The most popular Mobile game just got less popular by virtue of being a shill. You see, well-
Robinhood done goofed with the theoretical plausible collusion thing that they may or may not be involved in. We don’t know why they did what they did, but they have drawn the ire of the poors. Average working non-millionaire Americans.
First Robinhood made contracts non executable, which would technically void the term ‘contract’ and be a technical ‘breach of contract’ but I’m not a lawyer and I ate glue paste on the weekends. Speaking of which.
Preventing the execution of the options is bad for people who want to buy the shares and actually have them. This voids the contract guys. It also mitigates the short squeeze which people are trying to make happen to get money. In short, options are important.
The take away is that this would essentially roll in favor of the Hedge Funds that shorted the stock. Protecting them from getting squeezed.
On 10am EST(during market hours) Thursday 28th, they stopped you from buying stonks, but they allowed you to sell stonk. Which means THEY ARTIFICIALLY ALLOWED VOLATILITY SURGES TO PLUMMET PEOPLE’s portfolios THEN MARGIN CALLED THEM at low values.
THIS DROPPED the stonk price from ~462 at market open to ~132. THIS MADE THE MARKET MOOOOAR VOLATILE.
Obviously its simple, you stop people from buying, so they can’t buy shares. This means there’s no lower support. People panic and sell their shares.
So Supply goes up but demand goes down, (Supply is from sellers, and Demand is based on buyers)
Thus the stock price drops. (I took the D in Ph.D for maths -wait. that came out wrong)
This pissed off a lot of people and is blatant manipulation. I mean, if they were really worried about market volatility, they would’ve made it so that you could only place limit orders, or prevented BOTH SELLING AND BUYING.
Anytime someone says “you don’t know what you’re doing” or it’s “for their own good” is straight sus.
But noooo, they dropped the price. Then they took advantage of your margined Brethren.
So people who borrowed money (called margin) to buy shares, were forced to sell their shares. However, the conditions for the selling of the shares is a bit sketchy.
First Robinhood upped the Margin requirement that day, so now you are allotted less margin with no notice. Other brokers tell you about margin minimum requirements at least a week or so out, so their clients can put money in their accounts to cover their position.
Then they force sold your stonk dirt cheap, not because you were really margin called, but because something about “you not knowing when to sell because market volatility” so “we’ll sell for you at dirt cheap to our hedgebros”.
So Robinhood Artificially and quickly raised margin requirements and squeezed their margin clients.
“Due to unreasonable risk . . . we have closed your 4,500 shares of GME for DIRT CHEAP” -Robinhood (basically)
Want someone to say it in words? Sure:
“We can be retarded longer than you can be solvent”
Yet with the supposed market manipulation, the Hedge funds were able to recoup their positions. Because who was able to buy shares? Not the Retail users.
So this weird anomalous halt of buying lead to Hedge funds making money, giving them more ammo. Just like what David Sacks said at the end of the video above.
RobinHood prevented you from buying more stonks. Which actually had backfired and made the population at large even more angry.
Basically, the theory is that they manipulated the market to tank, and helped their friends buy some of your shares that they sold on their behalf, without asking you, while you lost hundreds of dollars.
They were even questioned, the CEO got the short shtick:
And there’s more commentary from others:
Also this Vlad guy apparently said it wasn’t a solvency/litquidity/or money issue.
“There was no li liquidity problems” -CEO Vlad Tenev
And then later said it was money issues. You know, that’s why they took open a ~$1 billion line of credit loan on Thursday.
“we don’t provide advice” but also they write blog posts on why they limit you from buying in volatile markets to protect you? Yea, scam alert.
RobinHood said they did what they did to protect the customer because of volatility. Yet they revealed that they need more cash, and weren’t liquid enough.
Then they said, the next day, Friday the 29th, we’ll allow you to “buy a limited amount”, like WTF do you mean? Are you hand holding us? We know what risks are, that’s why most of us YOLO our entire life’s savings. Where was the hand holding then? NO? Biased it seems. Hog wash poppy cock. Ha, cock. what?
They said you can only buy 5 Shares:
But people know what that means, not that you can buy 5 shares. NO. It’s that you can only buy shares enough to total TO 5 SHARES.
Then they said no more than two shares
Then they said no more than one share
Then they said you can only have what you have as fractional shares
There was a person who had 0.48 shares and was also unable to buy more;
So a quick recap:
SEC wants to know what’s up?
So the SEC should investigate what Robinhood did Thursday and Friday.
Volume is based on shares traded. Can’t buy? then you can’t sell. So a volume drop occurs. So the drops coincidently matched with the share limit alterations? Is that fishy? IS IT FISHY? FISH STICKS.
Basically during the time when Robinhood REDUCED LIMIT buying, because way-less buyers, sellers fell in to a market dip. I’m speculating someone somewhere HAD to be able to buy, and they set the buying price. I mean, you definitely weren’t buying as much during the REDUCED LIMITED buying. So someone had to buy in order for there to be a trade.
So some asshole somewhere was buying for a lesser than market value, driving prices down.
The market sellers sold at market price, and traders succumb to a mini panic sell, before finding the floor and resistance again. Then they lowered the amount of shares you could buy AGAIN to do THE SAME THING AGAIN.
If you throttle demand, then you affect price. It’s like economic rocket science 101.
It’s almost like its blatant market manipulation. Maybe.
This user deleted their account, but I got a snag of their comment:
RobinHood was able to get a loan, and still wasn’t able to support the trades.
It’s a Everybody-thing and people don’t like Robinhood Right now
Everyone on the political spectrum, not just the autistic one, is shitting on robin hood. Trump Jr, AOC, Left wing and right wing media.
It’s almost as if we have unity in Murica again. Remember, Apes together strong.
But people show their reactions:
And that says they are Angry. Also that some people think of Robinhood’s attempt as a joke. Here’s a comment below:
People are obviously taking their business elsewhere:
People are making meme/jokes about them. Parodying them and their business.
After the initial Buying stoppage on Thursday, People flooded and negatively reviewed the App:
Then Google Removed some of the Reviews:
After the fiasco and spread of the news of Robinhood happened on Friday’s LIMITED BUYING, more people gave bad reviews and more people are leaving Robinhood.
Open Letter from a person who is doing literally everything that other people are doing:
People HATE Robinhood, and are taking their business elsewhere. They also have attracted a lot of outsiders with this blatant market manipulation.
Allegedly Robinhood is preventing statements from being made, preventing the transfer of shares from Robinhood to other brokerages. It’s almost like they’re trying to keep your business and shares.
Luckily there is a work around:
Here is the informational link if you want to transfer your account and your shares. You’ll have to go through your broker.
Just keep in mind that transferring shares will lock them up for some amount of time, so keep that.
People are heavily for the transfer:
Also, a lot of people are transferring as evidence by this post:
Also, I was told that this happened. That they deactivate accounts with transfers:
They can deactivate your account based on terms and stuff, so whether or not this is bad is whatever. The fact is, it’s rather uncouth and rude. Which at this time will not help their public image, regardless of who is actually in the right. Or even if this is an issue at all?!
Also, allegedly they are shutting down accounts. For the reason? We don’t know. It may or may not be related to GME and the recent issues.
Also, don’t forget about the three “power outages” that occurred during the most significant dip in 2020. Around March time frame when stonks plummeted, robinhood just had an oopsy and left many people bag holding.
So you want to take your business else where?
Make sure you fork over a fee of 75$ to transfer your stonks.
Also there was a settled SEC case in 2020 about how Robinhood was making profits skimming trades or something, I didn’t read it because it didn’t have emojis or memes.
I saw a meme and got all the data I need about the lawsuit, So Robinhood makes money from trading stock and data from you to other people. They buy and sell stock on your behalf, and made money doing it. Arbitrage.
The SEC lawsuit said that Robinhood made unfavorable buys and sell. Basically, instead of selling higher, they sold lower. Instead of buying lower, they bought higher. With who’s money? Yours of course!
Skimming the trades.
RobinHood did agree to pay $65 Million dollars, yet how much of that goes to the people they stole from?
RobinHood was stealing from the rich alright, you just didn’t know you were rich.
“Just remember that if it’s free, than the product is you” -Other people on the internet
Even the employees are not cool with what’s going on:
But they can take to whistleblowing for the SEC (assuming the SEC does its job) which has the potential to earn whistleblowers millions of dollars. (I don’t know if you get to keep the $40 DoorDash credit if you whistle blow).
It might even go deeper
Also after the 28th Halt of buying, Robinhood secured funding from Citadel:
With some money (maybe a couple million) coming from Citadel:
You know, the same Citadel that helped out Melvin Capital, the shorters.
There’s a theory that it’s all connected:
There is a theory that it might be bigger than just Melvin, Citadel, and RH:
Citadel and their connections are being investigated heavily by an online plethora group of mouth breathing paste eaters.
The Same Citadel that got fined for doing similarly the same sort of price manipulation that Robinhood got caught with by the SEC (earlier in this article under Robbing Hood):
However, did Citadel and others influence the Clearing house? And did the Clearing house become a middle man for influencing brokers Robinhood? Technically not direct influence or contact, so their statements aren’t false. I’m just bullshitting but its possible, probably not, but who knows.
Well, theories without substantive evidence is just speculation.
I mean, do people really trade on speculation alone?
Wait, everyone does?
Well, -uh- okay. . .
The Real RobinHOOD?
These idiots donate to Teachers
To failed businesses
To medical bills
To charity food drives
THEY TAKE MONEY FROM DAH RICH
AND GIVE IT TO DAH POORS
r/WSB is the good guys
Sorry, I was drunk writing this because we held at $325 at market close on friday. I watched it go down. Wild.
I saw the “short ladder attacks” and the attempts at flooding the market, and we held and bought back with resistance. It was almost like an eSport. Riveting.
I also reached out to Robinhood in my mind, and they didn’t reply. I guess they don’t have telepathy connected. Whatever, no comment.
Anyway, Robinhood used to be the best Mobile Game for Fellow Retards, now it’s a corporate suit that steals from the people. Taking data and tendies and beating the people down.
It’s not good.
1 star (if you actually used the app)
And also report they ass to the SEC with evidence.
I mean, they can’t slap you in the face with a blog post immediately after suppressing trade, right?
*Not Valid Financial, Legal, Life, or Any Advice
UPDATE MAY 6th 2021;
The DTCC Chief said they waived their requirements on Jan 28th, so Jan 29th fuckery was done all by Robinhood’s volition.
Meaning that Vlad Tenev did not say the truth, or the whole truth, during his discussion and talks with Elon Musk in a clubhouse meeting. Link of transcript here.
So, as an update, it turns out that Robinhood either lied or at a minimum with held the truth and is definitely not to be trusted.
Here is a link to a video of some other Testimonies conflicting, could be interpreted as perjury, which is lying under oath;
Also, as a side note, r/WSB is compromised and no longer for the people. Instead there is a bunch of predatory pump and dump schemes that you can ride and get your dick caught in a box spread. So, uh, caution or something.