Quoted from DBLM:I do not agree that Robinhood should shoulder the full blame on this
Quoted from Frax:ALL of the responsibility for just implicitly trusting that people know what they're doing without any kind of screening or education from their app
That's NOT full blame. In no way are they responsible for this guy going off the deep end and whacking himself less than 24 hours later. If he had just tried to talk to someone, or had spend a few days trying to figure out what happened and how it was going to pan out, his death could have been avoided. But he didn't choose to do that, unfortunately. What I'm saying is that they do have to be responsible, as an app trying to lure in novice investors, for at least TRYING to educate or warn people that certain investing mechanics have EXTREME risks that can be taken on with clearly very little leverage. The app should be capable of mathematically looking at something like this and going "Hey, you might be losing XYZ if this goes south, are you really sure you want to do this?", or adding a layer of "opt-in" with a warning and disclaimer up front for these things that can go south in a very bad, but not obvious to the average asshat like me, before they're enabled in the app. Also....probably the display issue could be addressed in a more consistent way of explaining why there's a sudden huge negative balance.
I think we all understand that stocks can go up or down.....but I don't understand options, puts, all this technical shit at all....and in the 8 months I've been using Robinhood, I haven't see any real initiative on their part to explain any of that to us noobs. Not asking for an explanation here, as I have no real interest in how these things work, just commenting on what I see as someone with very little investing knowledge and a user of their app. I was wise enough to not mess with any of that stuff..... someone half my age wasn't, was not educated about the issues of what they were doing, and likely over-reacted in a moment of insanity, and took their life. Not their fault that he did THAT, but it is entirely their fault they predicate their app on being "easy" and friendly to novices, but provide these same novices with tools far beyond their education or capability with next to no screening or education. You just can't do that anymore...that's how you get sued.