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There is a fantastic quote in the comments: >> The ones with laughably ironic names. “Robinhood” working for the rich to spite the poor. I find this whole dra
by ogre_codes 6y ago
There is a fantastic quote in the comments:
>> The ones with laughably ironic names. “Robinhood” working for the rich to spite the poor.
I find this whole drama bizarre. I suspect there is going to be a huge pile of shattered portfolios at the end of this mess.
- llaolleh 6y agoI agree. The ultimate irony is that their mission is to democratize finance.
- ogre_codes 6y ago> The ultimate irony is that their mission is to demon-atize finance. The above is what I read at first glance which seemed appropriate.
- whoknew1122 6y agoRobinhood's mission is to gamify day trading. Don't let the pretty mission statements obfuscate the truth.
- paulddraper 6y agoSeems like a game to me.
- variaga 6y agoCorrect - Robinhood's _marketing_ was "we'll democratize finance". Robinhood's _purpose_ was to sell order-flow information to the hedge funds. Retail investors were never the customer, always the product. This is like a mouse complaining about the "irony" of a mousetrap abandoning its mission of cheese-distribution.
- scruple 6y agoLike Facebook and Google's users, Robinhood's clients are the product. They've now learned that truth the hard way.
- throwaway2048 6y agoA system is what it does, not a set of mission statements.
- ulucs 6y agoUnless you are going to win at rich people's expense
- Havoc 6y agoYup. And it’ll be a bunch of people that can’t afford to lose the money
- ghaff 6y agoOne can simultaneously find this whole thing pretty popcorn-worthy while hoping not too many people end up seriously screwing up their lives over it.
- ogre_codes 6y agoIndeed. Exactly this. There is a situation where retail investors don't get utterly screwed but that is a fine edge and on either side of it, thousands of them get screwed.
- Apocryphon 6y agoHardly the first time in startup history, sadly.