Dogecoin, created as a joke, is now in an S-1 as a material item.
I would've guessed it had appeared before, but nope never on it's own before
https://www.sec.gov/edgar/search/#/q=dogecoin&dateRange=all&...
after trump tenure this is the 2nd most absurdist fact about humanity the last 20 years to me
Re:Robinhood S-1 IPO
by astronautjones on Thursday July 01, 2021 @10:20PM
(#27707245)
what could possibly go wrong
What's most ridiculous about this level of crypto trading volume on Robinhood is that you don't even own the crypto you trade there. You can't use your own wallet, you can't transfer it to your own wallet. Robinhood holds it; you're just gambling on their holdings.
It also speaks volumes about "crypto" these days. The vast majority of folks I know treat crypto as an investment opportunity (albeit, a highly speculative one). They're not concerned about blockchain technology or decentralized finance.
Robinhood is the perfect platform for them - There's no need to "swap" tokens or sign up with exchanges. For the most part, RH just "works".
That's not ridiculous, that's the primary purpose of crypto
Re:Robinhood S-1 IPO
by elliekelly on Thursday July 01, 2021 @02:42PM
(#27702808)
It really irks me because “owning” it in that way flies in the face of cryptocurrency’s supposed raison d’être: anonymous decentralized currency. Dogecoin held at RH is none of those things.
Re:Robinhood S-1 IPO
by DSingularity on Thursday July 01, 2021 @02:54PM
(#27702967)
What remains of cryptocurrency ethos? It’s all about the value today.
You could argue that it isn't even about the value, but simply the price.
Re:Robinhood S-1 IPO
by tofuahdude on Thursday July 01, 2021 @02:24PM
(#27702562)
Anecdotal:
My two under-18 cousins both described using their parent's credentials to buy Dogecoin on Robinhood. Great stuff driving Robinhood revenue right here.
Think of these meme stocks as baseball cards or pokemon for gen-z and everything starts to make sense.
This is true at the level of basic buying and selling. However that isn't all that is happening with Robinhood. One of Robinhood's "innovations" was making it easier for novices to engage in more complicated trading including buying on margin, short selling, etc. This allows people to lose more money than they initially invested. A kid in the 90s wouldn't be buying Pokemon cards on credit with the potential to literally bankrupt themselves or their parents.
Robinhood has also gamified the trading experience. Once a day I get a push notification with something like "here are the day's biggest movers, hop on the train before it's too late!" and its essentially playing to that addictive quality that short term trading can have.
Re:Robinhood S-1 IPO
by LeapingPanda on Thursday July 01, 2021 @04:08PM
(#27704050)
Exactly. A push notification like that is preying on the fear of missing out (FOMO), which is completely at odds with proper assessment and risk management.
Imagining an IPO for a company that enabled baseball card and pokemon transactions has not helped me make sense of this situation.
10$ a good amount of defi is trying to sell a few finance tricks to teens through web-scale lingo
Re:Robinhood S-1 IPO
by Apocryphon on Thursday July 01, 2021 @02:51PM
(#27702932)
Is NFT support coming soon to Robinhood?
I find it interesting that Elon Musk has tweeted about Dogecoin several times in the past day, and his tweets no longer seem to be causing price spikes.
A lot of Cryptocurrency twitter is mad at him for his actions and statements on Bitcoin, I wonder if that has broken his ability to manipulate price with tweets.
If that's the case, probably a bad thing for Robinhood. But maybe people will come back around to him with time.
At this point a Musk tweet is likely priced into the asset
A sign of a maturing marketplace!
Re:Robinhood S-1 IPO
by an_opabinia on Thursday July 01, 2021 @05:26PM
(#27705089)
If you make the easiest to use Ponzi consuming tool, it doesn’t matter. There will always be more ponzis.
Re:Robinhood S-1 IPO
by IntrepidWorm on Thursday July 01, 2021 @06:00PM
(#27705444)
True, but that doesn't mean we should give the best ponzi scheme a free pass. It's still a ponzi scheme.
For the three months ended March 31, 2021, 17% of our total revenue was derived from transaction-based revenues earned from cryptocurrency transactions, compared to 4% for the three months year ended December 31, 2020. While we currently support a portfolio of seven cryptocurrencies for trading, for the three months ended March 31, 2021, 34% of our cryptocurrency transaction-based revenue was attributable to transactions in Dogecoin, as compared to 4% for the three months ended December 31, 2020. As such, in addition to the factors impacting the broader cryptoeconomy described elsewhere in this section, RHC’s business may be adversely affected, and growth in our net revenue earned from cryptocurrency transactions may slow or decline, if the markets for Dogecoin deteriorate or if the price of Dogecoin declines, including as a result of factors such as negative perceptions of Dogecoin or the increased availability of Dogecoin on other cryptocurrency trading platforms.”