Poor people arent allowed to turn their money into more money.
That's for rich people only.
-
Ever wanted an RSS feed of all your favorite gaming news sites? Go check out our new Gaming Headlines feed! Read more about it here.
Robinhood Has Restricted Users From Buying GME, AMC, BB, NAKD, and NOK Stocks.
- Thread starter Lucky Aces
- Start date
That's for rich people only.
How do you know these people are extended beyond their means? Why shouldn't people be allowed to take their own money and invest in the free market with whatever stock they want?
We are buying and selling shares with cash - that's the large majority of what these people are doing. By driving down the share price and only allowing one side to continue (the side who is literally benefiting by a falling price) it's screwing over the average person only, and benefiting the billionaires engaged in the shady practices.
Again, should being able to short >100% of the shares and artificially drive down the price in the first place have been allowed in the first place? Why do they get to change the rules when they're the ones who stand to lose?
People off the street. Day trading is super fucking risky and this thread makes clear that most people don't understand that risk.
My job was protecting retail investors on wall street in my 20s and enforcing those protections as a regulator in my 30s.
I care deeply about retail investors getting in financial trouble with risky investments
lmao at commoners
acting just like your user name
get out with this nonsense
i agree that there needs to be a way to protect the retail investor but what RH did is absurd
There need to be some regulations, but your post (and maybe you don't mean it to) comes across as totally paternalistic. Only people who know everything you do deserve to make decisions about their own wealth? Nah.
While it's noble to try and presumably help people, I think telling regular folk they shouldn't be able to invest or pump/dump their own money as they see fit a bit off the deep end.
Might as well tell 'commoners' they shouldn't be able to go to a casino too.
But you are buying shares of one or two companies only based on a stonks meme and promises of risk free profit. Gamestop was always going to crater in price.
Like fuck Robinhood, but fuck them for letting this happen. This is a clear grift by people who started this buying frenzy in the first place who made off like bandits
I've never known anyone to use the word "Commoners" and not followed it up with a intentional hilarious parody of out of touch rich people.
i mean if we really cared about people not wasting their money on things they dont understand theres a hell of a lot of things we could start restricting before we get even near the stock market
Last night! I put in $100 in Gamestop and $10 in AMC for the lulz, worth it just to say I did. I'm the proud owner of 0.42233 of a stock!
Get off your high horse. Your the type of person who should be allowed to this? The elitism is off the charts
Right, as if a bunch of hedge fund assholes didn't literally collapse the economy in 2008. Yeah you're right they're the only experts that should be allowed to trade.
It's a free country. All RH needs to do is communicate that risk.
This isn't about laws, and you are missing the point completely of what is happening right now.
Holy fuck, commoners? You deserve to be raked over the coals for that one. Screw your attitude.
What about the hedge funds with massive short interest, who literally own Robinhood? 🤔
I honestly can't tell if this is trolling or not but referring to literally anyone as "commoners" is disrespectful af. You aren't above anyone just because you played with stocks. Seriously gross fucking language and you should be ashamed of yourself.
I'm still $300 into AMC and am holding but it feels stalled out. AMC sold a shitload of their stock this week to capitalize on what's going on to clear some debt.
The funny thing is that this only ordeal actually, legitimately might've saved the company and give them enough cash to ride out the pandemic.
AMC Raises More Cash Amid Reddit-Driven Share Price Surge — TheStreet
A group of investors including private-equity firm Silver Lake will convert $600 million of AMC convertible senior notes into stock at $13.51 a share.
apple.news
Gamestop is not a stonks meme, at this point if you're investing then you're betting against Melvin for the ridiculously dumb shorting instead of betting for Gamestop the company. The company isn't the point, it's about retail daytraders doing a reverse-2008 against a hedge fund.
Does 2008 not happen in your timeline or what the fuck is this?
Commoners was a poor choice of words, but I lived through the penny stock scams and saw a lot of people lose their life savings on transactions they didn't understand.
This isn't about being paternalistic. It's preventing people from getting taken to the cleaners by grifters.
I think all these trades should be unwound and everyone should get their money back and RH and those that engaged in this behaviour should be the ones to eat those losses.
Condescinding navel-gazing, cool, not sure what that has to do with the bullshit RobinHood is pulling by manipulating the market?
I spent $70
I didn't go beyond my means I'm just annoyed they suddenly didn't let the nature of the stock market play its course. Yes rich people need to take some licks too from time to time.
All investment is 'too risky'.
This isn't concern for the regular person.
What it appears to be happening here is the rich are scared their con game get richer scheme is coming to an end.
If it is not your money, and you are not getting paid for it. Please get off your high horse.
Lol reminds me exactly of that phone scams that youtubers expose.
An 18 page thread on a niche video gaming enthusiast forum is enough for you to declare most people don't understand the risk? Not only is that elitist as hell but that's also enough for you to justify cutting an entire swath of individuals out of an entire umbrella of legal investments?
You got it all wrong they are just trying to protect us! At the end of the day the big money has to frame the protection of thier financial interests as being driven by thier concern for the retail investor. Only idiots believe this but it is the most palpable spin. Some are probably arguing that this could cause some kind of meltdown of the markets and ruin everyone. This isn't true of course but both "stories" are better than the real story which is "holy crap the plebs are going to lose us so much money please stop them!"
How do you know they don't understand the risk? This is a blanket ban on buying so it doesn't look like they're assessing risk.
If at my old job in credit cards, I denied a credit card application because "I don't think they REALLY understand how credit cards work" I'd be fired, possibly arrested depending on who I did it too.
2008 was a mess and it needed swift regulation and way more people should have wound up behind bars especially related to the rating agencies and pressure put on them as well as the marketing of what we're known to be garbage loans to pensions, but 2008 was related to risky derivative underwriting not day trading.
I don't think wall St is faultless or even good. I think they are *also* a bunch of grifty assholes.
Right, credit extension laws are regulated to ensure fair access to credit. Securities regulations are written to protect investors. They are far different industries.
You are supposed to talk to your customer if they are over leveraged or over specialized in a single company. Like, these are actual laws/regs on the books.
Ya? Good for you.
That isn't what's happening here and you know it.
Take your bullshit about "commoners" out to the trash where it belongs.
The blatant manipulation is something everybody understands because it's the type of shit that wouldn't fly in your family monopoly game or in your fantasy sports league or in Vegas. People with a lot more experience and investment are obviously going to be acting like this is actually all normal and how it works. They are well aware of the strings being pulled and the meta, but like that doesn't mean it isn't bs compared to other gambles.
I don't know if you've answered this, but don't you think it's weird that a stock like GME could be shorted as much as it was? Shouldn't THAT have been illegal, not the retail traders on RH and others trying to use that to their advantage?
