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/biz/ - Business & Finance

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25685179 No.25685179 [Reply] [Original]

Why is everyone against buying crypto on Robinhood? Like I get it's normie and you spergs like to be mad at everything, but can I get a real reason? (Besides there only being 4 coins and no shit coins)

I day trade on Robinhood and it would be convenient to dance around BTC a bit on the same app.

>> No.25685186

>>25685179
You don’t actual own the bitcoin

>> No.25685195

>>25685179
Theyre spergs and mad at everything. It’s actually better for just holding

>> No.25685203

robbin' in da hood

>> No.25685213

>>25685179
You're not buying real crypto on Robinhood, but rather an IOU.

>> No.25685222

>>25685179
Because you don’t own any crypto. You are trading a CFD that Robinhood can cancel at anytime. You are trading robinhood promises that has no real effect on the underlying market.

>> No.25685231

>>25685186
>>25685213
Meaning?
They could just yoink it from you whenever they want? Giga service fees?
As long as you can still make a profit on holding long term, what's the problem?

Trying to figure out whether I wanna enter through Robinhood, Gemini, or Kraken

>> No.25685239

>>25685222
Dumbest shit I’ve ever heard

>> No.25685246

>>25685195
What...
>>25685179
Its like skipping leg day

>> No.25685293

>>25685231
If your only goal is spot long then ok. And youll be the retard here in 5 years asking how to get onto the blockchain, im telling you now you can not without cashing out from robinhood meaning pay taxes and rebuy elsewhere

>> No.25685311

>OP: I bought on robinhood but later found out i can get around 3-6% APY through defi or blockfi. Now i have to pay taxes to get into that reee reee ree

>> No.25685379

>>25685246
>>25685293
>>25685311
Quit sperg posting you tard.
You sound like a fucking idiot with no credibility.

Probably part of the same fag group spamming to buy lcx all day.

>> No.25685457

>>25685379
The only thing i push on biz is ren and farm and both are relevant here. Like i said if you buy btc you can then convert it to renbtc and then deposit that into frenbtc. Frenbtc is btc but gets 3% apy per year. Even if you dont want that opportunity there are many many others. Again robinhood doesnt offer access to the actual btc so you cant use it to get apy from financial companies willing to pay you or hedge funds willing to manage it

>> No.25685464

>>25685231
the main difference is that you can't withdraw your crypto to another wallet. your crypto is stuck in robinhood. if you're cool with that, go ahead faggot

>> No.25685504

>>25685464
Its not stuck it doesnt exist, if you buy robinhood crypto you speculate on price, if you byy real crypto well.. its real

>> No.25685521

>>25685239
Kys retard. Read what you are fucking buying.

>> No.25685639
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25685639

>>25685457
Thank you.
Makes more sense when you form a sentence and explain.

>>25685464
>>25685504
Is there an advantage to holding real crypto?
I don't purchase things with crypto and I think it's gonna be a long while until we enter a fully immersed crypto society where physical currency is eliminated.

I have no interest in altcoins, purely looking to drop a large sum (50k-100k) into BTC, ETH, LTC and just forget about it for a couple years. Idc about trying to avoid taxes, the IRS is inevitable no matter what platform.