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Comment by gmm1990 | Hacker News Reader

gmm1990

I'm pretty happy they are doing it. This is really in the best interest of the average Robinhood user trying to buy GME right now. Maybe they shouldn't completely ban it, but there should be at least very extreme warnings about why its a terrible idea to buy.

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Dude it's my fuckin' money. I don't need or want protection. Maybe I want to buy a couple hundred dollars of meme stonks solely because it's funny. Is that not allowed?

I imagine the paternalism argument would be something like "currently GME is part of a ponzi scheme, and you would be defrauded by making this purchase".

It's a ponzi scheme where early stage investors are forced to buy the products of late stage investors.

It’s their fucking trading platform if they want to defend people from investing in a Ponzi scheme is that not allowed.

I just wish they'd say that they have a vested interest in the ponzi scheme failing rather than telling me I'm not smart enough to make the decision to throw my money away.

And that's really what this is all about.

It's probably a liability concern on their part, but they also want people to have money to trade in the future too. If Robinhood users had any chance of actually making a bunch of money on this it would only be in Robhinhoods interest to allow people to continue buying. (if their users have more money in the future they will trade more)

really? really?

this is stock investing 101. don’t invest what you cannot afford to lose. i find it condescending and insulting that they are claiming to protect the users.

Informing your customers is one thing. Blocking them in "their" own interest is a ridiculous overstep. We make platforms and tools to empower users, not to force them down whatever path we deem best for them.

But there are tons of overpriced stocks out there. Where do you draw the line? TSLA? AAPL? S&P 500?

It's not about making money, it's about sending a message, and we can send a message with our money. Not their business how we burn it.

It isn't. People buy it to laugh, not to make money.

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