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  1. The New YorkerSheelah Kolhatkar5/10/2147 min
    5 reads5 comments
    9.3
    The New Yorker
    5 reads
    9.3
    You must read the article before you can comment on it.
    • DellwoodBarker2 years ago

      I’m still thinking about Alex Kearns as I type this. How tragic!

      I almost downloaded this app on a day when one of my bank tellers (whom I adore, trust and miss now that she is working elsewhere) told me about how she joined and loved it. I even received an e-vite. In the wake of reading this I am glad I haven’t...yet...and would only do so as Thor comments: “confidently and responsibly”.

      Next time I bump into her around town I am curious to ask her for an update on her life integration of Robinhood.

    • jeff2 years ago

      Great deep dive into Robinhood's business model, history and of course the whole GameStop fiasco. I think their mission-oriented "democratizing finance" messaging is pretty cringey but certainly don't think they're doing anything wrong or that should be illegal. Adults shouldn't be sheltered from potentially risky behavior but we do need to be informed which is why reporting like this is so valuable.

      • thorgalle
        Top reader this weekScoutScribe
        2 years ago

        Uhuh, despite the criticism in the article, this makes me want to download it, just to see why the UX of this is so “good”, (or at least, frictionless). And also because I’m curious about the idea.

        I think one would need to enter these behaviors from an position of confidence and responsibility. If you’re not confident (because no learning was done), or not responsible (no limits were set), then it sounds dangerous. And it also sounds dangerous to trust Robinhood to do the teaching in this regard.

        Also, striking resemblances in the article with commentary on social big tech: “You’re the product, not the customer”. I believe the casino design researcher mentioned also appeared in a Your Undivided Attention podcast.

    • Ruchita_Ganurkar2 years ago

      Finance Robinhood Tenev and Bhatt what a game changing strategy. Few lost life by saying ** “The amount of guilt I feel as I commit this is unbearable—I did not want to die.”**

      This involves taking customer orders to buy or sell stock and routing them to “high-frequency-trading firms” or “market makers”—companies that engage in the buying and selling of stock to facilitate customer orders. These firms “fill” the orders by buying or selling the shares as the user has requested; at the same time, they use complex computer algorithms to skim a little off the price the customer gets, keeping it for themselves. Predictable, unsophisticated trade orders typically present the greatest opportunities for the high-frequency-trading firms to make money. In exchange for access to the orders, the firms pay rebates to the brokerage company that routed the orders to them. The rebates and the skimming are invisible to the customer placing the trade order.

      • Karenz2 years ago

        I found this fascinating since I have NO idea how the stock market works. At age 74, I’ve engaged my first ever financial advisor who’s managing a primarily stocks account for me. It IS a tad like betting in a casino which I’d never consider!!! Here’s hoping!!! I still cannot get my head around Bitcoin!!!