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You Can Now Trade Litecoin and Bitcoin Cash on Robinhood Crypto

85 points by sahin-boydas 8y ago

justboxing 8y ago
Obligatory RobinHood Tweet [2016]: "Trade fast, die young." https://twitter.com/robinhoodapp/status/756262680537759744 https://twitter.com/robinhoodapp/status/756262680537759744
- 21 8y ago
  I feel that at some point regulators will move on RobinHood for the way they push trading.
  - deleted 8y ago
    [deleted]
  - tedunangst 8y ago
    Why? Brokerages like etrade have pushed trading for decades.
    - 21 8y ago
      What's important it's the way you push trading. You are only allowed to advertise it in particular ways. Here, it feels like they glamorize YOLO trades (as they are popularly called)
replies_to_all 8y ago
Then they join you...
Zaskoda 8y ago
Hooray Litecoin...
ram_rar 8y ago
Kudos to the product guys. They have figured out the demographic of their product with clinical precision. In Last 6 months, I have used RH app lot more than FB. Nothing is as addictive as using leverage to trade options and Crypto.
- sushid 8y ago
  I have no comment on crypto but if you're "addictively" using leverage to trade options, I hope you're only playing with your throwaway money. You are practically bound to lose money to institutional investors when playing with options.
  - 1996 8y ago
    Agreed. I would urge caution, even if I am "pro crypto" Only play with money you can afford to lose without even a sad face
  - opportune 8y ago
    I’d argue that if you’re playing with options on industries or companies you know well (not your employer though) you may even have an edge over institutional investors. Unfortunately it’s not possible to buy calls on pre-IPO companies though
  - a13n 8y ago
    > You are practically bound to lose money to institutional investors when playing with options. Source? Explanation?
    - hangonhn 8y ago
      Do most non-institutional/non-professional traders even know how to price options other than some gut feel? Are they familiar with Black-Sholes and the Greeks? From my personal experience most of them don't. Plus to properly model these things requires quite a bit of research and calculations. At the hedge fund where I worked, there were well over 600 top of the line Xeon servers running to constantly pull in data and crunch the numbers. This was in the early 2000s. Things are probably even more lopsided now. Trading and finance are professions in the same sense software engineering is (there's quite a bit of overlap in skills too). Unless you're a professional who has the time and resources to do it, you're at a severe disadvantage and are going to lose in the long run.
hbcondo714 8y ago
I signed up for Robinhood earlier this year and provided all my personal info including SSN but was notified afterwards that cryptos were not available for trading in California.
siavosh 8y ago
Every time I hear "democratize" financial system from a FinTech or blockchain "company" it immediately raises alarm bells. Usually it's a euphemism for democratizing investor exploitation.
- anoncoward111 8y ago
  Nobody invests, specifically in these coins. Everyone speculates, even in bonds :)
  - erubin 8y ago
    there is a fundamental difference between securities which have a claim on real assets and produce cashflows and those that don't
    - anoncoward111 8y ago
      I completely agree, and that also does not make those securities "investments". Additionally, even someone who "invests" (literally "putting clothes onto") into an account at Ally bank for 1.4% interest per year or something is still speculating on a few things-- namely that Ally will remain solvent and that their security measures are sufficient enough to ensure you will get your money in and out without much problem. Bitcoin certainly is more speculative than GE stock, but look at GE's stock performance and dividend performance. Anyone who thought they were investing into the long term value of a major American company was actually speculating as to whether or not a blue chip stock could produce cash flow and maintain the value of real assets, which, they couldn't do so as well as they did 20 years ago.
- throwawayqdhd 8y ago
  The idea that venture-backed startups are going to "democratize" finance and wretch it from the hands of big banks is ridiculous.
curiousgal 8y ago
Obligatory warning: don't trade more than you can afford to lose. I can't see how making leveraged trading accessible to the large masses is beneficial to anyone other than the app makers and institutional investors.
dawhizkid 8y ago
Said it once before: do not link your bank account on RH with Plaid (i.e. bank login). Plaid is the API they use that includes access to your account balance and entire transaction history! (https://plaid.com/products/transactions/ https://plaid.com/products/transactions/) RH Privacy Policy: https://d2ue93q3u507c2.cloudfront.net/assets/robinhood/legal/RHF%20Privacy%20and%20Security.pdf https://d2ue93q3u507c2.cloudfront.net/assets/robinhood/legal...
- dionidium 8y ago
  Anybody worried about this should probably just open a checking account specifically for uses like this. We tend to talk about "your checking" account, as though you can only have one and it's somehow your official account. But, despite these weird notions we seem to have about them, checking accounts are just like any other consumer product. You can have as many as you want with as many banks as you want; they've very easy to open online. This shouldn't be a significant barrier for anybody on this forum.
- andrestan 8y ago
  Wow! I didn't realize that! Thanks for telling me. Very unfortunate given how much I value the service :(
- whockey 8y ago
  Hey! Co-founder of Plaid (plaid.com) here. RH does not pull your transaction history, RH is only using Plaid to authenticate your ACH accounts to make sure your actually the owner of the account and so you don't get over-drafted. They're using our auth and balance product, feel free to check out what information we return on our docs (http://plaid.com/docs http://plaid.com/docs).
  - throwaway37585 8y ago
    Nitpick: you’re → your.
  - beaner 8y ago
    But they could potentially use you for more and users don't have insight into whether or not they do or if it will change.
ddtaylor 8y ago
I'm happy to see more adoption of Bitcoin Cash!

85 points by sahin-boydas 8y ago

Obligatory RobinHood Tweet [2016]: "Trade fast, die young." https://twitter.com/robinhoodapp/status/756262680537759744 https://twitter.com/robinhoodapp/status/756262680537759744

21 8y ago
I feel that at some point regulators will move on RobinHood for the way they push trading.
- deleted 8y ago
  [deleted]
- tedunangst 8y ago
  Why? Brokerages like etrade have pushed trading for decades.
  - 21 8y ago
    What's important it's the way you push trading. You are only allowed to advertise it in particular ways. Here, it feels like they glamorize YOLO trades (as they are popularly called)

replies_to_all 8y ago

Then they join you...

Zaskoda 8y ago

Hooray Litecoin...

ram_rar 8y ago

Kudos to the product guys. They have figured out the demographic of their product with clinical precision. In Last 6 months, I have used RH app lot more than FB. Nothing is as addictive as using leverage to trade options and Crypto.

sushid 8y ago
I have no comment on crypto but if you're "addictively" using leverage to trade options, I hope you're only playing with your throwaway money. You are practically bound to lose money to institutional investors when playing with options.
- 1996 8y ago
  Agreed. I would urge caution, even if I am "pro crypto" Only play with money you can afford to lose without even a sad face
- opportune 8y ago
  I’d argue that if you’re playing with options on industries or companies you know well (not your employer though) you may even have an edge over institutional investors. Unfortunately it’s not possible to buy calls on pre-IPO companies though
- a13n 8y ago
  > You are practically bound to lose money to institutional investors when playing with options. Source? Explanation?
  - hangonhn 8y ago
    Do most non-institutional/non-professional traders even know how to price options other than some gut feel? Are they familiar with Black-Sholes and the Greeks? From my personal experience most of them don't. Plus to properly model these things requires quite a bit of research and calculations. At the hedge fund where I worked, there were well over 600 top of the line Xeon servers running to constantly pull in data and crunch the numbers. This was in the early 2000s. Things are probably even more lopsided now. Trading and finance are professions in the same sense software engineering is (there's quite a bit of overlap in skills too). Unless you're a professional who has the time and resources to do it, you're at a severe disadvantage and are going to lose in the long run.

hbcondo714 8y ago

I signed up for Robinhood earlier this year and provided all my personal info including SSN but was notified afterwards that cryptos were not available for trading in California.

siavosh 8y ago

Every time I hear "democratize" financial system from a FinTech or blockchain "company" it immediately raises alarm bells. Usually it's a euphemism for democratizing investor exploitation.

anoncoward111 8y ago
Nobody invests, specifically in these coins. Everyone speculates, even in bonds :)
- erubin 8y ago
  there is a fundamental difference between securities which have a claim on real assets and produce cashflows and those that don't
  - anoncoward111 8y ago
    I completely agree, and that also does not make those securities "investments". Additionally, even someone who "invests" (literally "putting clothes onto") into an account at Ally bank for 1.4% interest per year or something is still speculating on a few things-- namely that Ally will remain solvent and that their security measures are sufficient enough to ensure you will get your money in and out without much problem. Bitcoin certainly is more speculative than GE stock, but look at GE's stock performance and dividend performance. Anyone who thought they were investing into the long term value of a major American company was actually speculating as to whether or not a blue chip stock could produce cash flow and maintain the value of real assets, which, they couldn't do so as well as they did 20 years ago.
throwawayqdhd 8y ago
The idea that venture-backed startups are going to "democratize" finance and wretch it from the hands of big banks is ridiculous.

curiousgal 8y ago

Obligatory warning: don't trade more than you can afford to lose. I can't see how making leveraged trading accessible to the large masses is beneficial to anyone other than the app makers and institutional investors.

dawhizkid 8y ago

Said it once before: do not link your bank account on RH with Plaid (i.e. bank login). Plaid is the API they use that includes access to your account balance and entire transaction history! (https://plaid.com/products/transactions/ https://plaid.com/products/transactions/) RH Privacy Policy: https://d2ue93q3u507c2.cloudfront.net/assets/robinhood/legal/RHF%20Privacy%20and%20Security.pdf https://d2ue93q3u507c2.cloudfront.net/assets/robinhood/legal...

dionidium 8y ago
Anybody worried about this should probably just open a checking account specifically for uses like this. We tend to talk about "your checking" account, as though you can only have one and it's somehow your official account. But, despite these weird notions we seem to have about them, checking accounts are just like any other consumer product. You can have as many as you want with as many banks as you want; they've very easy to open online. This shouldn't be a significant barrier for anybody on this forum.
andrestan 8y ago
Wow! I didn't realize that! Thanks for telling me. Very unfortunate given how much I value the service :(
whockey 8y ago
Hey! Co-founder of Plaid (plaid.com) here. RH does not pull your transaction history, RH is only using Plaid to authenticate your ACH accounts to make sure your actually the owner of the account and so you don't get over-drafted. They're using our auth and balance product, feel free to check out what information we return on our docs (http://plaid.com/docs http://plaid.com/docs).
- throwaway37585 8y ago
  Nitpick: you’re → your.
- beaner 8y ago
  But they could potentially use you for more and users don't have insight into whether or not they do or if it will change.

ddtaylor 8y ago

I'm happy to see more adoption of Bitcoin Cash!