Robinhood App Will End Support for Three Cryptocurrency Tokens After June 27 - S...

Posted by EditorDavid

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  Is Robinhood a broker or not?

  any account holding Cardano, Polygon, or Solana in their Robinhood account will automatically sell

  Pretty sure This is Illegal - selling customer property. It's called unauthorized trading, unless you have a margin account with the units as collateral for borrowed money or discretionary account where the broker manages your investment purchase choices.

  Such selling would have tax consequences as well.

  Ending support for an asset in customer accounts entails a broker delivering that property to the customer.

  • Re:

    Yep, no different than if you loaned me your car and I sold it on Craigslist, then gave you a fraction of what I got for it.

  • Re:

    Not your wallet, not your crypto. One more reason I would never consider 'investing' in crypto on these platforms.

• Gee, it's almost like crypto and NFTs are a just scams designed to take money from the hopeful and the gullible.

  But that couldn't be it.

  • Re:

    I saw someone describe the crypto space as having "big divorced dad energy", as in it's never their own fault that crypto doesn't work. It's the economy, or the banks, or the government, or luddites, or the Fed or anything else that failed crypto.

    Crypto's downfall was it became worth actual money and once that happened there was almost zero motivation to make it a functional product or device, it was just what could keep the money train pumping.

    • Re:

      In this case, it really is the government (SEC, led by crypto-hater Gary Gensler) that is causing the damage to cryptocurrencies' value and reputation, however. Just because you're paranoid doesn't mean they're not out to get you.

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        What should the government be doing? Letting crypto be a free for all? They turned essentially a blind eye to crypto for years through the peaks and valleys and all the scams and even now they're not even really regulating it, they're just discussing regulating it and actually prosecuting the lawbreakers.

        If the mere suggestion of possible regulations causes your ecosystem to implode it was on seriously shaky ground to begin with.

        "we are operating as a fking unlicensed securities exchange in the USA bro" - B

        • What should the government be doing?

          First of all, cryptocurrency and decentralized finance is a global, humanity-wide activity, not a national one. Only a global regulatory body, if any, should regulate it.
          
          Half of the motivation why national governments are so keen to regulate it (and especially in the US case, just assume and act like they have jurisdiction over the whole global thing), is because they are terrified that humanity might organize at a global level, above their jurisdiction.
          
          Second, the very first thing any responsible person in

          • Re:

            No it isn't and that's not how the laws work in any country, currently, on the face of the earth. Crypto can't operate in the USA, with American customers, American banks, all under US jurisdiction and then say "You have no jurisdiction over us". Even other countries have laws dictating how USD is used in their nations, the US doesn't get to set those rules because they made the money.

            Maybe, but you have to present evidence for that and as we are seeing right now, it sure seems like the US has at least so

            • Re:

              1) Decentralized exchanges are not US businesses.
              
              2) It looks like, since governments are so concerned about regulating currencies that get exchanged back into their own fiat currency, that what will have to happen for crypto-viability is for transactions for real things to be made using the (major) cryptocurrencies themselves. Things will need to get priced in milliether, for example.
              
              At that point, the cryptocurrency and decentralized finance ecosystem will have no need for conventional banking services, a

      • Re:

        Sure, we should just let the crypto/NFT space be like the wild west, and if your mother or father or brother or sister gets screwed and loses all their money, you can hold their hand, look them right in the eye and say, "Tough shit, sucker."

        I mean, who could have ever imagined that overvalued pretend money or non-existent "property" could ever involve any kind of financial shenanigans?

        • Re:

          All money is just pretend money. i.e. Its value is only maintained by a collective sustained belief in the meme of its value.
          The financial establishment and the governments they heavily influence if not control are freaking out because cryptocurrency has made this fact a little more explicit, and people in power and in possession of the old money are worried that people en masse might stop valuing the old stuff as much and shift to valuing the new stuff, which they don't control.
          
          More precisely, a unit of cu

• https://www.youtube.com/watch?... [youtube.com]

  It's not an investment if it has no value except what someone else may buy it for tomorrow. That's a gamble.
  It's not an investment if your "investment broker" can DIvest you of it at their whim, at their price, because the SEC said stuff but no litigation or rulemaking.

  Ah those crying cryptobros silenced. Something terrible the force something something.