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I'm going to start spreading this around. It's a comment by someone else who points to an interview of the WeBull CEO and why they had issues. It's pretty cle

by bargl 6y ago

I'm going to start spreading this around. It's a comment by someone else who points to an interview of the WeBull CEO and why they had issues. It's pretty clear that this is a process issue, not necessarily a RobinHood is evil issue. https://news.ycombinator.com/item?id=25950191 https://news.ycombinator.com/item?id=25950191 Edit: I didn't know before listening to this how much was going on behind the scenes for every stock trade. It reminds me of what it takes to buy a house.

Miner49er 6y ago
Robinhood hasn't said this is what happened to them though. If they had just said this morning, right off the bat, "our clearing house is no longer allowing new positions on these stocks" people would have been pissed, sure, but not as much, and not completely at RH. Even now, they haven't come out and said anything directly, they just keep making vague references to having "obligations" and "requirements".
- bargl 6y ago
  100% agree. I mentioned somewhere else that their Press Release was crap. If they'd explained like people reading were adults, (maybe they did and I didn't see it) then people would have been a lot less mad. It's just context for the conversation I was missing, it doesn't mean they are completely blameless, and I support a class action lawsuit. I just appreciate a fuller context for myself and figured others might as well.
  - mike00632 6y ago
    Robinhood is an app made for children, complete with gold stars and achievement celebration noises. What's this about interacting with adults?
svnt 6y ago
You all don’t recognize a revisionist account when you see one. You all don’t realize that the only firms still market making in retail options are hedge funds with GME short positions. You’re falling for the reasonable technical explanation. The “clearing house” they are talking about is Citadel. They hold (more held, probably) large GME shorts among others, and fund other hedge funds that also held those shorts.
- pldr2244 6y ago
  I’m not sure why you’re being downvoted at all. What you say sounds perfectly reasonable to me. An interesting technical explanation for why brokers ALSO had an incentive to block buy-action... ...doesn’t mean they couldn’t have also had other incentives/pressures.

by bargl 6y ago

Miner49er 6y ago

Robinhood hasn't said this is what happened to them though. If they had just said this morning, right off the bat, "our clearing house is no longer allowing new positions on these stocks" people would have been pissed, sure, but not as much, and not completely at RH. Even now, they haven't come out and said anything directly, they just keep making vague references to having "obligations" and "requirements".

bargl 6y ago
100% agree. I mentioned somewhere else that their Press Release was crap. If they'd explained like people reading were adults, (maybe they did and I didn't see it) then people would have been a lot less mad. It's just context for the conversation I was missing, it doesn't mean they are completely blameless, and I support a class action lawsuit. I just appreciate a fuller context for myself and figured others might as well.
- mike00632 6y ago
  Robinhood is an app made for children, complete with gold stars and achievement celebration noises. What's this about interacting with adults?

svnt 6y ago

You all don’t recognize a revisionist account when you see one. You all don’t realize that the only firms still market making in retail options are hedge funds with GME short positions. You’re falling for the reasonable technical explanation. The “clearing house” they are talking about is Citadel. They hold (more held, probably) large GME shorts among others, and fund other hedge funds that also held those shorts.

pldr2244 6y ago
I’m not sure why you’re being downvoted at all. What you say sounds perfectly reasonable to me. An interesting technical explanation for why brokers ALSO had an incentive to block buy-action... ...doesn’t mean they couldn’t have also had other incentives/pressures.