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  1. #26
    5X ST MVP Spurtacular's Avatar
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    I think there could be a number of liability issues, like false advertising, etc.

    Like I said, I don't completely disagree with the notion that, at the end of the day, you can't protect stupid from himself/herself. However, I do think there's some smoke and mirrors to try to prey on these people.
    False advertising how?

  2. #27
    🏆🏆🏆🏆🏆 ElNono's Avatar
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    False advertising how?
    Depends how they advertise their platform. I'm not privy on Robinhood specifically, but I do know some gambling companies got caught red handed by advertising free this, free that, this is a game, have fun, then bait and switching into subscription fees, etc.

    Some of that was also going on with paid loot boxes in videogames. I know the some EU countries clamped down on that, some outright outlawed it.

  3. #28
    5X ST MVP Spurtacular's Avatar
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    Depends how they advertise their platform. I'm not privy on Robinhood specifically, but I do know some gambling companies got caught red handed by advertising free this, free that, this is a game, have fun, then bait and switching into subscription fees, etc.

    Some of that was also going on with paid loot boxes in videogames. I know the some EU countries clamped down on that, some outright outlawed it.
    Their basic trading services are free. Options is probably a part of Robinhood Gold or whatever. I would think they have various disclaimers for investors taking it to that level; but they are known for taking more shortcuts or being less thorough than the more established brokerages.

    On a side note: I'm happy Robinhood came along; their business model forced the others to go commission free. Less barriers to trading is good from my perspective.

  4. #29
    🏆🏆🏆🏆🏆 ElNono's Avatar
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    Their basic trading services are free. Options is probably a part of Robinhood Gold or whatever. I would think they have various disclaimers for investors taking it to that level; but they are known for taking more shortcuts or being less thorough than the more established brokerages.

    On a side note: I'm happy Robinhood came along; their business model forced the others to go commission free. Less barriers to trading is good from my perspective.
    I'm not against it, but they're not completely free. There's always fees, and sometimes they're in very fine print. And frankly, the stock market is nothing like it used to be. It's all short term, high speed and algorithmic trading, etc. I mean, you can still make money going long or with certain stocks, but in this day and age, prince from arabia farts, and you get some swings. IMO, it lost it's original purpose, which was primarily to fund long term growth in companies. That's all in venture capital now.

  5. #30
    5X ST MVP Spurtacular's Avatar
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    I'm not against it, but they're not completely free. There's always fees, and sometimes they're in very fine print. And frankly, the stock market is nothing like it used to be. It's all short term, high speed and algorithmic trading, etc. I mean, you can still make money going long or with certain stocks, but in this day and age, prince from arabia farts, and you get some swings. IMO, it lost it's original purpose, which was primarily to fund long term growth in companies. That's all in venture capital now.
    Stocks may have evolved or devolved based on one's perspective. But I think they do serve to create a needed equity backing in the world. Good for short, long, or dividend investors. My pet peeve is companies just making up stock like the govt. prints money and giving them to execs as "bonuses". To me, that practice needs to be shut down. But since it helps the elites who basically make and enforce the rules, I doubt that's going to happen.

  6. #31
    🏆🏆🏆🏆🏆 ElNono's Avatar
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    Stocks may have evolved or devolved based on one's perspective. But I think they do serve to create a needed equity backing in the world. Good for short, long, or dividend investors. My pet peeve is companies just making up stock like the govt. prints money and giving them to execs as "bonuses". To me, that practice needs to be shut down. But since it helps the elites who basically make and enforce the rules, I doubt that's going to happen.
    At the end of the day, it's all fiat money

  7. #32
    5X ST MVP Spurtacular's Avatar
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    At the end of the day, it's all fiat money
    Money for nothing and the chicks for free.

  8. #33
    🏆🏆🏆🏆🏆 ElNono's Avatar
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    Money for nothing and the chicks for free.
    great song, tbh

  9. #34
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    Iíd like to hear exactly what he traded. In the quote above, Robin Hood is making changes to their multi-leg options spread. If that was what he was doing, it would seem like he had more than a passing interest. To end up with a negative amount, it seems like he would have had to have a margin account as well. I donít think this is a case of some uneducated dude just making one unlucky trade.

  10. #35
    🏆🏆🏆🏆🏆 ElNono's Avatar
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    I’d like to hear exactly what he traded. In the quote above, Robin Hood is making changes to their multi-leg options spread. If that was what he was doing, it would seem like he had more than a passing interest. To end up with a negative amount, it seems like he would have had to have a margin account as well. I don’t think this is a case of some uneducated dude just making one unlucky trade.
    Yup. I would also like to know how much $ he put in vs how much robinhood let him leverage for that money, and how difficult was for the kid to create one of those margin accounts.

  11. #36
    A neverending cycle Trainwreck2100's Avatar
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    Lost in all this, is this kid thought his life was over, when even if he was minus 700k he could have just filed for bankruptcy and been ed for 7 years.

  12. #37
    Veteran SpursforSix's Avatar
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    Money for nothing and the chicks for free.
    great song, tbh
    Holy . I have heard that song maybe a couple hundred times and had the cassette back in the day.
    I was about to inform you that it's "checks for free".

  13. #38
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    Don't completely disagree with this. But it's a separate matter from appealing to the uneducated through gamification.
    Ala Camel Joe, flavored-tobacco and other marketing to get kids onto niccotine.


    I can understand that to a sense, but this dude is 20 years old, not a kid.

    How long should any business/society expect themselves to be responsible for a grown adult?

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