Yeah, this is fucking dumb. If the subject matter expert disagrees with you it's not because he's corrupt. Consider that it's because you're wrong.
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Robinhood Has Restricted Users From Buying GME, AMC, BB, NAKD, and NOK Stocks.
- Thread starter Lucky Aces
- Start date
Commoners shouldn't be able to game. It's super risky and expensive behaviour.
I'm a former Fate/Grand Order series Master Class with 20 years experience in risk management and can explain a Command Card chain exemption to trading ahead and can calculate damage deltas in my head. I can calculate maker/taker credits into my loot box rolls. I'm the kind of person who should be allowed to do this stuff because I understand the risks and fees.
I don't do it precisely because I do understand how risky it is for someone like me without a ton of gacha in the bank to eat those losses.
Downloading an app should not give you access to the risky shit Genshin Impact allows.
I'm a former Fate/Grand Order series Master Class with 20 years experience in risk management and can explain a Command Card chain exemption to trading ahead and can calculate damage deltas in my head. I can calculate maker/taker credits into my loot box rolls. I'm the kind of person who should be allowed to do this stuff because I understand the risks and fees.
I don't do it precisely because I do understand how risky it is for someone like me without a ton of gacha in the bank to eat those losses.
Downloading an app should not give you access to the risky shit Genshin Impact allows.
It's not classist at all and it would have been an entirely uncontroversial point for him to make a week ago. He's literally arguing against predatory behavior by brokers and banks on behalf of low income people who are targeted and screwed over by them. Do you think payday loans are OK? Everyone knows the interest rates are super high but that's on the person taking out the loan, right?
This is so blatant. It's just depressing to see. I doubt anything happens to these guys in the end, either. Maybe a slap on the wrist.
Yes. This is literally revolutionary. You're investing in the utter demise of a Hedge Fund in the billions of billions that will do anything to avoid covering its shorts. If you have some spare non-essential money then go in. Just remember it's a gamble
On wall St right now? No. The SEC delegated most of it's power to self regulatory agencies. I worked in one (FINRA) and they have no teeth at all. Only fines, no jail time and they usually let banks off without admitting fault when they pay fines.
If only these good guy financial institutions could protect the 18 year old kids from taking out gigantic student loans with zero financial knowledge as much as they are protecting some Redditors from trading on Robinhood.
That doesn't make it better. If I called you a commoner because he did, it wouldn't be helpful.
I know what you said, but you obviously don't know (and that's not your fault) who a big funder / company that is bailing out the hedge funds are.
Citadel.
Citadel has a LOT of influence on Robin Hood, that's why this looks really fucking bad, optics wise.
No. The scheme is kind of dying. Those who wanted the Internet to rally behind $GME most likely left the game already. You're hoping for something great to happen but it most likely will not. People need to just take their losses or whatever profits they got and bail. RH and others doing this isn't going to be fixed anytime soon, SEC isn't going to barge in with guns and order them to reverse course.
This crowd sourced class warfare is fascinating to say the least
2021 I WASNT FUCKING READY FOR YOU
Yeah, this is where I'm at. I don't think what happened today was about protecting regular folks at all. If it was, we wouldn't have weeping and miserable hedge fund bros all over finnetworks looking like someone just spent the day kicking puppies in front of them.*
*also turns out this was my fetish, who knew
If another user used an inflammatory, classist term, would that make it acceptable to use it in their post?
Activision is an awful company.
It is possible, it just takes a government that employs enough smart people that are fully empowered to apply the law regardless of who broke it. We fail at both of those things.
I'm having "Square just shot themselves in the foot..." flashbacks.
People shouldn't pile onto that too much, but even if you hadn't used the commoner verbage your post would've come across as super elitist.
I for one appreciate that there are people who protecc me from unreasonable risk in very specific instances that involve me taking down rich folks with my bad decisions while I ride the nuke rodeo.
Yea, I bought in based on a 'meme' that said there were more shorts then existing shares, thus I buy in with a million others and the price goes up and I win lots of money. Now the other guys upset I'm winning and put a padlock on my stuff? I dont think anyones arguing that gamestop WONT crater in price after the dust has settled, that's not the point of all this.
Don't sweat it / ignore it...thread is moving fast so people won't realize fully that you were quoting someone else. All good.
I mean, Robin Hood shutting down specific buys is still bullshit, but you're good peeps.
ooooooohh
I like this idea better but I bet we will be forced to settle for regulations
So I paid off my last payday loan with... the first stimulus check. The rest went into my moving fund so I could move for my job, the first I've had in a decade that paid a non-poverty salary. It's great. I can breathe for the first time in my life. I hate that it happened during all this.
Most people just don't have choices. It fucking sucks. I took loans regularly to... buy food for my kids. To pay the electric bill. When you're poor, you take whatever lifeline you can grab.
I don't have a point. I'm just adding on my agreement. :(
Ignoring your use of 'commoner', there were several other issues with your post.
If that's all you're taking from the critique then you're missing the point. Several other people have pointed this out in addition to your word choice.
That was fast!Heck I'll join in even though mines sucks.
"We all knows the risks" is never a workable argument for me, because 99% of people don't actually understand statistics, don't understand the systems they're working in, don't understand the mechanics of what they're doing. If people DID understand risk, things like casinos wouldn't operate at all, because they're be unprofitable. How many people on this forum in the past few days have posted "I'm dumb, explain how I can get rich?" and gotten explanations from people who started trading, like, 24 hours beforehand? How many of those people are going to end up holding the bag when - surprise surprise! - the rules changes and the house wins?
People, on average, float somewhere between uninformed and outright stupid. I definitely do, which is why I'm skeptical to the point of paranoid with my money. Protecting people from themselves (and more importantly, from bad actors that can exploit them) is the A1 goal of any regulatory system.
People, on average, float somewhere between uninformed and outright stupid. I definitely do, which is why I'm skeptical to the point of paranoid with my money. Protecting people from themselves (and more importantly, from bad actors that can exploit them) is the A1 goal of any regulatory system.
I'll be surprised if anything material comes from this, honestly.
I'd like to think it would, but that it won't is a bet I'd take in heartbeat.
This, one hundred percent. Take the punches for the miswording, and let it die out.
You can still buy chips at our casino here, but you can't use them on any tables...or cash out. Enjoy!
You know what, I take it back. I do have a point.
Payday loans aren't about the risks. They're about survival.
Stocks, casinos, all that... is about risk. You KNOW it's about risk when you go in. Trouble is we all grew up with hero narratives and the idea that if you just TAKE YOUR SHOT you too might join the ranks of the rich.
Different situations. All predatory, but with different hooks.
Hey guys, I'm gonna tap out.
I'll take the L for that post but I just want it out there that what I want is for banks and brokers to not be able to screw over the little guy and that is my only objective here.
Like, I want Robinhood to literally refund everyone's losses that traded with them.
I'll take the L for that post but I just want it out there that what I want is for banks and brokers to not be able to screw over the little guy and that is my only objective here.
Like, I want Robinhood to literally refund everyone's losses that traded with them.
We are all just trying to make a little coin, us poor peasants.
She said she was going to try to get Bernie on during her last stream.
I'm reminded of how only accredited investors can buy some securities - folks who meet a very particular financial profile.
I can see both sides; less financial sophisticated retail investors want in, but there would be/absolutely have been unscrupulous offerings which otherwise take advantage of folks afraid to miss the rocket ship but unclear on some of the mechanics. This all came out of a Supreme Court case, iirc, but I've forgotten which.
Anyway, point being: should there be limits on folks with less financial sophistication/knowledge, bearing it mind that it would be applied on a blanket level, not on a case-by-case/company-by-company basis? If so, what should those limits be?
I can see both sides; less financial sophisticated retail investors want in, but there would be/absolutely have been unscrupulous offerings which otherwise take advantage of folks afraid to miss the rocket ship but unclear on some of the mechanics. This all came out of a Supreme Court case, iirc, but I've forgotten which.
Anyway, point being: should there be limits on folks with less financial sophistication/knowledge, bearing it mind that it would be applied on a blanket level, not on a case-by-case/company-by-company basis? If so, what should those limits be?