Hey Jesstonk traders
If you don’t keep up with financial markets because it’s boring as shit 99.9% of the time I would say that’s a fair assessment!
Even though you should because what happens in there can come back to bite you in the arse as either a pension fund contributor or a tax payer but that’s beside the point.
Gamestonkgate
The stonk market has been more entertaining than the latest Netflix series and watching how it develops has become the new binge worthy show for more and more of the public as this story continues to unfold.
It’s taken on several narratives of late from late stage capitalism at play, retail versus institutions, product of stay at home orders and stimmies.
I’m sure we can spend hours debating that and these several articles you can check out about the story behind the story but that’s not what I’m interested in right now.
Trading on stocks have been frothy for some time now but the game stonk has captured the imagination of many
The rise of Robinhood
Robinhood has been the trading app of choice for many new investors, what started out as a cool frictionless way to get into stocks has exploded into a speculative mania
Culminating in some millennial maverick traders acting like the corporate raiders of the 80s but instead of hollowing out companies through leveraged buy outs they nailing shorts on the public market.
As the name implies Robinhood is for the little guy a fee less brokerage account that allows anyone to get set up and trading.
While not taking fees and attracts more users they covered their expenses by mining user purchase data and then selling it to hedge funds to help them front run certain trades.
this is important to know because these are the people keeping the lights on at Robinhood.
Stonks in question
Considering how this narrative is staring to play out with retail versus institutions Robinhood is stuck in the middle, between keeping users happy and keeping wall street happy and naturally they chose Wall Street.
Robinhood has decided this is a bad PR for them and decided to make an even bigger PR faux par by blocking trades for the following securities
- $AMC, $BB, $BBBY, $EXPR, $GME, $KOSS, $NAKD and $NOK.
By blocking traders from continuing to bid up the price or take their profits naturally you’re going to anger a lot of users!
It’s crazy to think that people who say they were “doing it for the lulz” are making such serious moves in the market but they sure are making waves.
Given the competitive nature of trading apps Robinhood could be gifting new clients to their competitors and the word of mouth impact of this decision could certainly carry more weight going forward and impact the future of the business.
Bring out the pitch forks
I’ve already seen calls for a class action lawsuit already and talk of Redditors wanting to “burn Robinhood to the ground”. That’s not what you want to hear smart, young investors with capital say about your business.
I wouldn’t be surprised if this army goes after robinhood to the benefit of other trading apps!
I even think this is a sign of a bigger movement of mob mentality as people stated to wake up to how institutions have screwed them!
It could be only a matter of time before this narrative is focused at the right people such as central banks and then who knows where this could end
Have your say
What do you good people of HIVE think?
So have at it my Jessies! If you don't have something to comment, comment "I am a Jessie."
Let's connect
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