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Why are you so quick to assume that people don’t know what they are doing? Is it so hard to believe that at this point buying GME is more about activism than m

Why are you so quick to assume that people don’t know what they are doing? Is it so hard to believe that at this point buying GME is more about activism than making profit? “When you ain't got nothing, you got nothing to lose”

sokoloff 6y ago
People who believe that they can only buy GME via specifically Robinhood, I'm not sure I see them as sophisticated investors or even "understand what they're doing". I think that people should be able to spend their money however they want. I also don't mind when regulators say "liquor stores are blocked from having one-day specials the day that welfare benefits are paid." If Robinhood believes that their customers are better served by blocking certain transactions, I trust Robinhood to make that call (and suffer the goodwill or ill-will that results).
- tracyhenry 6y ago
  Of course the motivation of Robinhood is to "better serve their customers". However, their customers are not retail investors.
- woofie11 6y ago
  Timing. I looked into getting into this game to see if I could make some cash day trading (at the level of one unit of stock -- NOT my life savings). My investment firm required time to set things up, and it won't be ready in time for this game. If Robinhood can shut down trades for 24 hours, that's enough to have a huge impact, not just on the market, but on people's individual finances, as they move elsewhere. Footnote: If I had been successful, I'd be up $200 right now based on the strategy I planned. But I'm not naive enough to think that's anything beyond luck and volatility.
nrmitchi 6y ago
> Why are you so quick to assume that people don’t know what they are doing? Screenshot lists floating around the internet yesterday pointing out exactly what buttons in your app to hit in order to buy GME options is the first piece of evidence that makes me that thing, perhaps, a large number of people don't know (or understand) what they're actually doing.
- snakeboy 6y ago
  OP means even among those who have never invested before, there are a lot of people who want to buy GME to support the cause, not caring if they lose a bit of money in the end.
ssully 6y ago
This hit mainstream this week. There are people out there now buying stock based on a Reddit thread because they think it will get them some quick cash. I am pretty much in like with the OP in that this is definitely paternalism, and I have no idea if it's good or bad. People were going to get screwed because of this, but I don't think Robinhood or other online trading apps stopped buy's to protect these people.
spookthesunset 6y ago
> Is it so hard to believe that at this point buying GME is more about activism than making profit? Go read the top comments in the top WSB threads and tell me which it is. This is all about getting rich quick with a thin veneer of activism slapped on top. That might not have been the case a few days ago, I don’t know because I only got into the loop yesterday... but if it was 90% activism on Monday... is probably 10% activism today. I wouldn’t touch that stock using “for real” money with a 50 foot pole.

sokoloff 6y ago

People who believe that they can only buy GME via specifically Robinhood, I'm not sure I see them as sophisticated investors or even "understand what they're doing". I think that people should be able to spend their money however they want. I also don't mind when regulators say "liquor stores are blocked from having one-day specials the day that welfare benefits are paid." If Robinhood believes that their customers are better served by blocking certain transactions, I trust Robinhood to make that call (and suffer the goodwill or ill-will that results).

tracyhenry 6y ago
Of course the motivation of Robinhood is to "better serve their customers". However, their customers are not retail investors.
woofie11 6y ago
Timing. I looked into getting into this game to see if I could make some cash day trading (at the level of one unit of stock -- NOT my life savings). My investment firm required time to set things up, and it won't be ready in time for this game. If Robinhood can shut down trades for 24 hours, that's enough to have a huge impact, not just on the market, but on people's individual finances, as they move elsewhere. Footnote: If I had been successful, I'd be up $200 right now based on the strategy I planned. But I'm not naive enough to think that's anything beyond luck and volatility.

nrmitchi 6y ago

> Why are you so quick to assume that people don’t know what they are doing? Screenshot lists floating around the internet yesterday pointing out exactly what buttons in your app to hit in order to buy GME options is the first piece of evidence that makes me that thing, perhaps, a large number of people don't know (or understand) what they're actually doing.

snakeboy 6y ago
OP means even among those who have never invested before, there are a lot of people who want to buy GME to support the cause, not caring if they lose a bit of money in the end.

ssully 6y ago

This hit mainstream this week. There are people out there now buying stock based on a Reddit thread because they think it will get them some quick cash. I am pretty much in like with the OP in that this is definitely paternalism, and I have no idea if it's good or bad. People were going to get screwed because of this, but I don't think Robinhood or other online trading apps stopped buy's to protect these people.

spookthesunset 6y ago

> Is it so hard to believe that at this point buying GME is more about activism than making profit? Go read the top comments in the top WSB threads and tell me which it is. This is all about getting rich quick with a thin veneer of activism slapped on top. That might not have been the case a few days ago, I don’t know because I only got into the loop yesterday... but if it was 90% activism on Monday... is probably 10% activism today. I wouldn’t touch that stock using “for real” money with a 50 foot pole.