Robinhood got 600k signups (as of yday) for their checking/savings aka cash management account This was fantastic marketing They had to change the copy today but only after they’d derived most of the value from the launch Well played by their team
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It’s not really about the regulators, it’s about promoting a service in order to get signups that they can’t deliver.
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Surprising how many comments here and elsewhere thinking they didn’t review with counsel. Like that’s an option.

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I'm 100% certain there are no shortage of retarded actions taken after a review with counsel. Pretty sure some of those actions are even made as instructed by said counsel.
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It’s actually bad business’ing and they are going to be under reg spotlight for a while. That is assuming that they can deliver the product they signed up people for. They calculated poorly.
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I think they didn't calculate at all
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1- From experience: Belive it or not regulators in the US are not toothless at all, the sister is designed to be efficient and does not instantly punish well intentioned innovation
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2- At Obopay, which paved the way for Venmo, we did the same thing. We started without a money transfer license, and this was illegal in most states. It took us three years to build the license as each state has its own rules
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Honest question: Could the
@FTC force RH to purge the 600k email signups because they were collected under a pretense that RH is incapable of fulfilling? This could be a CAN-SPAM violation.pic.twitter.com/3ELEmdxV9j
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@RobinhoodApp's marketing strategy is the product equivalent of clickbait. In journalism, I think they call it a degradation. https://www.theblockcrypto.com/2018/09/10/robinhood-crypto-the-fine-print-behind-free-crypto-trading/ …Thanks. Twitter will use this to make your timeline better. UndoUndo
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