Hey Jesstonk traders
If you don’t keep up with financial markets because it’s boring as shit 99.9% of the time I would say that’s a fair assessment!
Even though you should because what happens in there can come back to bite you in the arse as either a pension fund contributor or a tax payer but that’s beside the point.
Gamestonkgate
The stonk market has been more entertaining than the latest Netflix series and watching how it develops has become the new binge worthy show for more and more of the public as this story continues to unfold.
It’s taken on several narratives of late from late stage capitalism at play, retail versus institutions, product of stay at home orders and stimmies.
I’m sure we can spend hours debating that and these several articles you can check out about the story behind the story but that’s not what I’m interested in right now.
Trading on stocks have been frothy for some time now but the game stonk has captured the imagination of many
The rise of Robinhood
Robinhood has been the trading app of choice for many new investors, what started out as a cool frictionless way to get into stocks has exploded into a speculative mania
Culminating in some millennial maverick traders acting like the corporate raiders of the 80s but instead of hollowing out companies through leveraged buy outs they nailing shorts on the public market.
As the name implies Robinhood is for the little guy a fee less brokerage account that allows anyone to get set up and trading.
While not taking fees and attracts more users they covered their expenses by mining user purchase data and then selling it to hedge funds to help them front run certain trades.
this is important to know because these are the people keeping the lights on at Robinhood.
Stonks in question
Considering how this narrative is staring to play out with retail versus institutions Robinhood is stuck in the middle, between keeping users happy and keeping wall street happy and naturally they chose Wall Street.
Robinhood has decided this is a bad PR for them and decided to make an even bigger PR faux par by blocking trades for the following securities
- $AMC, $BB, $BBBY, $EXPR, $GME, $KOSS, $NAKD and $NOK.
By blocking traders from continuing to bid up the price or take their profits naturally you’re going to anger a lot of users!
It’s crazy to think that people who say they were “doing it for the lulz” are making such serious moves in the market but they sure are making waves.
Given the competitive nature of trading apps Robinhood could be gifting new clients to their competitors and the word of mouth impact of this decision could certainly carry more weight going forward and impact the future of the business.
Bring out the pitch forks
I’ve already seen calls for a class action lawsuit already and talk of Redditors wanting to “burn Robinhood to the ground”. That’s not what you want to hear smart, young investors with capital say about your business.
I wouldn’t be surprised if this army goes after robinhood to the benefit of other trading apps!
I even think this is a sign of a bigger movement of mob mentality as people stated to wake up to how institutions have screwed them!
It could be only a matter of time before this narrative is focused at the right people such as central banks and then who knows where this could end
Have your say
What do you good people of HIVE think?
So have at it my Jessies! If you don't have something to comment, comment "I am a Jessie."
Let's connect
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I've enjoyed watching all this unfold but I'm not totally convinced that decentralisation is as straight forward a wonderful thing as most people in the space spout.
I totally agree that what we've got now needs to change. It's corrupt, unbalanced, etc. etc. But, whilst I arrived in crypto and blockchain all starry eyed and positive I've seen too much greed, mud-slinging and polarisation to feel that decentralisation is this wonderful solution that many people seem to feel it is.
I'm not sure humanity in general is mature enough to handle it. As @dragosroua wrote earlier "It’s at the same time great and scary". 😁
Posted Using LeoFinance Beta
I’m pretty much the same thinking as you I also drank the kool aid when I got here and was on the whole blockchain fixes this and decentralize it and transparency but I don’t think it’s an answer to everything
In fact other than Bitcoin that’s trying to be a financial measuring stick the other blockchain are basically solutions looking for a problem
Even if we had perfect rolls and all we are imperfect creatures so we will find ways to misuse it! I’d settle for just a little hit better than what we have and just the protection of ownership and debasement anything else I think is a bonus
Posted Using LeoFinance Beta
It's interesting times that's for sure. But first we need to get Covid under control. I'd settle for being able to leave the house when I want to and being able to travel again right now.
!ENGAGE 50
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That’s a whole other ball game, I’d like it back too I think it would be for the best overall but we chose our path as a society and we now need to run the course.
Not going to pin my hopes on a day this is over just yet
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ENGAGEtokens.Dropped a couple posts about this earlier. The first one has a bit more political undertones but the second is more about the memes and the class action.
Ultimately, this has been a redpilling moment for the world to see how our rulers play by a different set of rules...and we are fed up
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Well some'd up, I do hope that it's more than just a moment but the start of a movement if people start digging deeper and leading back to central banking and financial crimes we've let slide for years who knows how far this could go, with all the uprisings we've seen for different issues BLM and all that, if we can come together and focus on the real issue, it could become a powerful movement.
Bring back occupy wall street
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Check this out.
Saving to the blockchain for posterity.👀
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For real posterity you should transcribe the image to text. But, I do appreciate what you're trying to do.
GOOD POINT
Well well well the plot thickens looks like we have some insiders Trojan horsing the place, this looks like it’s only getting started!
Posted Using LeoFinance Beta
I think the whole Gamestop situation is hilarious.
Robinhood should be looking over their shoulder as another Trading App will fill in void before the damage control is said, spun and done.
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A few other trading apps also banned trading but RH looks to be the focal point no and where most of the attention is focused on!
I’m sure we’ll see campaigns to get users to switch apps and pouch users! Keen to see how the flow of capital and users out of the app and where it will stop.
I have to agree with you this has been the most entertainment I’ve got from stocks in ages and I thought defi based on food names was where we lost the plot clearly im too conservative
Posted Using LeoFinance Beta
This is also a huge issue on crypto people as I saw from Twitter. Apparently, it's a wrong step from Robinhood, and it's already taking its toll on them.
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Well forcing people out of trades and telling them what to do with their money while people who have access to other trading desks can do as they like is a dick move in my opinion
It’s financial censorship and if you censoring money or speech you deserve the backlash you get
Posted Using LeoFinance Beta
I heard even Play Store removed the reviews on Robinhood app. Hence you cannot give reviews. If it wasn't removed, it will be bombarded with negative reviews for sure, and the rate will likely go below 4.0.
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When this day of unity comes, it will be orgasmic :D
I hope most of the users will boycott Robinhood, that would send a clear message. Stop fucking with the masses :)
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I see Robinhood becoming the fall guy for this one, the sacrificial lamb and once the masses have blood they’ll settle down and it all goes back to normal! Big systematic change takes years of pressure and relentless fighting to the point of self sacrifice
We can look at any revolution small or big throughout history and it’s the same thing
I can tell you now though if they pulled this shit with Bitcoin they would have such a shit storm on their hands 🙌
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The hype is very high, I might be wrong but it seems the guys won’t stop even after RH sacrifice. I actually hope they won’t stop and that would start this kind of big movement changing things. That’s incredibly entertaining to see that happening !
!ENGAGE 50
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ENGAGEtokens.I see a fan and I also see a pile of shit and it is all coming together. There is serious trouble ahead and Robinhood is about to be in the middle. People have had enough and to think what is going to happen next. There is meant to be a pandemic and everyone is just venting at what they see is wrong. What is next?
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Honestly i wouldn’t be brave enough to predict where this thing goes this story has already had so many twists and turns! I honestly think RH will need to be sacrificed if they don’t get some blood they’re going to look for another way to make it hell of them
Retail investors aren’t going to be willing to walk away from this empty handed
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Haha "Gamestonkgate". Robinhood has definitely shown it's hand here, the irony in the name is pretty awesome.. They'll crumble if users stop using the service, if that doesn't happen I dont see any issues for them. Also they're not alone, multiple platforms have stop buy orders on these particular assets. Looks like the direction on this is coming from the clearing houses that facilitate these platforms. Regardless it's an assault on the "free market".
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That’s what I’m thinking what if this is a statement like retail feels unwelcome and just sells out their positions and focuses on something that cannot be easily restricted like crypto
I hate to be that guy that tries to link everything back to crypto there’s enough of them and they just eternal bulls with rose tinted glasses but what better way to stick it then by taking your capital out of the markets completely
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i really like how the masks are off, not that it was something new but it's nice to see once in a while the average joe to fight back together!
The only thing i am curious is that if more and more people will swift into cryptos what the governments will do
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It was certainly a shot in the foot itself.
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We will see what happens on Monday when they open up trading, I saw they got 100k 1 star reviews on the app store and asked Google to remove it, what kind of shit is that?
Robinhood used to one of the nice exchanges but with this practice not anymore and its high time to short Robinhood.
whatever they did is not at all fair.
Posted Using LeoFinance Beta
Yeah that was their pitch a place for the little guy to trade, if they were smart they would have come out with a press release openly saying we’re being pressured to shut down trading on certain stocks from government and regulators like the SEC and then pass the buck to them but instead just pulled the rug under their users so to me the backlash is warranted, poor communication
I wonder how many customers they would have won had they said we’ve been asked to stop trading but we refuse!
Posted Using LeoFinance Beta
yes
it
did
Posted Using LeoFinance Beta
Lol I'd rather trade with the sheriff of Nottingham
I'm curious to see who they're targeting next. Can't say I'm sad for seeing the big hedge funds pissed off! And yeah, seeing how fast things progress online, unless Robinhood does a PR stunt I'm imagining they will suffer at least on the short term.
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Well big hedge funds don’t suffer they get their 2% fee regardless, it’s the people whose funds they manage that get nailed normally a retail investor in the end, could be some family office funds which I wouldn’t care about though
These guys and girls are pissed off and need a target they out for blood! One way could be to start moving into crypto you not going to convince people to hate money and stop trading but if you want to hurt these companies take your money elsewhere
But this story has had so many twists I’d be crazy to try and predict what comes next
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This is juicy stuff right there.
Small money vs big money.
Censorship to the fullest.
What is going on ?
!BEER
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I know right, what is with 2020 and 2021 first they censor you on Facebook and Twitter, sure I can't speak and say what I want, now you can't do what you want with your money?
Just shows that as long as we play by the big boys' rules we get to have access, sounds pretty authoritarian to me
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This feels like something remarkable and one hell of a movement, emotionally it has got me back to times when I've watched Oil plummet to sub zero prices. I hope in the end the roads will lead to towards decentralization
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It sure is one hell of a rollercoaster ride regardless of which side of the fence you’re on!
I don’t think decentralizing everything is the answer though, while I can see tokenising equity as something that is happening and will happen simply for the ease of access and cutting out the middle man
I think that cuts traditional finance business models revenue streams and they not going to let it slide easily.
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What they are thinking of before taking the decision 🤔😬🤐
If you look at the comments of this post, you'll see one of the companies investors, as well as the SEC, put pressure on them to shut down trading
The game is rigged. So I think its time for people to move on to the blockchain. Free currencies and free markets...the way it should be. Bulls and bears make money but “cheating” because a trade goes against you..well we know how that ends.
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I do think blockchain does fix some of it, and people can find shelter in Bitcoin if needed but people love to use leverage and gambling, so it's not going to stop it, perhaps curb it slightly, chains are always competing for users and capital, with many of them not decentralised and centralised exchanges also playing by their own rules.
I'm not one of those blockchain fixes everything peeps! Sure having tokenised assets with DEX"s competing with centralised services can help keep them competitive and therefore honest but fuckit people are nifty fucking creatures and they always find a way to scam
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BEER.Exactly, and it also shows who is running the show, sure trade as long as you benefit the hedge funds and be the suckers, but as soon as you go against them, you get shut down.
I'd love to see the uninstall numbers over the next week and how much liquidity gets pulled from Robinhood and any app that followed them by blocking trades
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It’s just a place for pent up frustration if you can’t get a job because of the pandemic or you’ve had flat wages then you might as well go risk it all on stock market, somewhere there’s got to be release and while not the best place to do it it’s where it’s happening for now
I’d honestly rather have the stock market be the playground for all this then the bond market which is so many more times bigger
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