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“How was a 20 year old with no income able to get assigned almost a million dollars worth of leverage?” (ROBINHOOD)

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Last year there was a group of Reddit users that figured out a loophole in Robinhood's app that allowed literally unlimited borrowing.  In this instance it's not clear this customer was really in the hole by $700,000.  Then there's this past week's story of Robinhood users piling in on bankrupt Hertz stock.

 

I don't know why articles about things like this refer to the customers as "investors."  There's investing and there is gambling.  This isn't investing.  

 

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20-Year-Old Robinhood Customer Dies By Suicide After Seeing A $730,000 Negative Balance

 

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19 hours ago, Burgerwars said:

Last year there was a group of Reddit users that figured out a loophole in Robinhood's app that allowed literally unlimited borrowing.  In this instance it's not clear this customer was really in the hole by $700,000.  Then there's this past week's story of Robinhood users piling in on bankrupt Hertz stock.

 

I don't know why articles about things like this refer to the customers as "investors."  There's investing and there is gambling.  This isn't investing.  

 

I am guessing they ALSO don't recognize pump-n-dump scams...

 

The move by larger brokerages to the 'share slice' advertising is potentially begging for backlash as well...somebody buying five bucks of Apple or Google is NOT getting rich anytime soon.  At least five bucks in that program is not five bucks blown on $tarbux...

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Posted (edited)

This skipped on to my YouTube playlist, and I watched it, and it was interesting: 

 

 

ETA: Now headlines are supposed to say "died by suicide," since "commit" is insensitive. 

Edited by smartlypretty

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And so I decided to completely undiversify this morning and put a really big order in for PRPL at around 11 in the morning, since it has been so consistent since January. I was doing small buys here and there but I dumped in a lot.

 

And then in 15 minutes it started dropping and I'm down like $200. I think it will come back, but that is the story of smartlypretty's debutante day on trading apps :D

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13 hours ago, smartlypretty said:

And so I decided to completely undiversify this morning and put a really big order in for PRPL at around 11 in the morning, since it has been so consistent since January. I was doing small buys here and there but I dumped in a lot.

 

And then in 15 minutes it started dropping and I'm down like $200. I think it will come back, but that is the story of smartlypretty's debutante day on trading apps :D

Could have been worse...you could have been one of those fools that bought KODK as it pushed $60 last week. 

 

I was pissed that Ameritrade couldn't get enough shares for me to sell short when it was at $37 (and still dropping).  Is at $14.xx today.  

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