Building new Social Stock app and wanna hear you guys rip my idea | Hacker News Reader

Building new Social Stock app and wanna hear you guys rip my idea

Am on a team building a new social investment stock app called Iris which allows you to follow your friends trades/portfolios in real time, check day/week/month demographic leaderboards, & follow "smart" money investors to create better informed stock decisions. The app live on the app store under "Iris Finance". AM here though to see what people think/rip into the idea so we can fix anything we need to.

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Having had a similar idea and decided against it after a lot of research, there’s a lot of thought that you would have to do as to how to position yourself. There’s already a number of players in the space. Want to talk about stocks while seeing what others hold? There’s the app public. Want to do it for crypto? There’s E-toro. Want to do it anonymously? /r/wallstreetbets.

You are also very at the whim of the robinhood api. If that changes, which it has, you can potentially be broken until you update it.

Finally, you have to have a lot of legal protection, especially if you allow follow on trades from smart money. That can get you in some shit with FINRA real quick.

Admittedly, I like this idea more than most. I think that people would use it, but I think that getting opinions from people would be better on WSB than HN, as dumb as that sounds

This sounds like a legal hell-hole waiting to happen. Admittedly I don't remember the exact doc, but the SEC takes information sharing and especially "facilitated network affects" to induce users to make market decisions very seriously.

Ehhh I'm not sure why I would want to share my moneymaking methods with the world.

Instead of bragging on a leaderboard where I'm forced to share my methods I can instead brag via other methods and have a much larger audience (instagram)

To me this seems like https://www.tipranks.com/analysts/top

URL of the app https://www.iris.finance/

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