Mollyycolllinss Categories Trading
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So Chamath has been making a lot of noise attacking Robinhood and implying there's a conspiracy because it sells retail transaction data (payment for order flow) to Ken Griffin's Citadel.
He wants you use his platform sofi, but it turns out, they literally do the same thing? 1/n
Here's Chamath's S-4 to take SoFi Public via his SPAC (patriotically incorporated in the cayman islands).
These basically have to be filed as part of any merger or acquisition by a public company.
So lots of details about SoFi's business!
https://t.co/Rs7gYPU9Ao
What do we see? Well it turns out SoFi, like RH, says it earns a good chunk of change from selling payment for order flow!
On SoFi's website, they claim this is in the "best interest of consumers" because it allows commission free trading. Huh!
Notice their execution partner is the clearinghouse Apex, which also restricted $GME and $AMC trades like RH. But it goes farther!
https://t.co/4TLPGMfy7v
Back to the S-4: Apex isn't just their partner, SoFi literally owns 16.8% of Apex!
That means, as they're happy to tell you, SoFi benefits from Apex earning fees for pay-for-order flows from all sorts of exchanges and market makers! (not just the ones on SoFi itself!)
He wants you use his platform sofi, but it turns out, they literally do the same thing? 1/n
Here's Chamath's S-4 to take SoFi Public via his SPAC (patriotically incorporated in the cayman islands).
These basically have to be filed as part of any merger or acquisition by a public company.
So lots of details about SoFi's business!
https://t.co/Rs7gYPU9Ao
What do we see? Well it turns out SoFi, like RH, says it earns a good chunk of change from selling payment for order flow!
On SoFi's website, they claim this is in the "best interest of consumers" because it allows commission free trading. Huh!
Notice their execution partner is the clearinghouse Apex, which also restricted $GME and $AMC trades like RH. But it goes farther!
https://t.co/4TLPGMfy7v
Back to the S-4: Apex isn't just their partner, SoFi literally owns 16.8% of Apex!
That means, as they're happy to tell you, SoFi benefits from Apex earning fees for pay-for-order flows from all sorts of exchanges and market makers! (not just the ones on SoFi itself!)
With $GME and $AMC live soon on @mirror_protocol and the absolute madness that played out in the traditional financial markets this week, there's no better than now to go decentralized.
A summary on Mirror Protocol, how it works, and its potential
🧵👇
1/
@mirror_protocol is a decentralized synthetics protocol built primarily on Terra blockchain. It enables users to gain exposure to various real-world assets (stocks, cryptocurrencies, etc.) through the creation and trading of on-chain synthetic assets, called mAssets
2/
At the time of writing, the assets supported consists mainly of US-based equities (e.g. $FB, $AMZN, $ABNB), with other asset class such as cryptocurrencies coming in the pipeline starting with $BTC and $ETH, as well as a number of others currently in governance voting process
3/
The protocol the offers numerous advantages and benefits over traditional exchanges and markets
4/
1) First, unlike the example that we saw with Robinhood this week, there's no central entity with the power to pause/restrict trading on any asset, much less the ridiculous one-sided disablement of buying or selling that we've
A summary on Mirror Protocol, how it works, and its potential
🧵👇
1/
@mirror_protocol is a decentralized synthetics protocol built primarily on Terra blockchain. It enables users to gain exposure to various real-world assets (stocks, cryptocurrencies, etc.) through the creation and trading of on-chain synthetic assets, called mAssets
2/
At the time of writing, the assets supported consists mainly of US-based equities (e.g. $FB, $AMZN, $ABNB), with other asset class such as cryptocurrencies coming in the pipeline starting with $BTC and $ETH, as well as a number of others currently in governance voting process
3/
The protocol the offers numerous advantages and benefits over traditional exchanges and markets
4/
1) First, unlike the example that we saw with Robinhood this week, there's no central entity with the power to pause/restrict trading on any asset, much less the ridiculous one-sided disablement of buying or selling that we've
Robinhood restricted crypto trading due to "extraordinary market conditions" and Coinbase is investigating a site outage LMAO
— Larry Cermak (@lawmaster) January 29, 2021
In which Chamath quite literally says Robinhood “should go to fucking jail” for obeying legal collateral requirement
Like he actually connects the two and mentions collateral requirements and says RH should go to jail
This is maybe the worst discussion I’ve heard of GME from people who clearly know better. They’re encouraging people to “watch billions” to understand how hedge funds work.
Oh just got to the point where they call for a short term transaction tax to REPLACE the capital gains tax.
Chamath calls lowering the cap gains tax “genius”
Oh now Chamath believes the class actions will work because of the “implied losses,” because users clearly lost tens of billions theoretical gains!
The solution is to move accounts to other brokers (like sofi)
E19 is HERE \U0001f4a7\U0001f426\U0001f4a7
— The All-In Podcast \U0001f4a7\U0001f426 (@theallinpod) January 30, 2021
Breaking down & debating Robinhood's decision:
-- understanding the full WSB saga
-- how/why it happened
-- how it can be prevented in the future & more
\U0001f447\U0001f447
\U0001f50a: https://t.co/w8QSGBUQSi
\U0001f4fa: https://t.co/OU5W2qn7JN
Like he actually connects the two and mentions collateral requirements and says RH should go to jail
This is maybe the worst discussion I’ve heard of GME from people who clearly know better. They’re encouraging people to “watch billions” to understand how hedge funds work.
Oh just got to the point where they call for a short term transaction tax to REPLACE the capital gains tax.
Chamath calls lowering the cap gains tax “genius”
Oh now Chamath believes the class actions will work because of the “implied losses,” because users clearly lost tens of billions theoretical gains!
The solution is to move accounts to other brokers (like sofi)
Quick thread on #NIODay from this weekend, the effect it is having on $TSLA, $BYDDF, $QS, $LAZR, $NVDA, CATL, and what is to come.
The NIO ET7 boasts 621mi range (150kWh battery) for $70k-$80k & Level 3 autonomy. This prices right in-between Model 3 SR+ & base Model S.
2/ $TSLA is down -6% today, largely on this news. Not surprising, but TSLA bulls aren't flinching from this. NIO ET7 isn't really expected to hit the roads until late next year–enough time for Tesla to refresh S/X & boost pack size, TSLA bulls think.
$NIO is up 8.5% today.
3/ BYD (1211 HK) was up 6.7% in China on Monday partially on the news of its surprise unveiling this morning of 3 new "super hybrid" models (PHEV): Qin PLUS DM-i, Song PLUS DM-i, & Tang DM-i.
$BYDDF is up 3.5% today
4/ BYD is also benefiting from #NIODay, as investors are excited about NIO ET7 specs, but it is still at least a year out. More investors are discovering BYD & how far ahead it is TODAY. BYD Han in particular already looks similar to NIO ET7...
$BYDDF $BYDDY
5/ ...and you can buy a Han today for only $32k. Lots of investor attention has been brought to BYD Blade battery, as well.
More on BYD here: https://t.co/rbiX4sZtdN
https://t.co/SYLpij5dTe
$BYDDF $BYDDY
The NIO ET7 boasts 621mi range (150kWh battery) for $70k-$80k & Level 3 autonomy. This prices right in-between Model 3 SR+ & base Model S.
2/ $TSLA is down -6% today, largely on this news. Not surprising, but TSLA bulls aren't flinching from this. NIO ET7 isn't really expected to hit the roads until late next year–enough time for Tesla to refresh S/X & boost pack size, TSLA bulls think.
$NIO is up 8.5% today.
3/ BYD (1211 HK) was up 6.7% in China on Monday partially on the news of its surprise unveiling this morning of 3 new "super hybrid" models (PHEV): Qin PLUS DM-i, Song PLUS DM-i, & Tang DM-i.
$BYDDF is up 3.5% today
4/ BYD is also benefiting from #NIODay, as investors are excited about NIO ET7 specs, but it is still at least a year out. More investors are discovering BYD & how far ahead it is TODAY. BYD Han in particular already looks similar to NIO ET7...
$BYDDF $BYDDY
5/ ...and you can buy a Han today for only $32k. Lots of investor attention has been brought to BYD Blade battery, as well.
More on BYD here: https://t.co/rbiX4sZtdN
https://t.co/SYLpij5dTe
$BYDDF $BYDDY
1/ Having built online trading platforms, I can share insights what is happening with #RobinhoodApp, why their businessmodel is shady and how this $GME 🚀🚀🚀squeeze makes this all a pretty messy affair.
So, a thread 👇🏻
2/ Firstly, the well hidden truth of online trading platforms is that most of the active traders lose money. And most does not mean 51%, but this is more like 90-95%. Clients burn out quite quickly as well.
3/ Some research:
a) from Brazil: "97% of traders lose money" https://t.co/DVEfRkyvuS
b) from Taiwan: "Less than 1% of daytraders consistently earn positive returns"
4/ If we take a 100 year stock market chart, one can clearly see that longterm investing makes a lot of sense, whereas active trading most often is not a very rational thing to do. People do it because they think they can be better than the average.
5/ Every online broker should say to their clients "just do long term buy and hold, please-pretty-please do not do any trading stuff." But have you seen messages like that? Me neither.
The reason is that one active trader can bring fees like 500 passive investors.
So, a thread 👇🏻
2/ Firstly, the well hidden truth of online trading platforms is that most of the active traders lose money. And most does not mean 51%, but this is more like 90-95%. Clients burn out quite quickly as well.
3/ Some research:
a) from Brazil: "97% of traders lose money" https://t.co/DVEfRkyvuS
b) from Taiwan: "Less than 1% of daytraders consistently earn positive returns"
4/ If we take a 100 year stock market chart, one can clearly see that longterm investing makes a lot of sense, whereas active trading most often is not a very rational thing to do. People do it because they think they can be better than the average.
5/ Every online broker should say to their clients "just do long term buy and hold, please-pretty-please do not do any trading stuff." But have you seen messages like that? Me neither.
The reason is that one active trader can bring fees like 500 passive investors.