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01-28-2021, 03:06 PM
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#11001 | | Performance Moderator
Join Date: Jun 2001 Location: Richmond
Posts: 16,858
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01-28-2021, 03:07 PM
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#11002 | | OMGWTFBBQ is a common word I say everyday
Join Date: Jan 2005 Location: Vancouver
Posts: 5,185
Thanked 1,379 Times in 578 Posts
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Originally Posted by Alpine  Robinhood is going to be turned into a scapegoat while the people behind the scenes will likely get away again. I hope this doesn't happen but I don't like the narrative that Robinhood is the primary culprit in all of this. They need to be punished since they're the intermediary, but the ones pulling the strings behind the scenes are the ones that truly need to be brought to justice. | Robinhood is not the only broker. Interactive broker pull the plug on it today too.
Basically any broker associated with Citadel pull the plug on retail today.
For those with account there. Watch for the class action lawsuit
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01-28-2021, 03:07 PM
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#11003 | | Performance Moderator
Join Date: Jun 2001 Location: Richmond
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Saw a report that Trading sites took in $400 million in fees through this whole thing thus far... so they still win in the end
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01-28-2021, 03:14 PM
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#11004 | | OMGWTFBBQ is a common word I say everyday
Join Date: Jan 2005 Location: Vancouver
Posts: 5,185
Thanked 1,379 Times in 578 Posts
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Originally Posted by 68style Saw a report that Trading sites took in $400 million in fees through this whole thing thus far... so they still win in the end | Great that will do well against their 14 billion in loses so far.
short ratio and interest went up today so they reopen new short on GME at some point today.
Tomorrow is going to be interesting.
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01-28-2021, 03:18 PM
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#11005 | | Performance Moderator
Join Date: Jun 2001 Location: Richmond
Posts: 16,858
Thanked 17,671 Times in 5,916 Posts
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Originally Posted by threezero Great that will do well against their 14 billion in loses so far.
short ratio and interest went up today so they reopen new short on GME at some point today.
Tomorrow is going to be interesting. | Trading sites didn't lose $14 billion, hedge funds did
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01-28-2021, 03:25 PM
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#11006 | | SFICC-03*
Join Date: Mar 2002 Location: richmond
Posts: 8,434
Thanked 2,907 Times in 1,171 Posts
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is it just me or has robinhood's reasoning for the restrictions changed a few times?
one of the reasons was something related to financial loss incurred by record transactions, another was regulatory scrutiny, and now whistleblowers are saying that it was pressure from sequoia capital and the white house.
it definitely could not have been financial from their bottom line, because they've just commited platform suicide. if it was regulatory, why did it happen 30m before market open, totally blindsiding investors, and why not halt trading rather than only allow selling?
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01-28-2021, 03:27 PM
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#11007 | | Hacked RS to become a mod
Join Date: Feb 2002 Location: Sunny Hong Kong
Posts: 53,557
Thanked 24,534 Times in 8,539 Posts
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Originally Posted by 68style Trading sites didn't lose $14 billion, hedge funds did | Citadel (the market maker Robin Hood uses) is the one who bailed out Melvin Capital (along with Steve Cohen who was busted for insider trading not long ago). So they are basically the hedge funds... It's all connected
Americans need to switch to a non Citadel platform or they'll get fucked
Last edited by SkinnyPupp; 01-28-2021 at 06:34 PM.
Reason: edited some terms I had wrong
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01-28-2021, 03:28 PM
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#11008 | | OMGWTFBBQ is a common word I say everyday
Join Date: Jan 2005 Location: Vancouver
Posts: 5,185
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Oh oops I totally read that wrong.
Robinhood has no fee thou. Their business is selling customer data to MM such as Citadel so they can hunt stop loss on retailer
The battle wasn’t against broker to begin with. Good to see them making money out of this but most of them did not keep their integrity and gave in to the big boys
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01-28-2021, 03:29 PM
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#11009 | | OMGWTFBBQ is a common word I say everyday
Join Date: Jan 2005 Location: Vancouver
Posts: 5,185
Thanked 1,379 Times in 578 Posts
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Originally Posted by SkinnyPupp Citadel (the trading platform Robin Hood uses) is the one who tried to bail out Melvin with a 2.75 billion investment. So they are the hedge funds
Americans need to switch to a non Citadel platform or they'll get fucked | Citadel is a market maker.
Robinhood’s main customer. They buy data from Robinhood
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01-28-2021, 03:31 PM
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#11010 | | Hacked RS to become a mod
Join Date: Feb 2002 Location: Sunny Hong Kong
Posts: 53,557
Thanked 24,534 Times in 8,539 Posts
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Originally Posted by threezero Citadel is a market maker.
Robinhood’s main customer. They buy data from Robinhood | Right so if they refuse to sell certain stocks Robin Hood customers, then Robin Hood has to deny service to their customers right?
Also if this is true | |
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01-28-2021, 03:33 PM
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#11011 | | Say! Say! Say!
Join Date: Aug 2005 Location: Japan
Posts: 15,444
Thanked 3,338 Times in 1,467 Posts
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__________________ Quote: | Owner of Vansterdam's 420th thanks. OH YEAUHHH. | Quote:
Originally Posted by 89blkcivic Did I tell you guys black is my favourite colour? My Ridgeline is black. My Honda Fit is black. Wish my dick was black........ LOL. | | |
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01-28-2021, 03:43 PM
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#11012 | | I have named my kids VIC and VLS
Join Date: Oct 2001
Posts: 38,015
Thanked 15,183 Times in 6,091 Posts
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Uhg..went against my plan and sold AMC to stop the bleeding. now dat after hours gains 
Tom might be crazy
__________________
Dank memes cant melt steel beams
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01-28-2021, 03:49 PM
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#11013 | | Need to Seek Professional Help
Join Date: Jan 2005 Location: Van
Posts: 1,051
Thanked 542 Times in 291 Posts
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Originally Posted by Hondaracer Uhg..went against my plan and sold AMC to stop the bleeding. now dat after hours gains
Tom might be crazy | I did the same, but what's to stop them from doing the same thing tomorrow?
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01-28-2021, 03:56 PM
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#11014 | | Willing to sell body for a few minutes on RS
Join Date: Oct 2006 Location: Vancouver
Posts: 12,074
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I bought in today, hoping for the best tomorrow
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01-28-2021, 04:02 PM
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#11015 | | I STILL don't get it
Join Date: Feb 2004 Location: Vancouver
Posts: 463
Thanked 262 Times in 83 Posts
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this entire situation goes adamantly against my investing philosophy.. but at the same time, I see the potential progress rendered from exposing the hedge fund short system.
that said, I'm torn on whether to participate.
exit strategy is going to be key here.
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01-28-2021, 04:05 PM
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#11016 | | Need to Seek Professional Help
Join Date: Jan 2005 Location: Van
Posts: 1,051
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Based on all of the interviews today from the various c-suite brokerage execs it appears that there is some sort of liquidity issue. Assuming that's actually the reason why, now we have a precedent to do this again to "protect the company and the customer." GME is now $350 AH. What happens tomorrow, if GME opens up in this range?
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01-28-2021, 04:08 PM
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#11017 | | Hacked RS to become a mod
Join Date: Feb 2002 Location: Sunny Hong Kong
Posts: 53,557
Thanked 24,534 Times in 8,539 Posts
Failed 1,537 Times in 685 Posts
| Quote:
Originally Posted by wreck this entire situation goes adamantly against my investing philosophy.. but at the same time, I see the potential progress rendered from exposing the hedge fund short system.
that said, I'm torn on whether to participate.
exit strategy is going to be key here. | This is now beyond investing though. Like threezero said, it's the real Occupy Wallstreet. People are buying GME and holding it hostage in protest. As long as most people went in with that strategy, it is going to be massively disruptive
If you're looking at this as an opportunity to make some money... well sure people are going to take that risk. But it kind of goes against why it's happening in the first (well maybe second) place
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01-28-2021, 04:10 PM
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#11018 | | It's like going crazy when you're already nuts
Join Date: Aug 2005
Posts: 5,910
Thanked 3,069 Times in 796 Posts
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Bought back in for shits and giggles. No ragrets.
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01-28-2021, 04:11 PM
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#11019 | | Need to Seek Professional Help
Join Date: Jan 2005 Location: Van
Posts: 1,051
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Are you guys buying AH? And if so, with which platform?
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01-28-2021, 04:35 PM
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#11020 | | I STILL don't get it
Join Date: Feb 2004 Location: Vancouver
Posts: 463
Thanked 262 Times in 83 Posts
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Vlad Tenev (co-founder & ceo of Robinhood) on BNN right now...
more 'umms' and 'ahhs' than a Jim Benning press conference.
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01-28-2021, 04:40 PM
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#11021 | | I don't get it
Join Date: Jan 2007 Location: vac
Posts: 449
Thanked 263 Times in 96 Posts
Failed 7 Times in 6 Posts
| Quote:
Originally Posted by Alpine Based on all of the interviews today from the various c-suite brokerage execs it appears that there is some sort of liquidity issue. Assuming that's actually the reason why, now we have a precedent to do this again to "protect the company and the customer." GME is now $350 AH. What happens tomorrow, if GME opens up in this range? | The hedge funds/Citadel are in a world of hurt if this opens at $350. They'll try and do another ladder attack again tomorrow I'm sure, but at some point they will be running out of ammo, especially if people are just holding their shares.
For what it's worth, I'm extremely biased. I'm up over 500% on my initial investment and can potentially retire if this goes parabolic.
What started as a meme and a joke back in November may actually change my family's life.
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01-28-2021, 04:47 PM
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#11022 | Ebisu Boss
Join Date: Apr 2001 Location: West Side
Posts: 4,048
Thanked 1,889 Times in 705 Posts
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I tried to buy in AMC right at 1:00 on the dot but couldn't beat the buzzer and got my transaction voided. If it spikes tomorrow I'm going to be sad  | |
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01-28-2021, 05:28 PM
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#11023 | | RS controls my life!
Join Date: Mar 2012
Posts: 768
Thanked 562 Times in 245 Posts
Failed 62 Times in 18 Posts
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Robinhood CEO states they did not collude with hedge funds. Its up to you to believe him or not. And if it makes you feel any better, New York Attorney General Letitia James is looking into this case. https://ag.ny.gov/press-release/2021...d-app-activity
---------------------------- https://edition.cnn.com/business/liv...eet/index.html
Robinhood CEO: 'We absolutely did not' restrict GameStop trading at the direction of a hedge fund
Robinhood CEO Vlad Tenev explained what he called the platform's "very difficult decision" to restrict buying of GameStop (GME) and about a dozen other securities during a Thursday evening interview on CNBC.
He said the decision was made in response to requirements Robinhood must adhere to as a brokerage firm.
"We have lots of financial requirements, including SEC net capital requirements and clearinghouse deposits — that’s money that we have to deposit at various clearinghouses," Tenev said. He added that such requirements can fluctuate based on market volatility and can be "substantial in the current environment where there’s ... a lot of concentrated activity in these names that have been going viral on social media."
He added: "In order to protect the firm and protect our customers, we had to limit buying in these stocks."
Tenev also shot down speculation spread on social media Thursday that Robinhood restricted regular trading of the volatile stocks at the request of large Wall Street firms. One Robinhood user alleged in a class action lawsuit filed against the trading platform Thursday that the move was made "knowingly to manipulate the market for the benefit of people and financial institutions who were not Robinhood’s customers."
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01-28-2021, 06:14 PM
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#11024 | | RS controls my life!
Join Date: Mar 2012
Posts: 768
Thanked 562 Times in 245 Posts
Failed 62 Times in 18 Posts
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Originally Posted by Obsideon I tried to buy in AMC right at 1:00 on the dot but couldn't beat the buzzer and got my transaction voided. If it spikes tomorrow I'm going to be sad | If you want your order filled at closing price use market-on-close (MOC) or limit-on-close (LOC) order via your broker/platform at least 15 mins prior to closing. Around the market closing time, exchanges do an auction to fill as many buy/sell orders as possible. MOC basically means you are willing to pay whatever price the auction dictates (potentially dangerous) and LOC means you are willing to pay up to a certain price (order potentially unfilled).
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01-28-2021, 07:51 PM
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#11025 | | Rs has made me the woman i am today!
Join Date: Jan 2011 Location: Vancouver DT
Posts: 4,322
Thanked 2,797 Times in 916 Posts
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what benefit does that add to a broker for controlled trading?? serious question.
edit: did some reading... i fucking hope for those who are on the class action lawsuit get what they want out of it.. the information is fact, they shouldn't be allowed to control the market.
__________________
Fly Your Own Flag.
Last edited by Mr.Money; 01-28-2021 at 07:57 PM.
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