20-Year-Old Robinhood Customer Dies By Suicide After Seeing A $730,000 Negative Balance

[Anonymous No.19818377]

https://www.forbes.com/sites/sergeiklebnikov/2020/06/17/20-year-old-robinhood-customer-commits-suicide-after-seeing-a-730000-negative-balance/#1bd8c5ef5928

>Robinhood’s founders have since responded to Kearns’ death by suicide, pledging major changes to its platform—especially around options trading.

[Anonymous No.19818890]

>>19818377
me_irl

[Anonymous No.19819058]

the jews did this

also how the fuck is it possible to be that much in debt

[Anonymous No.19819081]

Wow first time I saw this. Even my grandma asked me about Robin hood

[Anonymous No.19819137]

>>19818377
Posting two day old headlines.

Boomer faggot

[Anonymous No.19819152]

>>19818377
Fuck off. We've had 50 threads about this already.

[Anonymous No.19819177]

He looks like the type of kid who'd ask for his game back because he wants to play the story again.

[Anonymous No.19819404]

>>19819058
he fucked up on calls

[Anonymous No.19819491]

>>19819058
It was just a bug, the retard didn't understand what covered calls are.

[Anonymous No.19819541]

I'd be way more likely to kill myself if I looked in the mirror and saw whats on the left than if I looked at robincuck and saw the right.

[Anonymous No.19819556]

RIP real life pink wojak

[Anonymous No.19819932]

>>19819404
>>19819491
Please help a brainlet understand this: How can someone owe more money than he was able to invest in this scenario?

[Anonymous No.19819977]

>>19818377
>-$730,000 Balance
how is it possible to be this bad at investing?

[Anonymous No.19820270]

>>19819977
He was trading not investing

>>19819932
You can leverage options to multiply your gains and losses.

Is this what the cryptofags have done to /biz/ outside /smg/? ;-;

[Anonymous No.19820293]

>>19818377
>The average Reddit user.
kek

[Anonymous No.19820339]

>>19820270
>>19819932
>>19819491

It wasn't a bug. To simplify it, he held two contracts that did two things:
1) At a set time take money from his account
2) At a set time use that money to buy stock and then put that stock in his account.

Due to the way the market works (it is not always open) both contracts went into effect, but only the first one was able to actually execute. Money from his account was removed. But this money was not loss, it was to buy stock but due to the market being closed the stock would only get to his account at the next market open. When that stock was bought, his real PnL would have been the -730k + the value of stock, which was probably also round 730k minus his retarded trades.

However retard didn't know how markets worked, how numbers worked, how contracts worked, how life worked. Surprised he managed to kill himself as that takes some skill. Long story short, don't play with money in ways you don't understand. BitMEX puts green and red colors and cute indicators to BUY and SELL because their audience is complete retards. It doesn't work that way in the real markets.

[Anonymous No.19820371]

>>19820270
You can leverage crypto just fine, stonklet

[Anonymous No.19820373]

>this thread again
kys

[Anonymous No.19820412]

>>19818377
>major changes
Oh for fucks' sake. It's going to be inconvenient, isn't it?

[Anonymous No.19820424]

wait
he actually owed that money then?
good job killing himself then

[Anonymous No.19820923]

>>19820371
Well yeah but he was asking about options hence the example.

What I meant is that now this board is 80% magic bean gambling there are many anons like that guy who has basically zero understanding of finance.

Of course you can leverage stocks, but you'd be a fucking moron to hold a leveraged position on something with no intrinsic value.

[Anonymous No.19820945]

>>19820923
Sub out 'stocks' for 'crypto' on the last line I am actually fucking illiterate whilst complaining about financial illiteracy

[Anonymous No.19820975]

why the fuck would you kill yourself over money lol

[Anonymous No.19820976]

>>19820424
This is what I'm wondering since I'm a brainlet who was confused by another article. Did he still owe the money or not?

And why couldn't he just be a chad and chapter 7 that shit?

[Anonymous No.19821026]

[Anonymous No.19821034]

>You're all caught up! ;)

[Anonymous No.19821041]

>>19820976
They are letting people to stupid to understand this rack up that kind of debt is astounding

[Anonymous No.19821042]

>>19820270
>Is this what the cryptofags have done to /biz/ outside /smg/? ;-;
Some people here don't even know what pms are. It's hilarious.

[Anonymous No.19821054]

>>19820976
I don't know how the laws have changed (I know they have changed a lot in recent years), I had to sign a massive stack of papers and go through a credit check to get approved for options trading
I can't imagine you'd be held responsible for $3/4mil based on 3 smartphone taps in court

[Anonymous No.19821110]

I fell him though desu

Robinhood has frustratingly burned me multiple times with stop losses, buy orders, limit orders, etc getting skipped or not going through timely. Seriously needs to be fixed

[Anonymous No.19821131]

>>19820339

Where does a trading noob learn all this stuff?

I need a guide that starts at the beginning and teaches each thing in a logical order.

[Anonymous No.19821148]

>>19818377
I fucking knew it, they kept pumping click bait after click bait to limit trading on ribbon hood and they won't stop, next week another fucking crossed eye imbecile will make the front page and they'll force more limits.

Fuck Pelosi

[Anonymous No.19821149]

Imagine killing yourself before calling customer support.

[Anonymous No.19821157]

>>19821149
he was probably too ashamed to call, or tell anyone at all

anxiety is a bitch

[Anonymous No.19821189]

>>19821157
He was a fucking faggot, every ribbonhood user should go to whatever hole he was thrown at an take a fucking dump on top as a fuck you gesture

[Anonymous No.19821329]

>>19818377
Why didn't he just buy FUND :(

[Anonymous No.19821332]

Lmao lve got news for all of you guys who are still using robinhood.
Use Webull.
It's x100 better than Robinhood.
It has 0 commision trading, a better UI that doesn't insult your intelligence, and you have more options than Robinhood.
If you open an account using my link and deposit at least $100 you can get free stocks.

https://act.webull.com/e/2GygSQPyqm1z/2f9/

[Anonymous No.19821400]

>>19818377
The elites are pissed that they got rekt by retail robinhood yolo traders so they off'd some kid

[Anonymous No.19821480]

>>19821332
>based in Hunan, China

KEK. No thanks, chink scam

[Anonymous No.19821530]

>>19818377
Lmao, just buy the dip

[Anonymous No.19821553]

>>19821332
Webull and Robinhood are for goys

[Anonymous No.19821608]

>>19821131
start with Investopedia

[Anonymous No.19821618]

>>19821189
we need soldiers like him to buy our bags after the pump.

[Anonymous No.19821624]

I love cunny

[Anonymous No.19821960]

>>19821148

Wow too many retards were making easy money so they had to put a stop to it.

Also he wasn't down 730,000. Its a common bug in their user interface that shows the total of him being assigned for selling his put. The put he bought canceled 99.9% all of that out it just needed to resolve the following Monday.

This whole story is bullshit and retarded. He probably lost closer to $730 and would have know ahead of time his maximum loss potential since he was doing Bull Put Spreads, which are limited risk. Options are ironically how you manage risk.

Buying Naked Calls and Puts you can only lose the premium you paid to purchase them

Selling Naked Puts are incredibly risky as the underlying could drop 50% for example (or potentially go to 0 even) from the strike price you agreed to purchase them

Selling Naked Calls are theoritically infinite risk as the underlying could could pump exponentially from the strike price you sold them

The guy killed himself over nothing and would have found from FAQ/Google searches that he just needed to wait a couple days and all would have been fine.

Robinhood doesn't let people even sell Naked Puts or Naked Calls. Naked meaning you don't have the funds in your account to cover if you are assigned

This story is suspicious because every article is misleading as fuck here and its just an excuse to "shut it down" imo.

FFS he was playing "SPREAD", he knew his risk was limited

[Anonymous No.19822092]

[Anonymous No.19822108]

>>19821034
KEK

[Anonymous No.19822261]

>>19818377
Like bruh just walk away from the account. What are they going to do, arrest you? Just declare bankruptcy and in five years try again. People need to realize these systems don’t matter. Money doesn’t matter. It’s all a Ponzi scheme lie.