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Author Topic: [2021-09-23] Robinhood will start testing crypto wallets next month  (Read 157 times)
VanguardVale (OP)
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September 23, 2021, 05:17:05 AM
Merited by PrimeNumber7 (1)
 #1

Robinhood plans to start a cryptocurrency wallet next month, the company announced on Wednesday. The tool will allow you to send and receive digital currencies, as well as trade them and move them off the app.
If you want to take part in the test, you’ll need to join a waitlist. Robinhood plans to trial the feature with a small number of users first before expanding availability to more people gradually.

The company told The Verge it expects everyone will have access to their own wallet sometime in 2022. In the meantime, you can see progress on the wallet by following Robinhood’s Twitter account and blog. The company promised to share whatever feedback early users provide on the product with the community. Initially, the wallet will support Bitcoin, Ethereum and even Dogecoin.

The wallet will use a custodial system, which means Robinhood will manage the keys you need to unlock it. That said, you’ll have the option to move your cryptocurrencies to other platforms should you so choose. Other security features include support for multifactor authentication, in addition to both email and phone verification. While waiting for Robinhood to roll out the wallet feature to everyone, you can start using the recurring crypto investment tool it announced at the start of the month.

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PrimeNumber7
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September 25, 2021, 03:09:12 PM
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It appears that Robinhood is trying to emulate Coinbase. To my knowledge, Robinhood has vastly lower fees than Coinbase charges, although crypto, and the associated risks of allowing withdrawals may get Robinhood to increase their crypto-related fees, or otherwise adjust how they manage risk.

I would expect Robinhood to steal retail market share from Coinbase and other similar retail-focused exchanges. Without its own exchange, Robinhood is not going to be able to attract institutional, high-volume traders that provide lots of liquidity on both sides of the order book.
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September 26, 2021, 04:22:28 AM
 #3

I expected Robinhood to have crypto trading, but definitely didn't expect them to have crypto deposits and withdrawals right off the bat.

With that said, I wouldn't be surprised if Robinhood's venture into crypto pumped DOGE back to it's previous highs. WallStreetBets is a meme group, but people are probably underestimating how much combined capital that group has.

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September 27, 2021, 12:21:30 AM
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I expected Robinhood to have crypto trading, but definitely didn't expect them to have crypto deposits and withdrawals right off the bat.

They have had BTC trading for a while so I figure they have had a lot of time to get everything setup for a big rollout of a full wallet & trading solution.
Lets see how they do.

WallStreetBets is a meme group, but people are probably underestimating how much combined capital that group has.

Finding 1 person with $100 million dollars is hard no matter what.
With the internet finding 1 million people with $100 each is easy.

-Dave

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September 27, 2021, 01:16:52 PM
Merited by Bitcoin_Arena (1)
 #5

The wallet will use a custodial system, which means Robinhood will manage the keys you need to unlock it.
This will be the same company which stopped its users from opening or closing stock positions to benefit themselves? The same company which colluded with Citadel to screw over its users and protect the hedge funds? The same company which has been lying to try to cover all this up? They've shown a complete and utter disregard for their users, and shown they will do anything (even if it is illegal) to protect their own profits and the profits of their hedge fund donors and friends. Why would you think their attitude would be any different when it comes to bitcoin?

Anyone who trusts Robinhood with your private keys and your crypto is just asking to lose everything.
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October 01, 2021, 10:45:39 PM
Merited by o_e_l_e_o (4), ABCbits (1)
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The wallet will use a custodial system, which means Robinhood will manage the keys you need to unlock it.
This will be the same company which stopped its users from opening or closing stock positions to benefit themselves? The same company which colluded with Citadel to screw over its users and protect the hedge funds? The same company which has been lying to try to cover all this up? They've shown a complete and utter disregard for their users, and shown they will do anything (even if it is illegal) to protect their own profits and the profits of their hedge fund donors and friends. Why would you think their attitude would be any different when it comes to bitcoin?

Anyone who trusts Robinhood with your private keys and your crypto is just asking to lose everything.
Spot on!

I am really surprised at how forgetful people can be. Why is this even making news?  Undecided

OP should try reading about the GameStop saga and know how evil and fucked up Robinhood is.


When it's hedge funds and whales moving the market  it's legal and normal, but when it's retail traders doing so, it's illegal and manipulation  Angry
Fuckin double standards - https://www.theverge.com/2021/1/28/22254102/robinhood-gamestop-bloc-stock-purchase-amc-reddit-wsb

Why would someone be excited about such a shit platform?

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October 02, 2021, 07:22:26 AM
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Since my last post just above, this has now come to light - https://twitter.com/EpsilonTheory/status/1443266599251755008

Barn door evidence of the Robinhood president selling all his AMC stock just days before they locked the stock down and the market went to hell. So in addition to collusion and perjury, we can add insider trading to the list. He is, quite literally, stealing money from his users. You think he wouldn't do the same with bitcoin? The market is surging by 10%? Hold on while I freeze everyone out for 5 minutes so I can close all my short positions first and buy up all the cheap sell orders first. Oh, you got rekt? Sorry, server problems. Roll Eyes

Although, in better news, according to this article from Bloomberg - https://archive.vn/Ne0tw (archived to avoid the paywall) - Robinhood app downloads are down by 78% and active users are down by 40%. Looks like people are waking up to just how shady a company this is.
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October 02, 2021, 01:42:38 PM
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Since my last post just above, this has now come to light - https://twitter.com/EpsilonTheory/status/1443266599251755008

Barn door evidence of the Robinhood president selling all his AMC stock just days before they locked the stock down and the market went to hell.
The link you provided says he sold his AMC on Jan 26, and the high price of AMC was 5.19. On the following day, the high price was 20.36, and the low was ~11. The price never fell back to the highest possible price he sold his shares for.

When a brokerage customer sells a share of a stock, the brokerage will not receive the proceeds for 3 business days, but if the customer has a margin account, they can buy a new stock immediately. If a customer buys a stock, the broker must send cash to a clearinghouse that day. If a customer makes 10 day trades in a day that each spend their entire account balance, the broker must come up with 10x the customer’s cash balance.

With the mania that was occurring throughout the stock market at the time, Robinhood was having to put up billions of dollars to the clearinghouse that far exceeded the value of securities that their customers had upon settlement.

There is no reason why stocks should take three days to settle. Robinhood was the victim of rules that are meant to protect big Wall Street banks from facing real competition.

Also, nearly every retail brokerage uses payment for order flow, but they just didn’t pass the savings from doing so onto their customers, they kept the money for themselves. Robinhood is engaging in the exact same practice as everyone else, but isn’t charging any commission to their customers. Further, PFOF results in the customer getting at least as good of a price as is available on a public exchange, but will sometimes receive a better price.

Robinhood literally makes trading available to the little guy. I would consider a RH wallet the same as Coinbase or any other major retail exchange.
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