Robinhood and GameStop proved we need a new financial system
Cointelegraph
Published Feb 07, 2021 12:33PM ET
Updated Feb 07, 2021 02:20PM ET
King Midas is most famously remembered through the fable we tell our kids that the king could turn everything he touched into gold. At first, it was a great idea that his greed turned even food into gold, leaving him wealthy but unable to live.
Robinhood’s CEO and its board had the impossible King Midas dilemma this week: deciding whether to side with their customers and let them make over $15 billion in profits or halting trading and allow only the sale of GameStop (NYSE:GME) to enable the money-hungry shorts to cover their position at lower prices and avoid massive losses. Robinhood showed everyone that its favorite color is money, and its friends are the same people who make sure you almost never win trading on Wall Street.
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Written By: Cointelegraph
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