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I have had this app since the day it came out and have never, not once, pressed that button on purpose. Most of the time I just stick it in the top right corner and it stays out of the way, where it still creates a minor visual annoyance, but if that was all that happened I would not be writing this review.
Every so often, the button will jump back to its default location, and will not let me move it above that height on the screen. Absolutely horrible feature. Please remove it from the app or at the very least give me an option to remove it. As it stands this app is two stars. Remove this infernal button and it will be five. The more volatile the market, the better Robinhood does. Many of the earlier meme traders had cashed out on the way up indeed, HODL was more of an ideal than a reality for most.
And some presumably made a fortune. But the revolution? For one thing, the amount of money hedge funds were losing as the price of meme stocks skyrocketed was so high that they had to begin dumping shares of other companies they held, too, just to collect some cash, and this had the unintended effect of pushing down the value of the larger market and hurting the hard-fought savings of regular people. Far from destroying the shorts, in other words, the meme traders were unwittingly helping them out in the big picture.
Virtu Financial reported the largest quarterly profit in its history, Jakab writes. The story never manages to find its dramatic arc. Presumably to make up for some of the lack of authentic moment-by-moment drama, he overuses stock phrases and bro-ey shoptalk. You get the idea. Sure, but short sellers also are notorious for shady practices such as anonymously spreading misinformation on online trading forums in order to influence other shareholders to dump a stock and drive its price down.
But plenty of other times, Jakab points out fascinating patterns in the big picture. He notes, for instance, that the practice of meme-stock trading arose during the COVID pandemic, when sports betting faded because no one was playing sports. People had extra time and money.
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