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Comment by llaolleh | Hacker News Reader

That's a lot of staff - it means 1/5th of your coworkers got laid off...

I'm very bearish on Robinhood - I don't know if they have enough of a moat to defend themselves from other free stock trading apps. People have forgiven so many outages. The Gamestop saga was the straw that broke the camel's back for many.

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The Gamestop fiasco rightfully killed their reputation among their absolute core fanbase who gave Robinhood the word of mouth that got them off the ground

Those people are never coming back and they're never going to have anything good to say about Robinhood

I like Robinhood and I have no problem with them having technical issues when users a flash mobbed a meme stock. In the end they learned what to do next time.

They weren’t technical issues; they were financial, business, and policy issues. And many people people either lost or think they lost a lot of money because of it.

Robinhood branded themselves as bringing power to the people but as soon as the people got the upper hand in a market, Robinhood turned around and screwed them. It’s a lot worse than a young startup struggling to keep up with explosive demand.

I guess when you give power to the people that means flash mobbing meme stocks. Not something traditional institutions have had to deal with before. Traditional users as well who don’t see what happened as good behavior. Robinhood handled it as well as could be expected.

Why do you not have a problem with them having technical issues (if they were technical) given that people lost money because of it?

Because it was atypical behavior that any institution would have the same problems with.

Not to mention they are screwed if congress passes legislation to ban selling order flow to firms like Citidel.

All the discount brokers will go back to charging $5 trade. Will be a big loss for retail investors.

> Will be a big loss for retail investors

You mean it will be a big loss for retail traders

If you’re investing monthly or dollar cost averaging into a position. Those $5 per trade add up.

Careful, you might turn into a Boggle-head if you follow that logic too far...

Fidelity doesn't get paid for order flow, and it has $0 trades.

Fidelity sells access to their dark pool which is default execution for orders at their brokerage. They make money off their order flow just like RH.

https://www.tradersmagazine.com/departments/brokerage/fideli...

I know I’m a mere small drop in a large bucket, but I take solace in knowing there were plenty of other drops like me that eventually wrecked that bucket.

Great game! Assuming you made the Inked game.

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