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One of Robinhood's main business partner is Citadel (RH sells their order flow to Citadel). Citadel is also the firm that has bailed out Melvin Capital, one of

One of Robinhood's main business partner is Citadel (RH sells their order flow to Citadel). Citadel is also the firm that has bailed out Melvin Capital, one of the hedge funds that took a huge short position in GME. Probably just a coincidence.

agumonkey 6y ago
I follow the bitcoin crowd a bit. Everyday they issue claims like 'bitcoin was made to free us from wealthy people games' it felt echo chamber / tinfoil at times. This isn't hurting their theories.
- ceejayoz 6y ago
  They're right that wealthy people game the financial system. They're insane (or self-interested) to pretend the same doesn't happen in cryptocurrencies.
  - agumonkey 6y ago
    maybe, were crypto exchanges forced to stop trades before ?
    - ceejayoz 6y ago
      Crypto exchanges going down during times of high volume is definitely a thing, yes. For example: https://www.coindesk.com/coinbase-redoing-infrastructure-to-prevent-outages-during-peak-times https://www.coindesk.com/coinbase-redoing-infrastructure-to-... > During the recent bitcoin bull run, Coinbase has struggled to keep itself up during stretches of heavy volume, leading to snarky comments on Twitter and Reddit that it’s only news when the exchange doesn’t go down during peak periods. Given the exchange has filed preliminary documents for a public listing of the company’s shares, fixing its infrastructure has undoubtedly taken on an even greater urgency.
      - agumonkey 6y ago
        Going down is one degree lower than officially displaying a 'you cannot buy <security>' on your app. I know DDoS smell bad but it's not the same. And mind you I lost profits on the latest DDoS.
        ceejayoz 6y ago
        Coinbase suspended XRP. Not a perfect comparison, but perhaps closer to what you're referring to.
        agumonkey 6y ago
        It was due to the SEC, not unofficial influences.. I think it's a different topic
    - cactus2093 6y ago
      Don't forget that crypto exchanges have none of the properties of cryptocurrencies themselves, in terms of censorship resistance and cryptographic guarantees. Since fiat currencies are involved and these are businesses operating in countries with laws, they have to enforce whatever the government wants to require of them. They can absolutely halt trading, or freeze funds or assets on their platform at any time.
      - nostrademons 6y ago
        DEXes, however, can be designed so that no person can halt trading or freeze your funds (usually you trade out of your own wallet anyway). A DEX is just a computer program running on the Ethereum blockchain. Once deployed, the blockchain is immutable, and it just sits there accepting orders.
- loceng 6y ago
  This is just shifting who's getting the unreasonable, unnecessary transfer of wealth weighted towards the earlier adopters.
- cableshaft 6y ago
  Wealthy people games exist in bitcoin as well. Especially now with all the institutional investment and futures markets. I say this as a long-time bitcoin fanboy as well.
  - agumonkey 6y ago
    yeah can be to
  - AzzieElbab 6y ago
    It is not the same. Wall Street is playing with other people money mostly pensions and funds borrowed from the state.
    - mudlus 6y ago
      This is the only relevant thread in this ongoing class war.
    - cableshaft 6y ago
      Fine, it's not on the same level, but it sure does fuck with the crypto markets.
voteflipper 6y ago
I keep seeing this pop up everywhere; Citadel != Citadel Securities
- shut_it_down 6y ago
  Same group of companies, the distinction is completely irrelevant.
  - voteflipper 6y ago
    One’s a market maker + bank, one’s a fund. I understand it’s against the grain to hold this opinion, probably because it’s inherently not conspiratorial, but they do different things and regulated/managed entirely differently.
    - piva00 6y ago
      They are still owned by the same group of people, with conflicting interests: one side supports a trading platform, the other side just bailed out a moribund fund and needs to make that money back. What side do you think wins given the huge hole left in Citadel after propping up Melvin?
    - purerandomness 6y ago
      Companies do not make decisions. People owning these companies make decisions.
- kasey_junk 6y ago
  You keep saying that but they are literally sub companies of the same larger conglomerate. Their CEO and founder is the same person, he is also both of their primary shareholders.
- pfortuny 6y ago
  Mitsubishi Electric != Mitsubishi.
- ForHackernews 6y ago

agumonkey 6y ago

I follow the bitcoin crowd a bit. Everyday they issue claims like 'bitcoin was made to free us from wealthy people games' it felt echo chamber / tinfoil at times. This isn't hurting their theories.

ceejayoz 6y ago
They're right that wealthy people game the financial system. They're insane (or self-interested) to pretend the same doesn't happen in cryptocurrencies.
- agumonkey 6y ago
  maybe, were crypto exchanges forced to stop trades before ?
  - ceejayoz 6y ago
    Crypto exchanges going down during times of high volume is definitely a thing, yes. For example: https://www.coindesk.com/coinbase-redoing-infrastructure-to-prevent-outages-during-peak-times https://www.coindesk.com/coinbase-redoing-infrastructure-to-... > During the recent bitcoin bull run, Coinbase has struggled to keep itself up during stretches of heavy volume, leading to snarky comments on Twitter and Reddit that it’s only news when the exchange doesn’t go down during peak periods. Given the exchange has filed preliminary documents for a public listing of the company’s shares, fixing its infrastructure has undoubtedly taken on an even greater urgency.
    - agumonkey 6y ago
      Going down is one degree lower than officially displaying a 'you cannot buy <security>' on your app. I know DDoS smell bad but it's not the same. And mind you I lost profits on the latest DDoS.
      - ceejayoz 6y ago
        Coinbase suspended XRP. Not a perfect comparison, but perhaps closer to what you're referring to.
        agumonkey 6y ago
        It was due to the SEC, not unofficial influences.. I think it's a different topic
  - cactus2093 6y ago
    Don't forget that crypto exchanges have none of the properties of cryptocurrencies themselves, in terms of censorship resistance and cryptographic guarantees. Since fiat currencies are involved and these are businesses operating in countries with laws, they have to enforce whatever the government wants to require of them. They can absolutely halt trading, or freeze funds or assets on their platform at any time.
    - nostrademons 6y ago
      DEXes, however, can be designed so that no person can halt trading or freeze your funds (usually you trade out of your own wallet anyway). A DEX is just a computer program running on the Ethereum blockchain. Once deployed, the blockchain is immutable, and it just sits there accepting orders.
loceng 6y ago
This is just shifting who's getting the unreasonable, unnecessary transfer of wealth weighted towards the earlier adopters.
cableshaft 6y ago
Wealthy people games exist in bitcoin as well. Especially now with all the institutional investment and futures markets. I say this as a long-time bitcoin fanboy as well.
- agumonkey 6y ago
  yeah can be to
- AzzieElbab 6y ago
  It is not the same. Wall Street is playing with other people money mostly pensions and funds borrowed from the state.
  - mudlus 6y ago
    This is the only relevant thread in this ongoing class war.
  - cableshaft 6y ago
    Fine, it's not on the same level, but it sure does fuck with the crypto markets.

voteflipper 6y ago

I keep seeing this pop up everywhere; Citadel != Citadel Securities

shut_it_down 6y ago
Same group of companies, the distinction is completely irrelevant.
- voteflipper 6y ago
  One’s a market maker + bank, one’s a fund. I understand it’s against the grain to hold this opinion, probably because it’s inherently not conspiratorial, but they do different things and regulated/managed entirely differently.
  - piva00 6y ago
    They are still owned by the same group of people, with conflicting interests: one side supports a trading platform, the other side just bailed out a moribund fund and needs to make that money back. What side do you think wins given the huge hole left in Citadel after propping up Melvin?
  - purerandomness 6y ago
    Companies do not make decisions. People owning these companies make decisions.
kasey_junk 6y ago
You keep saying that but they are literally sub companies of the same larger conglomerate. Their CEO and founder is the same person, he is also both of their primary shareholders.
pfortuny 6y ago
Mitsubishi Electric != Mitsubishi.
ForHackernews 6y ago