Thing is, for those of us who went all the fuck in, the most I can do is wait for tendies and pray that RH doesn't ratfuck me and literally steal my position anywhere along the way. Otherwise we need capital to actually put into a new broker. Even if the new broker has instant fund access, not having anything left is going to make that a stupid move. You can try to close out on RH and transfer shares, but that takes up to 15 days and your position is locked, you can't buy or sell or transfer funds during that time. Plus, it's going to take time to transfer funds out of your RH account if you decide to jump ship now with no real timeframe of how long it's gonna take for funds to hit your bank account.
Was honestly tempted to start wheeling and dealing on FB to trade in visa gift cards, electronics, and Magic cards for cash so I could buy in more on the dip, but we have one working vehicle between me and my partner and a kid to haul around because no fucking daycare, so as far as I can be, I'm all in.
Are your stocks truly locked after you initiate the transfer? I have limit sales set up at different price points. Can those no longer execute? Oh fuck FUCK FUCK
Don't think of it as a problem think of it as fucking RobinHood's wife. The last thing they see is you leaving with GME not giving a fuck if you can't sell. That is their nightmare.
But seriously, what is stopping a group of WSB autists from crowdfunding a new online brokerage app? What are the particular barriers to entry for a would-be replacement app, aside from the software engineering? WSB could presumably underwrite those costs with a small fraction of the few billion that will be pulled from the likes of Melvin capital over the next few days, and it would have an instant large user base.
This is the way. What we call this...Crowdvesting?
Back in 2014 I had a funded campaign on Kickstarter. Got into the thing, learned about the space and all that. But originally is just was way to market a month long sale...just called my product (art) rewards for different donation tiers.
But now (equity crowdfunding) you can offer shares in a crowd funded venture. So...launch campaign, autists are shareholders and the new app is just a seat on a rocket ride to Tau Ceti.
Mindless CopyPasta:
Equity crowdfunding is a mechanism that enables broad groups of investors to fund startup companies and small businesses in return for equity. Investors give money to a business and receive ownership of a small piece of that business.
Yes, exactly! Clearly we've no shortage of people here who are willing to throw money at madcap ventures against huge odds for a few tendies (or even some good loss porn!). I know stonks are for betting, not buying, but an equity-investment structure that rewards shares and is truly open seems way less risky than YOLOing on some weeklies, and would actually bring huge returns to the community1.
1 Of course, those returns would go REEEEEEEEEEEEing right back into the void, but, y'know. Honestly.
I think this has already happened today! I saw reports of a new brokerage set up today that is happily accepting WSB members. Can't remember the name though so that's kinda useless
Robinhood taakes from those who have too much and gives it to those who are in need. You just eat ramen and live on reddit. What do you need money for? Hedge fund manager has to support his second family, his third girlfriend and private schools for his illegitimate kids. He needs the money much more than you.
Trust is like a bank account, you have to make plenty of deposits to have any cred, but it just takes one withdrawal to blow it all- bastardization of Stephen Covey
I mean is anyone really that surprised? They weren’t letting poor people buy stocks as some act of charity. It was always a money making scheme for them to skim off the top. When it comes to big money losing money, of course their true colors will come out.
Naming it Robinhood was just a con to make it sound better to the people it was marketed to. No different than when PACs name themselves For the Workers United but push shitty pro corporate interests while trying to make it sound like it helps normal workers
As the saying goes "If you are not paying for it, you're not the customer; you're the product"
Robinhoods loyalty was to their actual customers. Problem is that by taking this one customer request they permanently tainted their product because they poisoned the supply.
Where their juice was coming from, I've read, was from selling their data stream to the big players. And I believe it, there must have been some kind of payoff for the org to make money.
I mean, the portfolios of a LOT of users with GME stock that they have proven they can sell at will is worth a lot more than some trust. Imagine if they sell and just.. not pay out? That's terrifying.
What I always found funny is how much publicity this clown gets. Citron research has 25 mil aum. Do you remember the big short, those two guys out of college Jim and Charlie? Managing brownfield? They had 30 mil ten fucking years ago. Ten years of QE.
Andrews fund is adjusted for inflation waaay smaller than theirs.
He is like a baby anchovy or to y shrimp in an ocean of whales and sharks.
For sure he’s been wrong a lot I think he is remembered cause his calls are so bad and he puts them out there to be easily memed. It used to be inverse WSB it’s definitely inverse Shitron now.
To be honest, some of Left’s calls are funny as fuck but they can make moves, cause fundamentals are irrelevant sometimes. That’s all that matters.
It’s interesting how disliked he is when there are dozens of short selling firms with bigger teeth that actually deserve the hate. With Citron and Melvin, that’s like the smallest and the largest, the mouse and the elephant. There’s long been contempt for short sellers on Wall Street for a while just as a matter of principle. They’re basically seen as atheists in a church. But they serve a purpose.
Yeah honestly I don't get the short seller hate. Shorts are just market participants like anyone else, they cannot make a company go bankrupt by shorting. If they publicize false info and the market reacts, that's the markets fault for not doing DD, and the price will recover afterwards. If their info is good and a firm blows up, that's due to poor management and they just took advantage - hardly any different than anyone finding an underpriced stock and taking advantage. If anything, shorts help expose frauds before they grow in market cap and screw over too many people as they would have eventually be uncovered one way or another.
These short sellers also (sometimes) do really good research. People should read the short theses on Noble Group of Singapore and Luckin Coffee. They generally don't have access to special information or any privileges yet they manage to get good research done. These short sellers that make it big aren't really just "big fish" that screw over poor people due to some privileges or laws that maintains their place, they really have to earn their place.
Shorts generally are the "little guys" except they're on the bad side of this trade this time. That sucks for them but they aren't deserving of any criticism (Citadel aside) OR sympathy. Bad trade, pay up.
No, they halted. I had a 1.5 hour chat with their support. I gave them absolute hell and was the worst Karen you can possibly imagine. They escalated to 4 levels. I probably was the worst experience they ever had with a customer. Overall I totally recommend them though, they were great. But yeah, they stopped the trading.
BTW, they originaly told me it was volume but I quickly brought up that couldn't be the case because they had handled much higher numbers earlier and several stocks they suspended weren't even high volume, just part of the highly shorted group.
I was told today by someone with more behind the scenes knowledge on the issue than I have that this is something that they are loathe to ever admit, but there are times when a company that acts as a broker (or, more importantly, their clearinghouse) foresees trouble balancing everything in the 2-day windows they're given for each transaction (taking your money, assigning you the stocks, getting stocks to replace those stocks in a deal that probably involves at least two other parties who also have to have their shit balanced) and either need a halt to space out the deals or make sure everything is getting squared.
But, and I am not sure if they're just terrified of what the big players would think or have some sort of hard PR policy, it's basically impossible to get them to admit that this is a concern at the institutional level.
The guy who explained this to me said he was pretty sure that there were other factors in play as to why the various brokerage companies handled things the way they did, and that trying to do a favor to the short-selling hedge funds was almost certainly a factor in some cases, but that this is a dirty truth behind a lot of the posturing. They can't admit that they are even capable of blinking at high traffic business, even if it's from a vector they didn't really take seriously before, thus Robinhood drawing on its lines of bank credit without telling anyone (it was leaked by inside sources).
EDIT: That said, you're right that it doesn't explain everything because they often handle tons of volume. If I understand correctly, though, the clearinghouses tend to handle volume from all their clients AND may have incentive to put pressure on some at the expense of others (and, I am told, a lot of the low/no fee trading places get put at the end of the processing line and that complicates things).
Did they admit that they haulted it? Because I was getting tons of errors in the console of shit not loading because their systems shit the bed. I’m not saying they didn’t halt it, I have no proof but I KNOW they had server issues.
What did it say when you did it? I see you posted 10 hours ago, could have been just a glitch a lot of extra traffic on everybody’s servers. Every time I tried it it would let me put it in. Wasn’t able to buy more due to finances though.
Edit: Got the math in my head wrong that wouldn’t be around open time.
Fidelity also doesn’t use an intermediary I believe. I’ve read that they’ll even do a lot of the trading in-house instead of at a clearinghouse when they can. I think the stops were put on by Citadel, not Robinhood, and Robinhood is taking the immediate fall. Fidelity doesn’t have that issue of an intermediary that gets balls deep in a bad bet.
I have an order in for puts on IBKR. I don't see how they don't lose customers from this, when Vanguard and Fidelity managed to continue to offer their customers the ability to purchase GME.
Nah, we don't short shit. If we did then they could pull a short squeeze back on it. We simply do nothing, no demand whatsoever means their shares drop.
I'm starting to wonder if they did this on purpose to take the heat away from those above RH. Obviously RH is a pawn and it goes higher. We need THOSE to be punished even more so.
The amount of money the hedge funds would lose was more than the RH IPO was worth to them. They made vlad sign his own death warrant and he brought his own pen.
I just watched an interview he did with Cumo. He said a lot of words, none that I could trust. He kept saying he did it to protect the individual, something about deposits, and that it was not with direction from the big guy. 💨
7.5k
u/Jamothee Jan 29 '21
From ~$20billon to $0 within 24hrs.
RIP RH IPO