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>-Robinhood is not allowing you to transfer in crypto from outside. So robinhood is the sole supplier of coins on their exchange? Imagine if NYSE was also runn
by bobcostas55 9y ago
>-Robinhood is not allowing you to transfer in crypto from outside.
So robinhood is the sole supplier of coins on their exchange? Imagine if NYSE was also running a prop trading operation on the side, talk about conflicts of interest...
- rajacombinator 9y agoDoes robinhood run their own prop group or just sell their order flow to Goldman, etc? What a scummy organization...
- Blackthorn 9y agoAll brokers sell order flow information. It's not a big deal, or even a deal at all.
- philipodonnell 9y agoHow do you think they make money with a no commission service? Order flow has value.
- rajacombinator 9y agoOne of the above, hence the question. (I assume the latter and that they’re just a marketing organization.) The scummy part is that their customers don’t know this.
- freeone3000 9y agoWhat makes you think their customers don't know this? It's in their brokerage disclosure statement, same as anybody else who does this. It just doesn't... matter. Zero-fee transaction trading from my phone outweighs this.
- pishpash 9y agoIt doesn't matter if money doesn't matter, yeah. Zero-fee transaction trading does not outweigh this, unless you have only peanuts to trade such that trading fees are more significant than spreads/execution.
- freeone3000 9y agoavoid the spread by cross-checking and issuing a limit order. no fee on those, either.
- rajacombinator 9y agoAlmost zero customers at any brokerage are aware of this - how many do you think read the fine print? It’s an unethical industry. And zero fee trading is great, except it’s not zero fee. But “stupid people deserve to get fleeced” seems to be enough ethics for most people.
- WorkLifeBalance 9y agoThat means net as a population you can't sell, you can only buy. With that in place the price can only go in one direction.
- bpicolo 9y agoSeems like they want to allow it but are worried about laundering / being a bitcoin tumbler?
- babaganoosh89 9y agoAfaik Robinhood is actually buying and selling coins on existing exchanges and baking any fees into the spread. For example, gdax doesn't charge any fee if you are a maker/using limit orders.