28 January 2021

Robinhood: Robbing from the Retail Trader and Giving to the "Elite"

I have been trading and building a long position in Nokia stock for the past four or five months on Robinhood. 

I awoke this morning to find that I can no longer do that. They have "stopped supporting" the stock and a number of others, so all I can do now is sell. 

I went to the Google Play store and changed the review I had previously given the Robinhood app:
Years ago I left this review here: "Best broker out there for the little guy, period." I am changing that today, January 28th, 2021 following Robinhood's actions to defend the entrenched elite that screws over the "little guy" for fun and profit. I have been trading NOK for the past four or five months. I awoke this morning to find out that all I can do is close my positions. We all know why this is happening. What is unbelievable is RH's actions. Locking people out of stocks they want will destroy the value of those stocks. You are hurting people who have done nothing wrong. At the very least, expect class action lawsuits, but I would also expect that your employees' safety is now in danger. I am winding up my trades and closing my RH account, I will no longer refer people to this captive brokerage, in fact I will be telling everyone to stay away from it. RH = TRAITORS to the American Dream.

This is unbelievable. People are being punished for liking a stock, be they part of the wallstreetbets crew or not (In my case, not). This doesn't solve anything, it will only hurt "the little guy" who has invested in this stock. All anyone can do on this brokerage (and a few others, I'm hearing rumors of more having done the same thing) is rush for the exits. If enough brokerages follow suit, this is going to cause share values to plummet in a way that's just as artificial as the so-called manipulation these assholes claim they're combatting. 

The people running Robinhood no doubt are buddies with the banksters, the hedgies, probably even the charlatan politicians that for whatever reason keep getting elected in this dying country. From election fraud, to big tech censorship, to a blind eye constantly being turned to democrat violence by .gov and mainstream media, to this: the entire thing is a rigged game against us "commoners", and they're becoming more open and blatant about it by the day. 

Don't keep empowering these people. As much and as best you can, stop supporting them, stop buying from them, stop using their apps. This is becoming a war, and if we lose, we will be slaves.

I am removing all referral links to Robinhood I have ever posted on this blog. I will be winding down my trades there, closing my positions, and closing my account. I recommend that you do the same. This abusive behavior by Robinhood WILL be repeated in the future if you let them get away with it, and other brokerages will begin doing the same if they see that it was "safe" for Robinhood to do. If we do not tell them, loud and clear, that this is absolutely unacceptable, it will become standard practice. 

Postscript: I made it out with a tiny gain, just before Nokia really began to dive. Yesterday I had gains that were 3-4x what I just escaped with, all destroyed by these thieves. This is not just any so-called "manipulation" from yesterday being given back, the price action has now descended below the market's organic reaction to news that came out about Nokia early in the week. This is blatant manipulation of the market by Robinhood et al., and there are no doubt hedge funds and big banks that are benefitting from short positions right now, probably after coordinating with the brokerages that participated in this attack on the free market.

More: if you are closing out your Robinhood account, get your cash out ASAP like I am. They are probably going to be hit with so many withdrawal requests that it's possible they will be unable to fulfill them. Don't find out the hard way that these pricks are actually insolvent.

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