this post was submitted on 28 Oct 2024
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557
Robinhood admits it’s just a gambling app. (www.theverge.com)
submitted 1 week ago by Dot@feddit.org to c/technology@lemmy.world
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[–] msage@programming.dev 10 points 1 week ago (1 children)

90% of users lost money while trading

the end result is very much the same

[–] Rai@lemmy.dbzer0.com 5 points 1 week ago (2 children)

Damn, I’m up over 100% since I downloaded it seven years ago. Thank you, ETFs and tech companies I dig!

[–] msage@programming.dev 4 points 1 week ago (1 children)

Nice story, bro.

I'm also up, more years, not Robinhood.

Then you glance over to Wallstreet Bets, they are the direct opposite on the curve.

Yet still almost everyone loses money on exchanges, for various reasons which I don't want to spend time writing up.

But market has been irrational for many years, with no signals of slowing down.

[–] Gigasser@lemmy.world 5 points 1 week ago (1 children)

I mean, I feel most people who lost money were doing "options trading", basically full on gambling/speculation. If you had put that money in an s&p500 index fund, chances of losing money are slim.

[–] msage@programming.dev 1 points 1 week ago

Thats... what Robinhood doesn't advertise, and (at least used to) always buys options by default.

So fuck Robinhood.

Where is the app that has only one button 'Buy ESG'?

[–] Verat@sh.itjust.works 3 points 1 week ago* (last edited 1 week ago) (1 children)

Same, looks like I'm not part of that 90% either, only 4 years account age here.