Robinhood Crypto Launches in New York

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Quote from: Baofeng on May 23, 2019, 12:08:31 PM

Currently, you can invest in seven cryptocurrencies on Robinhood Crypto: Bitcoin, Bitcoin Cash, Bitcoin SV, Ethereum, Ethereum Classic, Litecoin, and Dogecoin.

Interesting choice of cryptocurrencies seeing how bcash-SV and ETC made the list, but XMR and ZEC didn't.

Quote from: The Sceptical Chymist on May 24, 2019, 04:37:29 PM

LOL. FFS, no option to withdraw bitcoin from Robinhood, just buy or sell. So I take what I said above back: people will be buying crypto on Robinhood just to speculate on it. That's not necessarily a bad thing, though.

For better or worse, this is what most people buying cryptocurrencies are looking for: make money from speculation. They'd need to spend more money on customer support and dealing with hacked accounts, people sending to wrong addresses, educating their users about network fees, etc.

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Quote from: mk4 on May 24, 2019, 06:38:37 AM

People who are going to trade on Robinhood would most likely not care about fundamentals and crypto-politics anyway.

That might be true, but it's also true about investors who use other exchanges, don't you think?

Anyway, I created a Robinhood account a couple of weeks ago with the enticement of getting a free share of stock (I got a stinker: Zynga), and it looks like a pretty neat little exchange. When I joined, there was no option for bitcoin other than watching it, but I just logged in a minute ago after seeing this thread and now I can actually buy it. With fiat!!

I'm not kidding, this is exciting for me. I wrote so many times how much I missed Circle and how easy it was to buy bitcoin with cash. Coinbase isn't an option since they're cocksuckers and deleted my account, and I haven't found any service for fiat-->btc transactions that aren't sketchy. Good times, fellas.

Edit:

LOL. FFS, no option to withdraw bitcoin from Robinhood, just buy or sell. So I take what I said above back: people will be buying crypto on Robinhood just to speculate on it. That's not necessarily a bad thing, though.

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Quote from: Potato Chips on May 24, 2019, 03:33:16 PM

Quote from: https://support.robinhood.com/hc/en-us/articles/360001284443-Cryptocurrency-Transfers-and-Deposits

Coin Withdrawals
At this time we don’t support coin withdrawals, though we plan to do so in the future.

Transferring Coins Into Robinhood Crypto
We don’t support transfers of your existing cryptocurrency assets or wallets into your Robinhood Crypto account. Our primary concern is preventing the proceeds from illegal activity from being used for transactions on Robinhood Crypto. We’ll be sure to update you if and when this type of transfer becomes available.

No cryptocoin deposits and withdrawals are a huge handicap, so I'm not expecting much really.

The good thing is, they at least have some plans for it. It actually just seems a legal problem to me since there's no way they don't see it as a handicap too. I assume the whole disabling played a big role in obtaining their license.

No surprise and i see this is heavily regulated so they would really need to comply on whats being instructed or forbidden but at least they have said about the possibilities.

How this thing would be a big thing if Crypto deposits and withdrawals are disabled?.This is no different from other centralized markets.

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Quote from: https://support.robinhood.com/hc/en-us/articles/360001284443-Cryptocurrency-Transfers-and-Deposits

Coin Withdrawals
At this time we don’t support coin withdrawals, though we plan to do so in the future.

Transferring Coins Into Robinhood Crypto
We don’t support transfers of your existing cryptocurrency assets or wallets into your Robinhood Crypto account. Our primary concern is preventing the proceeds from illegal activity from being used for transactions on Robinhood Crypto. We’ll be sure to update you if and when this type of transfer becomes available.

No cryptocoin deposits and withdrawals are a huge handicap, so I'm not expecting much really.

The good thing is, they at least have some plans for it. It actually just seems a legal problem to me since there's no way they don't see it as a handicap too. I assume the whole disabling played a big role in obtaining their license.

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Quote from: figmentofmyass on May 23, 2019, 10:48:22 PM

i'm not too worried about bad news---the market hasn't really been reacting to it lately. i'm also not too excited about anything robinhood does until they actually allow people to deposit and withdraw coins. until then it's just a bucket shop, not a real spot exchange.

This one. The only problem I see is that they're not allowing people to withdraw coins, instead it should be in USD, so for me that is a big turn-off. Who doesn't love DOGE? Grin

, but I would have to agree about the BSV inclusion and several crappy and shitcoins. It is so quiet news because sadly, no one is excited about this except a few whales who might see this as a another opportunity to make more money.

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Quote from: figmentofmyass on May 23, 2019, 10:48:22 PM

Don't think too much of it. People who are going to trade on Robinhood would most likely not care about fundamentals and crypto-politics anyway. They're pretty much just going to trade there solely for fiat profits as they wouldn't be able to withdraw the BTC in the first place.

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Quote from: Baofeng on May 23, 2019, 12:08:31 PM

Ok, so it looks official now, RobinHood just got their license to operate in New York. It's a quiet news but I do hope it will bring some positive impact to the market. We are in a bullish sentiments, so this kind of news is somewhat needed today because of the impact of one of crypto mixing services being seized by the authorities. So let's see how it will pan out in the next coming months.

i'm not too worried about bad news---the market hasn't really been reacting to it lately. i'm also not too excited about anything robinhood does until they actually allow people to deposit and withdraw coins. until then it's just a bucket shop, not a real spot exchange.

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From their official blog:

Quote

We recently announced that Robinhood Crypto received the BitLicense and a money transmitter license to operate in New York. As of today, New Yorkers can officially invest in cryptocurrencies on Robinhood Crypto.

Currently, you can invest in seven cryptocurrencies on Robinhood Crypto: Bitcoin, Bitcoin Cash, Bitcoin SV, Ethereum, Ethereum Classic, Litecoin, and Dogecoin. You can also track price movements and news for those and 10 additional cryptocurrencies.

https://blog.robinhood.com/

Ok, so it looks official now, RobinHood just got their license to operate in New York. It's a quiet news but I do hope it will bring some positive impact to the market. We are in a bullish sentiments, so this kind of news is somewhat needed today because of the impact of one of crypto mixing services being seized by the authorities. So let's see how it will pan out in the next coming months.

Topic: Robinhood Crypto Launches in New York (Read 176 times)