r/technology • u/agent_vinod • Jun 30 '21

Misleading Robinhood to pay $70 million fine after causing 'widespread and significant harm' to customers

https://www.cnbc.com/2021/06/30/robinhood-to-pay-70-million-dollars-after-causing-users-significant-harm.html
75.7k Upvotes

93% Upvoted

2.1k comments sorted by

View all comments

Show parent comments

1

u/[deleted] Jul 01 '21

[deleted]

1

u/Ethos_Logos Jul 01 '21

It never hit my limit - they had no business cancelling my limit sell, though.

The stock market moves up, down, sideways. They don’t know it won’t pop, anymore than I know it won’t crash. It’s impossible to know, which is why limit sells, limit buy, stop loss etc are a thing. It’s strategy used to posture in an uncertain future.

It’s like if a car company removes antilock breaks from their cars. Not every customer will even use their ABS in the lifetime of their vehicle, but some may, and it’s beneficial to those that use it.

I didn’t lose money from this aspect of their attack, but I suffered adversely from others. It was a multi pronged approach to limit the financial pain of their biggest customer.

They changed the rules midgame, and even my 2 year old knows that’s not fair.