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Robinhood will kill safemoon.

I find it very disturbing that my fellow hodler would even think about reference a corrupt and dangerous entity know as “Robinhood.”

Unless you havent followed the news or just chose to ignore it let me summarize.

Robinhood is a exchange that due to their simple interface and lack of strict controls, allow investors to invest into the stock market, buying or selling options, and even some cryptos. They have nice graphs and easy to understand profolios. They became popular mostly due to wallstreetbets and retail trading offering 0$ trading fees bu selling investor data.

They make money off your trade by letting other knows what you traded allowing large hedge funds to bet against the you. This is important due to the fact that on jan 28th 2021. Widely popular stock GME was breaking all know trading algorithms and analysis to go from 12$ to 500$+

Robinhood not having enought capital to back the ever increasing retail buying of GME disabled buying this stock and allowed only selling. It was only found later that they received payment for data from Citadel, a large marketmaker who just so happens to be betting against retail traders by shorting GME.

This is against the law and trading rules but guess what. After all is said and done the penalty of breaking the would cost them millions, pocket chain in their sofas while not taking illegal action would cost them tens of billions.

Robin has been fined 70 million for the GME fisco, the ceo has his cell hpone seized by the feds and their calculated loses are still ongoing even to this day. Not only that, their IPO earlier this year was canceled due to the overwhelming pissed off clients from the GME fisco costing them billions in potential investors.

Now they are planning to IPO again after the cloud has settled and using dodge coin as a scape goat. There are reports of people transfering stocks from robinhood to fidelity and finding out their cost basis was not their original buy price but at the current market price. This means Robinhood does not buy stocks when retail orders them and does not have stocks on hand.

Similar to selling people a ticket for a hat but never having the hat. What if everyone who received a ticket wishes to move their hats from storage to their house. Now RH has to buy it at market price and eat the cost hence their fears of doge sellers en mass. Broker must have collateral to pay for purchases and is unable to use consumer funds for this.

Robinhood is also a centralized exchange. You do not own the cyptos you buy because you so not have keys. You wonder be able to convert or transfer out but only sell back to fiat. They stated they will never make a wallet.

I stated before on all the other robinhood post. This is a greedy for profit at all cost broker. They will do anything to fuck you over. And their reddit bans you instantly for any questions against their App.

TLDR: RH has shown shady business practice and will do it again if they are losing money. Crypto you buy there is not yours and they will never make a wallet. Fined 70 mil by feds and CEO phone seized. Many pending lawsuits.

References:

www.cnbc.com/amp/2021/06/30/robinhood-to-pay-70-million-for-misleading-customers-and-outages-the-largest-finra-penalty-ever.html

https://www.google.com/amp/s/fortune.com/2021/02/02/robinhood-gamestop-restricted-trading-meme-stocks-gme-amc-vlad-tenev-nscc/amp/

https://www.google.com/amp/s/www.cnbc.com/amp/2021/07/01/feds-seized-robinhood-ceos-phone-as-part-of-gamestop-trading-probe.html

What do you think?

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45 Comments

  1. Robinhood’s 100% corrupt.

    The thing that gets some Safemoon holders excited about being listed on Robinhood is just the exposure and potential volume.

    But for many of the reasons you listed as well as the fact that they wouldn’t contribute to the burn anyway, we should not be trying to get listed with them.

  2. Only thing to add is the $70mil fine isn’t related to the Jan 2021 GME purchasing halt. That issue still appears to be under investigation. Easy answer to sum this up, don’t do business with them.

    Looking forward to when safemoons exchange is live, there will be no reason to even consider buying it on that other exchange.

  3. I tried explaining this to some guy on another platform earlier. All he had to say was:

    “It has a simple interface & I can trade my doge for real time $ right now & it will never get hacked” 👁👄👁

  4. Robinhood changed sides, old Robinhood stole from rich and give to poors.

    Nowadays Robinhood steals from poors and gives to rich.

    Im starting to think that Robinhood is Anakin -> Darth Vader

  5. Their Algorithms are used to regular market behavior like panic-buying when the price soars and panic-selling when the price tanks. The system is having hard times with irregular retail investor market behavior like goddamn buying and holding and buying more and holding more. So I guess we all know what to do.

  6. Not to mention it would fuck up the burn big time if rh became the biggest centralized exchange to host safemoon. I could see them just throwing the tokenomics out the window and doing it the way they wanted. Or not even implementing them at all.

  7. I’ve personally seen it happen to friends right in front of me, where they shut down (granted at different times) either buying or selling of GME. I also had doge issues with them.

  8. If Robin Hood can’t even handle Doge correctly then what the hell would tokenomics with SM look like on that platform? I’ll give it up to our RH when I first got started but when I realized I wasn’t actually holding anything I GTFO!

  9. I think if you don’t know any of what the OP has said and you buy anything through Robin hood, then you haven’t done your due diligence, and you get what you deserve. I wouldn’t touch RH for any amount promises they may try to entice me with. No thanks, not interested.

  10. Just filled out the ACAT yesterday to transfer all my Robinhood to Fidelity. The $75 fee is going to be a big hit on my small bag. I feel it’s worth the 1X hit to get out. Mixed feelings on listening Safemoon on Robinhood. I do like the idea of more volume if the reflections get shared across exchanges. All I can say is I’ll be sending my money elsewhere for the foreseeable future.

  11. Robinhood has always been shit. One of those weird situations where a company of scammers went mainstream due to good marketing with a target group ignorant about investing.

  12. Honestly don’t care about Robinhood. I tried it once for a couple trades and it’s a pretty crappy platform, very “dumbed down” and limiting.
    I don’t like what they did to the GME squeeze traders at all and they should have paid a bigger fine which should have went to people who lost money, not to the government.
    That being said, I’m not gonna sit here and say “I’m selling all my safemoon if it’s traded on Robinhood”.
    I love my safemoon more than I hate Robinhood so if it happens, oh well. I don’t stop eating pizza because they also sell pizza in places that hate Americans. I guess that the best analogy I can do on short notice lol. 🤦‍♂️

  13. You would have to hate money to not want robinhood to add safemoon. If it added it today wed all be millionaires within a month 100% gtd. Why the hell would you not want that? I didnt buy this coin to say I own it. I bought in hopes that within 20 years it makes me money. If it happens within a year thats a huge bonus. Yes Robinhood sux, yes robinhood no doubt rigged the GME run, but as far as not owning cryptos. They are working on a wallet but honestly if you just sell what would it matter anyway? Robinhood is the only reason Doge has reached what it has and now every exchange wants doge bc of that. KISS….sells

  14. Well said OP. Many posters on this sub mention Robinhood because they come from r/wsb and it’s an often used exchange (but also well known to be shitty).

    The pros of Robinhood is the easability to trade and the userbase. The downside is much as you have mentioned.

    In the long run RH would be bad for Safemoon and it’s not worth the tradeoff to get involved with them.

  15. I highly disagree. I think this is absolutely wrong.

    Robinhood is what gave the dogecoin its value. The market cap would be much lower if Robinhood did not list dogecoin, and many people would not hold it.

    And for the record, all the high volume exchanges are centralized.

  16. I agree with the above but what does Robinhood have to do with safemoon.

    Robinhood was The catalyst that helped dodge coin explore. I would be happy if Robinhood listed Safemoon

  17. I’m fine with it being listed on robinhood, wealthsimple and more. As long as the same rules, fees, reflections etc apply across the board. Making sure safemoon is and works the same on whatever platform you choose should be an absolute requirement before it’s gets the pass to become listed. Beyond that it should be left to the individual on where they want to do their safemoon business.

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  19. Payment for order flow isn’t illegal, it’s just shady af. At least that’s what I gathered watching the congressional hearings on robinhood. They are well within their rights to give order info to citadel, however unethical it may be.

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