4 ms·
“ A substantial portion of the recent growth in our net revenues earned from cryptocurrency transactions is attributable to transactions in Dogecoin. If demand
by lame-robot-hoax 5y ago
“ A substantial portion of the recent growth in our net revenues earned from cryptocurrency transactions is attributable to transactions in Dogecoin. If demand for transactions in Dogecoin declines and is not replaced by new demand for other cryptocurrencies available for trading on our platform, our business, financial condition and results of operations could be adversely affected.
For the three months ended March 31, 2021, 17% of our total revenue was derived from transaction-based revenues earned from cryptocurrency transactions, compared to 4% for the three months year ended December 31, 2020. While we currently support a portfolio of seven cryptocurrencies for trading, for the three months ended March 31, 2021, 34% of our cryptocurrency transaction-based revenue was attributable to transactions in Dogecoin, as compared to 4% for the three months ended December 31, 2020. As such, in addition to the factors impacting the broader cryptoeconomy described elsewhere in this section, RHC’s business may be adversely affected, and growth in our net revenue earned from cryptocurrency transactions may slow or decline, if the markets for Dogecoin deteriorate or if the price of Dogecoin declines, including as a result of factors such as negative perceptions of Dogecoin or the increased availability of Dogecoin on other cryptocurrency trading platforms.”
- an_opabinia 5y agoIf you make the easiest to use Ponzi consuming tool, it doesn’t matter. There will always be more ponzis.
- IntrepidWorm 5y agoTrue, but that doesn't mean we should give the best ponzi scheme a free pass. It's still a ponzi scheme.
- ttul 5y agoDogecoin, created as a joke, is now in an S-1 as a material item.
- agumonkey 5y agoafter trump tenure this is the 2nd most absurdist fact about humanity the last 20 years to me
- astronautjones 5y agowhat could possibly go wrong
- acid__ 5y agoI would've guessed it had appeared before, but nope never on it's own before https://www.sec.gov/edgar/search/#/q=dogecoin&dateRange=all&filter_forms=S-1 https://www.sec.gov/edgar/search/#/q=dogecoin&dateRange=all&...
- tofuahdude 5y agoAnecdotal: My two under-18 cousins both described using their parent's credentials to buy Dogecoin on Robinhood. Great stuff driving Robinhood revenue right here.
- reidjs 5y agoThink of these meme stocks as baseball cards or pokemon for gen-z and everything starts to make sense.
- agumonkey 5y ago10$ a good amount of defi is trying to sell a few finance tricks to teens through web-scale lingo
- deleted 5y ago[deleted]
- Apocryphon 5y agoIs NFT support coming soon to Robinhood?
- slg 5y agoThis is true at the level of basic buying and selling. However that isn't all that is happening with Robinhood. One of Robinhood's "innovations" was making it easier for novices to engage in more complicated trading including buying on margin, short selling, etc. This allows people to lose more money than they initially invested. A kid in the 90s wouldn't be buying Pokemon cards on credit with the potential to literally bankrupt themselves or their parents.
- mym1990 5y agoRobinhood has also gamified the trading experience. Once a day I get a push notification with something like "here are the day's biggest movers, hop on the train before it's too late!" and its essentially playing to that addictive quality that short term trading can have.
- caymanjim 5y agoWhat's most ridiculous about this level of crypto trading volume on Robinhood is that you don't even own the crypto you trade there. You can't use your own wallet, you can't transfer it to your own wallet. Robinhood holds it; you're just gambling on their holdings.
- elliekelly 5y agoIt really irks me because “owning” it in that way flies in the face of cryptocurrency’s supposed raison d’être: anonymous decentralized currency. Dogecoin held at RH is none of those things.
- DSingularity 5y agoWhat remains of cryptocurrency ethos? It’s all about the value today.
- mym1990 5y agoYou could argue that it isn't even about the value, but simply the price.
- iso1631 5y agoThat's not ridiculous, that's the primary purpose of crypto
- j79 5y agoIt also speaks volumes about "crypto" these days. The vast majority of folks I know treat crypto as an investment opportunity (albeit, a highly speculative one). They're not concerned about blockchain technology or decentralized finance. Robinhood is the perfect platform for them - There's no need to "swap" tokens or sign up with exchanges. For the most part, RH just "works".
- cwkoss 5y agoI find it interesting that Elon Musk has tweeted about Dogecoin several times in the past day, and his tweets no longer seem to be causing price spikes. A lot of Cryptocurrency twitter is mad at him for his actions and statements on Bitcoin, I wonder if that has broken his ability to manipulate price with tweets. If that's the case, probably a bad thing for Robinhood. But maybe people will come back around to him with time.