Topic originally posted in Bitcoin by TheGreatGasbyy [link]
If this applies to you, seriously what are you thinking? We’ve been shouting “don’t buy BTC on RH” from the rooftops. The latest update is finding out that RH has admitted to paper trading $GME and fucking investors when their naked positions caught a 3 billion dollar margin call.
If this has been a Bitcoin related event, there would have been no recovery, RH would have filed for bankruptcy and relied on their elite friends to manage any government intervention that may crop up.
RH basically shorted every order their client’s made, not only stabbing those clients in the back short term, but setting them up to lose everything if they were right. If $GME had gone to $1,000 all of these folks would have been left with less than their buy-in because RH would have gone under.
Returning to Bitcoin, it’s important to understand that this deceptive practice is even more easily perpetrated against RH’s BTC buyers and that Congress / regulators are even less likely to do anything about it.
For the love of Satoshi, I know at least one of you reading this is still not selling the Bitcoin you have on RH, transferring your fiat to a legitimate exchange, rebuying the Bitcoin, and storing it off exchange. Stupid games, stupid prizes, and you can’t be entirely dumb if you’ve read this far. Make the move right now and sleep better knowing your coins are safe and Sonos the integrity of the Bitcoin ecosystem.
Other exchanges to consider include: Gemini, Kraken, Binance US, Coinsebase Pro, Swan, and if you’re a real legend BISQ.
If this is your first time hearing this stuff, search r/Bitcoin for Robinhood and checkout this recent r/wallstreetbets thread detailing RH’s 3 billion dollar margin call https://www.reddit.com/r/GME/comments/m74e3g/this_is_huge_robinhood_never_owned_your_gme/?utm_source=share&utm_medium=ios_app&utm_name=iossmf
TL:DR - RH probably isn’t buying Bitcoin when you buy Bitcoin on RH. If Bitcoin rallies hard enough, or if RH has an internal problem, you’re likely to lose everything. Move your funds off of RH.
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