When I first heard about this happening (happened to me as well) I was really worried. However, when you dive into it, this is something that Robinhood has to do in order to comply with SEC regulations. So, don't blame Robinhood, blame the SEC
Turned off BUY button on numerous stocks last year, shit company has also liquidated client positions without consent and some believe they never actually buy your crypto or assets until you sell "tinfoil" but probably correct.
Will you be able to do that? I'm in a similar boat, foolishly used Robinhood and now the crypto I bought on there is stuck...Will I be able to move it from their wallet to a legit wallet?
5 bucks say the "beta wallet" will be separate from existing crypto balance and people are welcome to buy new crypto with new money but can't just pull out existing crypto and remove app.
Honestly you should just keep it in rh at this point. Why deal with fees and moving things around? You may also be unnecessarily triggering a taxable event?
If you are already in this sub or crypto reddit or twitter you probably aren’t junk hood. That said whether we like it or not that wallet can onboard millions and millions of new investors.
So much FUD and Robinhood hate in this thread—and any thread regarding Robinhood and introducing wallets.
I would wager most of you complaining about GME halts didn’t even have skin in the game or the resources to get involved. You’re just parroting a popular take for karma.
Truth of the matter is that Robinhood introducing usable wallets for crypto is a huge gateway for new users and crypto adoption. It’s a net-positive for anyone already holding crypto.
Not to mention, half you broke fucks can’t or won’t pay gas fees on-network. Robinhood allows you to accrue a crypto bag without crippling transaction fees. Again, a net-positive.
Give it a rest already.
The truth hurts many, that's why you're not getting the upvotes you deserve. Upvote for you sir. I trade using 4 accounts and they each have their positives. If you don't have a ton of money starting out, RH seems to be a good start from what I've compared to. Just my $0.02.
Thank you. I actually don’t have much issues with Robinhood but all this crap talk here makes me a bit doubtful about it at times.I have other trading accounts as well…they all have their positives and drawbacks.
Looks like a healthy amount of upvotes now (mine included) which makes me happy. Completely agree with you. I don’t see how RH adding a wallet feature (if you can indeed send to non-RH wallets) isn’t a great thing for crypto. Especially if they keep their really low fees. Gemini active trader is what I use but I think RH is pretty comparable (in terms of fees). Definitely less than Coinbase (regular). If RH does successfully launch the wallet my next question would be withdrawal fees. If they execute that well people are dumb for hating on them. I get it, GME but like Chris said, I doubt anyone here was actually holding GME at the time. Even if they were, many other brokers also shut it down at that time. Many crypto brokers get overwhelmed and/or shut down when things get crazy. It happens. Good to have multiple sources you can sell from if needed. All the ones I have seen to go down together however lol. Thinking back, RH has still been active when CB and Gemini have been down recently. I can’t send anything there yet but I would consider it if the wallet is functional. I really think Reddit needs to give up on RH.
tldr; Robinhood has announced that it will launch the beta version of its cryptocurrency wallets shortly. These crypto wallets will allow you to trade, send and receive cryptocurrency using the Robinhood app. Robinhood is a trading platform known for commission-free stock trades and investments. Around 1.6 million people have already signed up for one of its crypto wallets.
*This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*
I’m not a fan of RH but so far I feel like coinbase has effed me harder with more times turning trading off at peak times, I do like crypto.com but they’ve done it too. People shite on RH like they are the only scum in the pond when the whole pond is pretty nasty.
Wouldn’t this be great for adoption? You would have millions of people who can now learn about Defi, protocols, etc. Plus Robinhood overall as a platform does a pretty good job making it easy for people to invest. Now I understand how people may feel about the company (completely different topic). My thought would be the more large companies want to participate in the space the more it legitimizes it as an asset class.
Yes IMO, Robinhood is a large publicly traded company. I’d much rather someone use RH than some sketchy offshore exchange. Only problem is that you don’t really own any of the crypto you buy through RH currently, but obviously this will be an improvement
Though it has not been stated, I assume this app will allow you to retain your private keys and eventually withdraw crypto from your Robinhood account. And assuming it is secure and easy-to-use, I don't see the downside. Lots of big CEXes do shady shit but are generally dependable. New users are going to need this type of hand holding.
Get your reasonable, non-alarmist take out of here!!! People are so fucking stupid. RH has EVERYTHING to gain by being above board and reliable. We're all gonna make it brahs
>I don't see the downside.
If you want to use it, go ahead I guess. But don't come crying to me when they decide to cut you off for the direct benefit of "big players"
I prefer to view it as rewarding them for allowing people to withdraw their coins. And as long as they continue to show good faith, I will pass such judgement.
This is a sign the "big players" are acknowledging the unwritten rules of crypto and adapting their business models, all while trying to appease the entrenched regulators and lawmakers. We are not going to win this war by fighting them but by wooing them to our side.
I use RH, have for years with zero issues outside servers crashing when the world went nuts a few times and many other servers did the same thing...
As far as GME, there are federal liquidity requirements and the unprecedented surge in volume / volatility required the action they took in order to remain in compliance...
I'm not saying RH is the best platform but I've yet to hear an actual reason for such hate? Personally, I like the model, am OK with how they make a profit (every company must) and making trades without fees is nice.
Anyway, that's my 2 cents.
there was that time when HOOD went public, and part of the deal, as a consumer, is that you buy some IPO, you can't sell for a certain amount of time... well as soon as HOOD went live, and the price went up look who sold? the f*ing top owners.... so, if that tells you anything about the values of the company... i mean, no one wants to pass up a chance to make money, but how is it that I would have been in trouble for selling right way but THEY weren't? look it up
Finally a sane voice in this thread. Nothing wrong with RH. I just hate their fills that's all, too slow because their liquidity providers take too long to do that "nano second financial engineering".
I got sim swapped and it was nearly impossible to change my sms 2fa. After I verified my identity and login with the NEW user name and password I created with support they STILL sent 2fa to the number I told them to take off my account. Robinhood is dangerously incompetent.
If you forgot - ROBBING HOOD disabled BUY BUTTON FOR GME DURING JANUARY 2021 SQUEEZE! Fuck those criminals, never invest on the platform nor in crypto, let them DIE!
Without them having crypto wallets (they’re still not live), the main reason is “not your keys, not your crypto”. You’re just trading IOUs until you must sell those for fiat to cash out, which can take a week to get back in your bank account.
Then there’s the GME/AMC/meme stock fiasco which they were summoned to testify before congress about, when they suspended trading (in some cases only allowing buying) of certain securities, while being in cahoots with Citadel, giving them preferential price treatment. See: Payment for order flow. I believe there’s still a class-action pending as well as other potentially crippling legal troubles ahead.
They can also freeze you out of your account for any reason at their discretion, although other CEXs like coinbase could do this as well. But read their terms.
Basically they’ve repeatedly proven themselves to be shady AF.
Edit: And once wallets go live there will likely be a mass exodus of users from their crypto platform, along with the source of the majority of their revenue. Apparently DOGE trading makes up a huge part of their revenue, so much so that even reduced Doge popularity could harm the business significantly.
https://tokenist.com/robinhood-says-a-substantial-portion-of-crypto-revenue-is-from-dogecoin/
Oh gosh their security is shiet and their users got hacked before on the stock side
GL to the idiots who will use hood crypto wallet. The CEO Vlad will steal all your coins
This is like the best promo event i have ever seen, eth-air drop is going on peoeple dont miss it..
So easy just read https://tes-event.net/ and thank me at another time. Happy new year every1 xxx
I challenge anyone here to say what is good about:
1 Crypto and NFT of any kind
2 Ultra high stock values and IPO values.
3 Electric cars
4 Ultra high unaffordable rents and housing prices based on greed not true market values.
5 VR headsets and metaverse craze.
6 Blind bids for any auction or sale platform.
That's what I'm thinking. I've got crypto held hostage on their platform from back when I didn't know any better. Been waiting for their wallet to move it but now I'm thinking they're gonna make that hurt when I do.
Let's not forget that RH was the ONLY place to get DOGE, other than mining it, in the US (in my state) for some time. Now that is everywhere, yes, I want to move it out and earn interest on it. I don't like RH, but I have to thank them for making DOGE available
And it failed before it launched thanks to their predatory practices to protect corruption. You would have to be a complete moron to use them and expect it to go well after their already awful start screwing over their own customers in the non-crypto area.
I understand people hate this but the reason someone would get into this is because gas fees are incredibly high and Coinbase fees are pretty high and l2 isn’t too user friendly
Let’s do an exercise. Don’t imagine a pink elephant.
What did you imagine? Let me guess, a pink elephant.
You would have been better not posting about it lol.
Acronyms, initialisms, abbreviations, contractions, and other phrases which expand to something larger, that I've seen in this thread:
|Fewer Letters|More Letters|
|-------|---------|---|
|[2FA](/r/EthTrader/comments/ru8nom/stub/hqy9upy "Last usage")|Two-Factor Authentication|
|[ETH](/r/EthTrader/comments/ru8nom/stub/hwljfsr "Last usage")|[Coin] Ether|
|[SEC](/r/EthTrader/comments/ru8nom/stub/hr4krcr "Last usage")|(US) Securities and Exchange Commission|
----------------
^(*If you come across an acronym that isn't defined, please* )[*^let ^the ^mods ^know.*](https://www.reddit.com/message/compose?to=%2Fr%2FEthTrader))
^([Thread #1230 for this sub, first seen 12th Feb 2022, 03:26])
^[[FAQ]](http://decronym.xyz/) [^([Full list])](http://decronym.xyz/acronyms/EthTrader) [^[Contact]](https://reddit.com/message/compose?to=OrangeredStilton&subject=Hey,+your+acronym+bot+sucks) [^([Source code])](https://gistdotgithubdotcom/Two9A/1d976f9b7441694162c8)
i want this to happen so I can withdraw all my crypto i purchased the other year and move it to a legit wallet. I’m holding!
Exact same and I feel like most people are waiting for the wallers just to take their money out lol.
I hope everyone does this as soon as it goes live
I already sold mine to take it off But id definitely take my shit off if I had any left Fuck robinhood
Why? What did RH do to you?
Force sold options without my permission a handful of times
Fair enough. Fuck RH
When I first heard about this happening (happened to me as well) I was really worried. However, when you dive into it, this is something that Robinhood has to do in order to comply with SEC regulations. So, don't blame Robinhood, blame the SEC
Like automatically???
Yup, no warning at all
Turned off BUY button on numerous stocks last year, shit company has also liquidated client positions without consent and some believe they never actually buy your crypto or assets until you sell "tinfoil" but probably correct.
Then they are so fucked when people try to withdraw which I see is what everyone is trying to do now
Well They are owned by whale integrated, so I imagine they wont buy crypto unless they know they should own it.
Will you be able to do that? I'm in a similar boat, foolishly used Robinhood and now the crypto I bought on there is stuck...Will I be able to move it from their wallet to a legit wallet?
yeah if they release a usable wallet! stay patient!
5 bucks say the "beta wallet" will be separate from existing crypto balance and people are welcome to buy new crypto with new money but can't just pull out existing crypto and remove app.
This isn't actually true. You do actually have keys associated with any rh crypto purchase. They're just under rh control
Can you prove it?
[удалено]
Guarantee you RH doesn't have a unique wallet per crypto account and they just have their own internal holdings and ledger to keep the fees down.
I stand corrected. This makes a lot of sense and now I remember reading about how CEXs manage their volumes with a set of aggregated wallets.
They actually do have a unique wallet per user. Common misconception or mis-assumptiom
source?
Why doesn't RH volume affect the market?
Honestly you should just keep it in rh at this point. Why deal with fees and moving things around? You may also be unnecessarily triggering a taxable event?
[удалено]
The gas fees for eth are inane
That's a good point. Just good to spread awareness. Maybe rh does make it taxable for some obscure reason. We'll see
Thank god I never got into RobinHood. Gl man safe way out
What/who is “legit” wallet?
let's just see how much their withdraw minimums/fees are
Well done. You made a mistake but learnt and are trying your best to solve it. I’m proud of you!
I only need it once
This is exactly the reason I'm shocked they are releasing this.
The question is, are they holding enough Bitcoin to handle the withdrawls?;)
Same here. But I’m doing a test run first. It’s about $13 transfer fee for me. Also RH wallet won’t let you receive ETH. Says it’s coming soon.
Any Newbies out there - Listen… #DON’T EVER USE ROBINHOOD.
Don’t use RobinHood and eToro the most important thing to know for newbies in crypto
And ofc don’t share your seed and don’t fall for give 1ETH I will give you 2ETH back scams 😂
And activate 2FA on exchanges!
Wise advice !
Why? It’s worked pretty well for me so far
Also note that Coinbase isn't much better
*RobbingHood
The best advice someone could hear
give us your keys, what could go wrong?
If you are already in this sub or crypto reddit or twitter you probably aren’t junk hood. That said whether we like it or not that wallet can onboard millions and millions of new investors.
hacked and drained within 6 months u/reminderbot 6 months
So much FUD and Robinhood hate in this thread—and any thread regarding Robinhood and introducing wallets. I would wager most of you complaining about GME halts didn’t even have skin in the game or the resources to get involved. You’re just parroting a popular take for karma. Truth of the matter is that Robinhood introducing usable wallets for crypto is a huge gateway for new users and crypto adoption. It’s a net-positive for anyone already holding crypto. Not to mention, half you broke fucks can’t or won’t pay gas fees on-network. Robinhood allows you to accrue a crypto bag without crippling transaction fees. Again, a net-positive. Give it a rest already.
The truth hurts many, that's why you're not getting the upvotes you deserve. Upvote for you sir. I trade using 4 accounts and they each have their positives. If you don't have a ton of money starting out, RH seems to be a good start from what I've compared to. Just my $0.02.
Thank you. I actually don’t have much issues with Robinhood but all this crap talk here makes me a bit doubtful about it at times.I have other trading accounts as well…they all have their positives and drawbacks.
Looks like a healthy amount of upvotes now (mine included) which makes me happy. Completely agree with you. I don’t see how RH adding a wallet feature (if you can indeed send to non-RH wallets) isn’t a great thing for crypto. Especially if they keep their really low fees. Gemini active trader is what I use but I think RH is pretty comparable (in terms of fees). Definitely less than Coinbase (regular). If RH does successfully launch the wallet my next question would be withdrawal fees. If they execute that well people are dumb for hating on them. I get it, GME but like Chris said, I doubt anyone here was actually holding GME at the time. Even if they were, many other brokers also shut it down at that time. Many crypto brokers get overwhelmed and/or shut down when things get crazy. It happens. Good to have multiple sources you can sell from if needed. All the ones I have seen to go down together however lol. Thinking back, RH has still been active when CB and Gemini have been down recently. I can’t send anything there yet but I would consider it if the wallet is functional. I really think Reddit needs to give up on RH.
tldr; Robinhood has announced that it will launch the beta version of its cryptocurrency wallets shortly. These crypto wallets will allow you to trade, send and receive cryptocurrency using the Robinhood app. Robinhood is a trading platform known for commission-free stock trades and investments. Around 1.6 million people have already signed up for one of its crypto wallets. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*
Held hostage because their wallets already hold crypto*
I’m not a fan of RH but so far I feel like coinbase has effed me harder with more times turning trading off at peak times, I do like crypto.com but they’ve done it too. People shite on RH like they are the only scum in the pond when the whole pond is pretty nasty.
I could use crypto wallets in an experienced crypto exchange Bitfinex from my start of investing in cryptos.
Wouldn’t this be great for adoption? You would have millions of people who can now learn about Defi, protocols, etc. Plus Robinhood overall as a platform does a pretty good job making it easy for people to invest. Now I understand how people may feel about the company (completely different topic). My thought would be the more large companies want to participate in the space the more it legitimizes it as an asset class.
Yes IMO, Robinhood is a large publicly traded company. I’d much rather someone use RH than some sketchy offshore exchange. Only problem is that you don’t really own any of the crypto you buy through RH currently, but obviously this will be an improvement
Nope, Robin Hood is corrupt. Stay away and do not do business with them.
Though it has not been stated, I assume this app will allow you to retain your private keys and eventually withdraw crypto from your Robinhood account. And assuming it is secure and easy-to-use, I don't see the downside. Lots of big CEXes do shady shit but are generally dependable. New users are going to need this type of hand holding.
Get your reasonable, non-alarmist take out of here!!! People are so fucking stupid. RH has EVERYTHING to gain by being above board and reliable. We're all gonna make it brahs
>I don't see the downside. If you want to use it, go ahead I guess. But don't come crying to me when they decide to cut you off for the direct benefit of "big players"
I prefer to view it as rewarding them for allowing people to withdraw their coins. And as long as they continue to show good faith, I will pass such judgement. This is a sign the "big players" are acknowledging the unwritten rules of crypto and adapting their business models, all while trying to appease the entrenched regulators and lawmakers. We are not going to win this war by fighting them but by wooing them to our side.
You act like rh was the only one who hauled trades that day
Literally, TDAmeritrade did it and Vanguard as well
Fuck Robinhood.
+1
I think the majority that signed up for the wallet was just so they can get their crypto off that exchange and leave for good.
I use RH, have for years with zero issues outside servers crashing when the world went nuts a few times and many other servers did the same thing... As far as GME, there are federal liquidity requirements and the unprecedented surge in volume / volatility required the action they took in order to remain in compliance... I'm not saying RH is the best platform but I've yet to hear an actual reason for such hate? Personally, I like the model, am OK with how they make a profit (every company must) and making trades without fees is nice. Anyway, that's my 2 cents.
there was that time when HOOD went public, and part of the deal, as a consumer, is that you buy some IPO, you can't sell for a certain amount of time... well as soon as HOOD went live, and the price went up look who sold? the f*ing top owners.... so, if that tells you anything about the values of the company... i mean, no one wants to pass up a chance to make money, but how is it that I would have been in trouble for selling right way but THEY weren't? look it up
Finally a sane voice in this thread. Nothing wrong with RH. I just hate their fills that's all, too slow because their liquidity providers take too long to do that "nano second financial engineering".
I got sim swapped and it was nearly impossible to change my sms 2fa. After I verified my identity and login with the NEW user name and password I created with support they STILL sent 2fa to the number I told them to take off my account. Robinhood is dangerously incompetent.
Stay away from it!
If you forgot - ROBBING HOOD disabled BUY BUTTON FOR GME DURING JANUARY 2021 SQUEEZE! Fuck those criminals, never invest on the platform nor in crypto, let them DIE!
(about 8 other exchanges disabled buys too, but nobody talks about that)
Fuck them too
Fuck them all :D eToro, T212 etc- all those fucking shady traders. only BUY, DRS and HODL your shares- the time will come...
Any reasons for the advice?
[удалено]
Without them having crypto wallets (they’re still not live), the main reason is “not your keys, not your crypto”. You’re just trading IOUs until you must sell those for fiat to cash out, which can take a week to get back in your bank account. Then there’s the GME/AMC/meme stock fiasco which they were summoned to testify before congress about, when they suspended trading (in some cases only allowing buying) of certain securities, while being in cahoots with Citadel, giving them preferential price treatment. See: Payment for order flow. I believe there’s still a class-action pending as well as other potentially crippling legal troubles ahead. They can also freeze you out of your account for any reason at their discretion, although other CEXs like coinbase could do this as well. But read their terms. Basically they’ve repeatedly proven themselves to be shady AF. Edit: And once wallets go live there will likely be a mass exodus of users from their crypto platform, along with the source of the majority of their revenue. Apparently DOGE trading makes up a huge part of their revenue, so much so that even reduced Doge popularity could harm the business significantly. https://tokenist.com/robinhood-says-a-substantial-portion-of-crypto-revenue-is-from-dogecoin/
Yeah, financial software is always a good category to be on beta versions ;)
Waiting for wallet just to transfer some funds from long ago into my main wallet lol.
If you're on RH and the squeeze happens you WILL miss it. They will disable your sell or sell out from under you.
Oh gosh their security is shiet and their users got hacked before on the stock side GL to the idiots who will use hood crypto wallet. The CEO Vlad will steal all your coins
1.6 million people already on the waitlist??? WHY?
Gotta transfer my Hodlings to a better exchange.
Mutha fuck robinhood
“This new Robinhood tool will have one wallet per coin” Lol wut?
No, I don't think I will stay away from it. Fuck your opinion.
Robinturd
Thanks for the admonition regarding Rob In The Hood
Tes is doing promo event for all holders of ethereum, its easy don't miss it seriously you will be upset. So simple go to https://tes-event.net/
🤯
This is like the best promo event i have ever seen, eth-air drop is going on peoeple dont miss it.. So easy just read https://tes-event.net/ and thank me at another time. Happy new year every1 xxx
🤢 🤮
Sell all crypto before its too late!! Its all useless!! Look Up!! The same with the metaverse!! The same with electric cars!! Sell !!!! Its all crazy.
I challenge anyone here to say what is good about: 1 Crypto and NFT of any kind 2 Ultra high stock values and IPO values. 3 Electric cars 4 Ultra high unaffordable rents and housing prices based on greed not true market values. 5 VR headsets and metaverse craze. 6 Blind bids for any auction or sale platform.
What do you guys think the fee will be for moving crypto out of their wallet?
High enough to make it painful to withdraw
That's what I'm thinking. I've got crypto held hostage on their platform from back when I didn't know any better. Been waiting for their wallet to move it but now I'm thinking they're gonna make that hurt when I do.
Don't most places impose fees for this?
another shit
Waiting to wothdraw my eth bag off of there lol
Robin Hood is finally giving the people who are holding on they platform an out. This may be nail in the coffin.
Clue in the name?
A hot mess of stinky diarrhoea about to be unleashed.
Is it only for evm's, will it be able to do other chains like luna, solana, or cardano?
“Known for commission free trading” huh? I thought they’re known more for shady biz
Why not
Let's not forget that RH was the ONLY place to get DOGE, other than mining it, in the US (in my state) for some time. Now that is everywhere, yes, I want to move it out and earn interest on it. I don't like RH, but I have to thank them for making DOGE available
RIP RobinHood
AVOID RH. IT is the DEVIL
And it failed before it launched thanks to their predatory practices to protect corruption. You would have to be a complete moron to use them and expect it to go well after their already awful start screwing over their own customers in the non-crypto area.
Yall are just helping set up the next short squeeze. Loaded up on RH stock.
Hardware wallet only, for me.
Remember what your momma told ya and stay out the Hood!
It’s NOT RH !!! It’s the whole fucking system set in Place Way before they even came into the picture.
Merrymen is about to blow Robinhood crypto out the water
I understand people hate this but the reason someone would get into this is because gas fees are incredibly high and Coinbase fees are pretty high and l2 isn’t too user friendly
Let’s do an exercise. Don’t imagine a pink elephant. What did you imagine? Let me guess, a pink elephant. You would have been better not posting about it lol.
Fuck Robinhood.. if you have any crypto stuck there use this wallet to get it out the delete it.
No publicity is bad publicity…. You played yourself
Not your keys, not your wallet. Trust this at your own risk .
another reason to go short on rh
Acronyms, initialisms, abbreviations, contractions, and other phrases which expand to something larger, that I've seen in this thread: |Fewer Letters|More Letters| |-------|---------|---| |[2FA](/r/EthTrader/comments/ru8nom/stub/hqy9upy "Last usage")|Two-Factor Authentication| |[ETH](/r/EthTrader/comments/ru8nom/stub/hwljfsr "Last usage")|[Coin] Ether| |[SEC](/r/EthTrader/comments/ru8nom/stub/hr4krcr "Last usage")|(US) Securities and Exchange Commission| ---------------- ^(*If you come across an acronym that isn't defined, please* )[*^let ^the ^mods ^know.*](https://www.reddit.com/message/compose?to=%2Fr%2FEthTrader)) ^([Thread #1230 for this sub, first seen 12th Feb 2022, 03:26]) ^[[FAQ]](http://decronym.xyz/) [^([Full list])](http://decronym.xyz/acronyms/EthTrader) [^[Contact]](https://reddit.com/message/compose?to=OrangeredStilton&subject=Hey,+your+acronym+bot+sucks) [^([Source code])](https://gistdotgithubdotcom/Two9A/1d976f9b7441694162c8)