3 ms·

Many of your points were being lauded as good things just a year ago. "Robinhood made advanced financial instruments accessible to the average Joe" now that the

by dntrkv 5y ago

Many of your points were being lauded as good things just a year ago. "Robinhood made advanced financial instruments accessible to the average Joe" now that the average joe has continuously shot himself in the foot, people are realizing it might not have been the best idea.

nrmitchi 5y ago
> Many of your points were being lauded as good things just a year ago I'm sure some people did. I personally have never said these were a good thing, and am still not saying they were ever a good thing. > Robinhood made advanced financial instruments accessible to the average Joe This is definitely a very charitable interpretation of what I said.
dane-pgp 5y ago
How's this for some proposed legislation/regulation: Anyone who wants to use a share trading service has to first complete a one month "training period" where they use the service with virtual money only. The UI would be exactly the same, but you couldn't top-up or cash-out your balance. The catch, though, is that you "fail" this training period if you don't make a profit (or enough trades) during that month. You are also prevented from attempting another training period with that service (or any other service) for another 11 months. This would have the dual effect of locking out the large proportion of users who don't know what they are doing, and also preventing a sudden influx of users from taking advantage of (or falling victim to) some meme scheme that generates a lot of short-term media attention.
- dntrkv 5y ago
  Making money on trades within a month doesn't tell you whether you know what you're doing. It only tells you if you're lucky. We should not be encouraging day trading. A better test would be if you put the money in non-penny/non-meme stocks and didn't touch it for the remainder of the month.

3 ms·

Many of your points were being lauded as good things just a year ago. "Robinhood made advanced financial instruments accessible to the average Joe" now that the

by dntrkv 5y ago

nrmitchi 5y ago
> Many of your points were being lauded as good things just a year ago I'm sure some people did. I personally have never said these were a good thing, and am still not saying they were ever a good thing. > Robinhood made advanced financial instruments accessible to the average Joe This is definitely a very charitable interpretation of what I said.
dane-pgp 5y ago
How's this for some proposed legislation/regulation: Anyone who wants to use a share trading service has to first complete a one month "training period" where they use the service with virtual money only. The UI would be exactly the same, but you couldn't top-up or cash-out your balance. The catch, though, is that you "fail" this training period if you don't make a profit (or enough trades) during that month. You are also prevented from attempting another training period with that service (or any other service) for another 11 months. This would have the dual effect of locking out the large proportion of users who don't know what they are doing, and also preventing a sudden influx of users from taking advantage of (or falling victim to) some meme scheme that generates a lot of short-term media attention.
- dntrkv 5y ago
  Making money on trades within a month doesn't tell you whether you know what you're doing. It only tells you if you're lucky. We should not be encouraging day trading. A better test would be if you put the money in non-penny/non-meme stocks and didn't touch it for the remainder of the month.