Why are you so quick to assume that people don’t know what they are doing?
Is it so hard to believe that at this point buying GME is more about activism than making profit?
“When you ain't got nothing, you got nothing to lose”
Is it so hard to believe that at this point buying GME is more about activism than making profit?
“When you ain't got nothing, you got nothing to lose”
Screenshot lists floating around the internet yesterday pointing out exactly what buttons in your app to hit in order to buy GME options is the first piece of evidence that makes me that thing, perhaps, a large number of people don't know (or understand) what they're actually doing.
I think that people should be able to spend their money however they want. I also don't mind when regulators say "liquor stores are blocked from having one-day specials the day that welfare benefits are paid."
If Robinhood believes that their customers are better served by blocking certain transactions, I trust Robinhood to make that call (and suffer the goodwill or ill-will that results).
My investment firm required time to set things up, and it won't be ready in time for this game.
If Robinhood can shut down trades for 24 hours, that's enough to have a huge impact, not just on the market, but on people's individual finances, as they move elsewhere.
Footnote: If I had been successful, I'd be up $200 right now based on the strategy I planned. But I'm not naive enough to think that's anything beyond luck and volatility.
I am pretty much in like with the OP in that this is definitely paternalism, and I have no idea if it's good or bad. People were going to get screwed because of this, but I don't think Robinhood or other online trading apps stopped buy's to protect these people.
Go read the top comments in the top WSB threads and tell me which it is.
This is all about getting rich quick with a thin veneer of activism slapped on top.
That might not have been the case a few days ago, I don’t know because I only got into the loop yesterday... but if it was 90% activism on Monday... is probably 10% activism today.
I wouldn’t touch that stock using “for real” money with a 50 foot pole.