People are blowing their retirement accounts at Robin Hood

[jjgold]

It’s all linked now with prediction Markets and sports betting people that never gambled before are using it all up and losing it bad.


Whoever thought of is crack cocaine was a genius

 

[Tanko]

JJ, I hope you're not one of them....

 

[JDS]

It’s all linked now with prediction Markets and sports betting people that never gambled before are using it all up and losing it bad.


Whoever thought of is crack cocaine was a genius

Does this make you feel better about your own failure of a life ? I feel like it does, you like to point out all the losers in life to lighten the blow of your own reality.

 

[jjgold]

Robin Hood has lost 48% value of its stock

 

[ktollinche]

these markets are the current fad, like poker was 20 years ago....

It will blow over

 

[europro]

It’s all linked now with prediction Markets and sports betting people that never gambled before are using it all up and losing it bad.


Whoever thought of is crack cocaine was a genius

Lol id take these losers action

 

[jjgold]

I was reading an article how people had never gamble before have money in stocks and they start playing around with sports and it gets out of hand because the money is in the account

 

[KVB]

People are blowing their retirement accounts at Robin Hood​

No, they are not.

You can't trade prediction markets in a retirement account at Robin Hood.

You need a derivatives account.

 

[jjgold]

They’re all linked together one click, and you’re out of the retirement account


You can have $100,000 in your trading account for stocks. It’s all linked together.

Going all in in a dying asset class is terrible business


It takes under two minutes to link all your accounts together


If bitcoin tanks, Robin Hood goes bankrupt they destroyed their business model

 

[djefferis]

Great story - too bad it’s not true (entirely).

No one is “losing” their retirement (meaning IRA) at Robinhood or any other exchange. You cannot “invest” in these markets either a IRA/401k. Those accounts have very strict rules about what you can and cannot buy.

For example - you can buy non traditional investments in a IRA - but you cannot hold the item directly. Say you buy gold - it must be bullion and held by an approved source. This keeps you from liquidating without disclosing it or borrowing against the asset (a big no no for IRAs).

What COULD happen is people are liquidating IRAs/borrowing against 401ks to play in the markets. But how is that different from when they did it and took the cash to a land based casino or offshore or now a betting app ? Same game - new way to lose at it.

Really how is it any different than these idiots chasing meme stocks with their IRA or crypto ? SLV became a retail trader fave lately - look how fast it’s falling back to earth. $35-40 by summer. I will buy back more and more and laugh at my profits from the run up when I sold along the way.

 

[DiggityDaggityDo]

I’m just here refreshing my $47 portfolio.

I know it’s about to moon one of these days.

 

[flyingillini]

Robin Hood has lost 48% value of its stock

When it is all said and done, in 5-7 years, Coinbase stock will emerge on top.

 

[flyingillini]

They’re all linked together one click, and you’re out of the retirement account


You can have $100,000 in your trading account for stocks. It’s all linked together.

Going all in in a dying asset class is terrible business


It takes under two minutes to link all your accounts together


If bitcoin tanks, Robin Hood goes bankrupt they destroyed their business model

It makes me cringe when Saylor talks about BTC as a new "asset class"

 

[europro]

i cant wait for the day btc is zero 0

 

[jjgold]

Example, if you have money in cash or even in stocks, it takes 10 seconds to liquidate and go all in with a sports bet

There’s no separate account for each product like Webull

 

[Tanko]

i cant wait for the day btc is zero 0

We'll probably all be dead at that point so out kids will have to worry about it.

 

[europro]

We'll probably all be dead at that point so out kids will have to worry about it.

I know someone who had over a million bucks with btc
Hes def all mentally fukked uo now lol. May have to send him a fake text to break his balls

 

[Tanko]

I know someone who had over a million bucks with btc
Hes def all mentally fukked uo now lol. May have to send him a fake text to break his balls

I hope the guy is rich and the $1M was money he could afford to lose.
I wouldn't invest anything that wasn't "extra" cash in crypto. Volatility is off the charts. Makes it a crazy ride that's for sure.

 

[djefferis]

When it is all said and done, in 5-7 years, Coinbase stock will emerge on top.

It may well be best in the crypto space.

Right now looking at buying a little - selling out of the money calls week to week and deriving a little income off of it while holding. If it hits my ultimate target - sell and be happy - buy again when it drops again and repeat.

Crypto is cyclical - but so are most sectors. Look at energy for a long term game plan on playing crypto. Every decade we see a boom and a bust play out in that sector. Smart investors are always holding a little and more when it’s low and less when it’s hot.

The whole fear over AI taking over is killing tech names and software. A wise investor said buy when everyone is fearful and be fearful when everyone is buying. It’s worked pretty well for him and remains true whatever investment you’re looking at.