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Old 01.02.2021, 11:43
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Re: Gamestop/Robinhood

I wonder how silver is doing today.
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  #62  
Old 01.02.2021, 11:49
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Re: Gamestop/Robinhood

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Not front running you say? Then how to explain the fact that Robin Hood marketed themselves as a progressive platform for day traders to compete with "elites" and democratize trading for everyone?

Except...

Unbeknownst to those who subscribed to RH's platform, most of the company's revenue came from data and info sold to - well, who would ever guess - Hedge Funds!! Conflict of interest anyone? RH deserves to go under in my view.

Incidentally, in December, RH was fined USD 65 million by the SEC for "misleading statements and omissions in customer communications". Hmmm...

So yes, I believe Hedge Funds were front running trades based on info from RH. Therein lies the irony that when the tables turned on Hedge Funds, they cried foul play. Unbelievable!

To quote Vice news: RH "makes money, namely, by selling users' trades to large firms before they are actually executed."

Here's the article from Vice:

https://www.vice.com/en/article/qjpn...re-the-product
Dial down a bit the drama of unbeknownst and unbelivable. Robinhood was already mocked back on October 2018 by Matt Levine, a free daily bloomberg newsletter....the irony of free stuff

Quote:
Robinhood Markets Inc. has built a reputation on its origins in finance counterculture and a steal-from-the-rich ethos. But the firm, which offers no-fee stock trading, is making almost half its revenue from one of the most controversial practices on Wall Street.

The startup, valued at $5.6 billion, was bringing in more than 40 percent of its revenue earlier this year from selling its customers’ orders to high-frequency trading firms, or market makers, like Citadel Securities and Two Sigma Securities, according to three people with knowledge of the matter, who asked not to be identified because the details are private. Almost all retail brokerages employ the practice, called payment for order flow, but it’s an unlikely strategy for a company built on an anti-Wall Street message.

Well, but who are the rich if not Citadel? Robinhood’s business model is:

Citadel gives it money.
It uses the money to give you free stock trades.
https://www.bloomberg.com/opinion/ar...ght-dell-again
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Old 01.02.2021, 11:49
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Re: Gamestop/Robinhood

Keep an eye on BB (BlackBerry) folks... not only may they get caught up in this current madness (judging from the Reddit forums) but even aside from that their underlying fundamentals are strong due a shizzleton of worldwide enforceable technology patents and some very strong existing contracts such as with Amazon and self-driving cars and other Cybersecurity areas. My opinion is that they are currently undervalued and will rise significantly by year end and further into 2022/2023.

Cybersecurity is an area that is in its relative infancy and the market is going to explode in the next decade as technology and the attacks on it get ever-increasingly sophisticated.

Last edited by Chuff; 01.02.2021 at 12:16.
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Old 01.02.2021, 11:56
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Re: Gamestop/Robinhood

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Dial down a bit the drama of unbeknownst and unbelivable. Robinhood was already mocked back on October 2018 by Matt Levine, a free daily bloomberg newsletter....the irony of free stuff

https://www.bloomberg.com/opinion/ar...ght-dell-again
thank you. exactly my point earlier. nothing new here. if you don't know how this stuff works then don't get on your high horse and act surprised when you read some half ass description of it in the media.
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Old 01.02.2021, 12:15
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Re: Gamestop/Robinhood

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thank you. exactly my point earlier. nothing new here. if you don't know how this stuff works then don't get on your high horse and act surprised when you read some half ass description of it in the media.
Due to the lack of awareness this thread must be on the complaints corner, for once I'd like Ace1 to move a thread
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Old 01.02.2021, 12:48
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Re: Gamestop/Robinhood

...and the most important thing, it's not the first time Robinhood let their users down. By reading the text below could you tell when it happened? It lead to to all operations down for day in 2 consecutive weeks. We should use thundering herd more often.

Quote:
Our team has spent the last two days evaluating and addressing this issue. We worked as quickly as possible to restore service, but it took us a while. Too long. We now understand the cause of the outage was stress on our infrastructure—which struggled with unprecedented load. That in turn led to a “thundering herd” effect—triggering a failure of our DNS system.

Multiple factors contributed to the unprecedented load that ultimately led to the outages. The factors included, among others, highly volatile and historic market conditions; record volume; and record account sign-ups.
https://blog.robinhood.com/news/2020...hoods-founders
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Old 01.02.2021, 13:16
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Re: Gamestop/Robinhood

Don't forget Interactivebrokers - they are pulling a lot of the same shenanigans that Robinhood did.



And I would care to wager many of the seasoned retail traders on EF and in Switzerland in general use Interactivebrokers.
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  #68  
Old 01.02.2021, 13:16
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Re: Gamestop/Robinhood

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Don't forget Interactivebrokers - they are pulling a lot of the same shenanigans that Robinhood did.

And I would care to wager many of the seasoned retail traders on EF and in Switzerland in general use Interactivebrokers.
They lifted the restrictions.
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Old 01.02.2021, 13:24
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Re: Gamestop/Robinhood

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They lifted the restrictions.

Yes they did, but the fact they restricted the BANG socks last week is still pretty sketchy.


Plus they sent out "URGENT INFORMATION" messages personally to certain accounts suggesting to sell specific positions earlier.


I responded asking what the reason was for this (since I didn't even hold those positions), they replied 2 days later with "Sorry, that was a mistake, please disregard".


Super sketch.
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Old 01.02.2021, 14:11
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Re: Gamestop/Robinhood

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Don't forget Interactivebrokers - they are pulling a lot of the same shenanigans that Robinhood did.



And I would care to wager many of the seasoned retail traders on EF and in Switzerland in general use Interactivebrokers.
Are you sure?
https://gdcdyn.interactivebrokers.co...ew?formdb=3074

As far as I know IB Lite is not available in Switzerland.
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Old 01.02.2021, 14:20
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Re: Gamestop/Robinhood

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Are you sure?
https://gdcdyn.interactivebrokers.co...ew?formdb=3074

As far as I know IB Lite is not available in Switzerland.

Thanks for that insight



I was basing the comment on the messages I received regarding the restrictions (and the lifting of restrictions thereafter). It didn't affect me, as I didn't try to buy copious amounts of those securities during the restrictions, but for me, it did raise a few 'what if' red flags for potential situations I might be affected.


I am still with IB, and by no means am I suggesting anyone to leave or join based on my experience. But the 'Urgent Message' I mentioned above does rise the suspicion that something malicious could be afoot - but probably just the situation where they didn't hire the brightest bulbs in the pack
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Old 01.02.2021, 14:31
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Re: Gamestop/Robinhood

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But the 'Urgent Message' I mentioned above does rise the suspicion that something malicious could be afoot - but probably just the situation where they didn't hire the brightest bulbs in the pack
Either that, or a glitch in the system.
I don't think they have people snooping on you
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  #73  
Old 01.02.2021, 14:36
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Re: Gamestop/Robinhood

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Either that, or a glitch in the system.
I don't think they have people snooping on you
Definitely agree. I know very well I'm not important or interesting enough to be snooped on .


But if mixing up option expiry dates is a glitch - well again, they might have not hired the smartest bunch
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  #74  
Old 01.02.2021, 16:25
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Re: Gamestop/Robinhood

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Due to the lack of awareness this thread must be on the complaints corner, for once I'd like Ace1 to move a thread
Well, for that we'd have to have a meta-complaint corner. Since you are complaining about the complainers.
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  #75  
Old 01.02.2021, 16:28
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Re: Gamestop/Robinhood

I don't agree with the complaint, and would like to complain about the complaint for this thread to stay where it is.
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Old 01.02.2021, 16:55
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Re: Gamestop/Robinhood

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As far as I know IB Lite is not available in Switzerland.
It's US only I believe.
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Old 01.02.2021, 17:33
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Re: Gamestop/Robinhood

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It's US only I believe.
I think they announed US and India as the first markets but not sure which markets are currently live.
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Old 01.02.2021, 17:48
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Re: Gamestop/Robinhood

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I think they announed US and India as the first markets but not sure which markets are currently live.
Sure enough, it looks to be live in India.

https://www.interactivebrokers.co.in...ex.php?f=30491

I guess the superior order routing of IB Pro is preferable though, except perhaps for small accounts.
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Old 01.02.2021, 17:51
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Re: Gamestop/Robinhood

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Sure enough, it looks to be live in India.

https://www.interactivebrokers.co.in...ex.php?f=30491

I guess the superior order routing of IB Pro is preferable though, except perhaps for small accounts.
Yup. It also has much better margin rates.
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Old 01.02.2021, 17:55
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Re: Gamestop/Robinhood

The thing about WSB is that I now have to check it to see if is causing the run up to any of my stocks. CCJ up 20% today.
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