselves just ban retail trading. Ban robinhood. I mean short term investing overall is bad and we should reduce or eliminate it but lol good luck
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Jan 28, 2021 19:06
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Robinhood isn't protecting small investors at all too, those hedge firms that shorted are just completely absolutely skull hosed if we actually operated as a free market.
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Jan 28, 2021 19:06
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Don't miss the follow up: https://twitter.com/AOC/status/1354848253729234944 https://twitter.com/AOC/status/1354850338684215305
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Jan 28, 2021 19:07
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Mooey Cow posted:Have the suits started jumping out of windows yet? Nah, they got some nice bailouts and will put down this peasant uprising shortly.
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Jan 28, 2021 19:11
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Philthy posted:These lawsuits are gunna be some lols. Ted Cruz and AOC both want investigations into Robinhood which is.. insanity. https://www.bloomberg.com/news/articles/2021-01-28/robinhood-customers-sue-over-removal-of-gamestop Already two class action lawsuits filed. I have doubts about how successful they will be, mostly because Robinhood's TOS says they can freeze trading whenever they want for any reason, and also damages are going to be tough to prove (especially with GME stock dropping right now).
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Jan 28, 2021 19:13
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BigSexy posted:
There are tons of talking heads going on television calling for an SEC investigation and other regulation on Robin Hood and similar brokers. I kind of feel bad for them because they are screwed regardless of what they do. The SEC is pretty much regulatory capture defined, if the big banks sic them on one of the little guys that its.
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Jan 28, 2021 19:16
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Derpies posted:Robinhood isn't protecting small investors at all too, those hedge firms that shorted are just completely absolutely skull hosed if we actually operated as a free market. Robinhood isn't trying to protect its users. If they were they wouldn't have crypto on the platform at a bare minimum.
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Jan 28, 2021 19:33
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Khorne posted:Pretty much. With the success of gamestop people are going to try to repeat it. Some of the repeat runs aren't going to make it and people will lose money, and some of the repeats will be successful. I'm pretty sure whoever runs robinhood got strongly encouraged to shut down the trades as well. Very strongly encouraged.
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Jan 28, 2021 19:37
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From what I understand all the firms that shut down trading used Apex Clearing Corporation to clear the transactions and the call came from them. https://twitter.com/PlagueOfGripes/status/1354856012046589958?s=20
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Jan 28, 2021 19:45
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BigSexy posted:That’s bullshit. If people don’t understand the risks of investing, especially into an obvious bubble, that’s on them. Robinhood is protecting the short position This isn't bitcoin where if you get hosed, oh well. Even broker-dealers have some measure of responsibility towards it's clients. Anyway it also it might just plain be out of Robinhood's hands altogether. Here is a video from one of Robinhood's competitors on why they also stopped buying gamestop shares. Rather than a global conspiracy against the people, it's just that the cost of settling the trades of such a volatile stock is too much for clearing firm they use so they have to stop. https://finance.yahoo.com/video/heres-why-robinhood-restricting-users-173049721.html
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Jan 28, 2021 19:46
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christmas boots posted:From what I understand all the firms that shut down trading used Apex Clearing Corporation to clear the transactions and the call came from them. Now THIS is some criminal poo poo
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Jan 28, 2021 19:48
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mikemil828 posted:Even broker-dealers have some measure of responsibility towards it's clients. lol in general, lol at saying it in this context, also lol at saying it about Robinhood which paid the SEC (albeit a paltry $34 million) for failing to perform best execution for its clients
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Jan 28, 2021 19:50
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StarkRavingMad posted:https://www.bloomberg.com/news/articles/2021-01-28/robinhood-customers-sue-over-removal-of-gamestop Possibly, but a TOS will be overruled by market regulations. GME stock dropping is only going to be more proof, it wouldn't be dropping if they could buy.
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Jan 28, 2021 19:50
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I'm having a hard time getting over the fact that an app called RobinHood did everything in it's power to stop people from taking money from the rich. Like how many levels of clown shoerey is this even
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Jan 28, 2021 19:50
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eSports Chaebol posted:If you want to protect people from themselves just ban retail trading. Ban robinhood. I mean short term investing overall is bad and we should reduce or eliminate it but lol good luck this would shatter an extremely necessary component of the current system's legitimacy. they're in quite a pickle here!
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Jan 28, 2021 19:52
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Orange Crush Rush posted:I'm having a hard time getting over the fact that an app called RobinHood did everything in it's power to stop people from taking money from the rich. It's a lol
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Jan 28, 2021 19:52
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I'm getting my money out of Robinhood before that gets 'difficult'.
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Jan 28, 2021 19:54
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I wonder how hard it'll be to get my $3 they gave me to sign up with.
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Jan 28, 2021 19:59
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https://twitter.com/555Sunny/status/1354854993946406917
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Jan 28, 2021 19:59
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ban money
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Jan 28, 2021 20:01
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What the gently caress??
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Jan 28, 2021 20:01
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holy poo poo
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Jan 28, 2021 20:03
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Ok, that isn't good.
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Jan 28, 2021 20:03
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I think that might just be a margin call.
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Jan 28, 2021 20:04
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if it is real they are auto selling to force him to cover new margin ratios i can't believe if someone just owned straight stock, purchased with cash, no margin, no options that they would FORCE sell your stock, for one thing it doesn't cost RH anything for you to just HOLD stock that you already own. yea they might close future purchases or future sales (lovely in its own way) but it costs RH no risk or anything for you to simply hold stocks you already own edit: for perspective TDAmeritrade would let me buy and sell this poo poo all the time (except when the exchange paused trading for EVERYONE) but TDAmeritrade did adjust their margin coverage ratios quickly to 100%. so if you didn't have cash to cover any margin trading you did i bet they force closed you out. Captain Beans fucked around with this message at 20:09 on Jan 28, 2021 |
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Jan 28, 2021 20:05
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lol why would anyone ever use robinhood again after this
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Jan 28, 2021 20:07
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Eat the rich
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Jan 28, 2021 20:10
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christmas boots posted:I think that might just be a margin call.
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Jan 28, 2021 20:10
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Sludge Tank posted:Eat the rich id rather just take all their money and, thus, will to live
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Jan 28, 2021 20:13
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they loving hate this and even though i have no skin in this game, i am lapping up their tears https://twitter.com/jangelooff/status/1354846320494784515
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Jan 28, 2021 20:16
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the fact that Ja Rule felt like he needed to weigh on GME trading is going to be hard to top as the greatest moment of 2021
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Jan 28, 2021 20:18
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lol I'd love to say that they'll never get away with all this fuckery, but they absolutely will.
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Jan 28, 2021 20:19
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Michael Corleone posted:, but the banksters won't be stupid enough to get into that position again? bankers use big words to make outsiders think theyre smart but at the end of the day theyre as loving dumb as the rest of us
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Jan 28, 2021 20:20
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eSports Chaebol posted:there was a guy who made a ton of money on roulette at monte carlo in the late 19th century because he studied the spins and realized that the wheels were not perfectly true and had a tiny but statistically significant bias that allowed him to run up a ton of winnings before he was figured out Wikipedia posted:Joseph Jagger was born at Cock Hill, Shelf, Yorkshire
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Jan 28, 2021 20:21
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This is what I read to get an idea about whats going on and how this poo poo works, if anyone is still curious https://twitter.com/migbike/status/1354449364463325185?s=19
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Jan 28, 2021 20:21
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Does SA have an investing forum? I think all of this is hilarious, its like the GoonSwarm people in the Eve Online thread. One side is saying "this is how you are supposed to play the game!" Goons response is to min/max everything and cooperate with each other, well within the rules of the game, but end up dominating it. For reals though, if you want to invest in markets, understand the difference between speculation (that's what is happening here and is high risk/high rewards) and investment (which is typically low risk but also long term rewards). If you are a young goon looking for a long term payoff, start investing in investments that pay dividends.
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Jan 28, 2021 20:25
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Rainbow Knight posted:This is what I read to get an idea about whats going on and how this poo poo works, if anyone is still curious That's a really elegant thread for explaining this whole thing to people who do not do this day in and day out. A+ find. if reddit does indeed hold on for another week or so, and they have every opportunity to do it, 
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Jan 28, 2021 20:25
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Rainbow Knight posted:This is what I read to get an idea about whats going on and how this poo poo works, if anyone is still curious Thanks for posting this. Now I understand.
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Jan 28, 2021 20:27
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Post ITT every time you lol that the rich gets owned
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Jan 28, 2021 20:27
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