Introducing Cobinhood via Meb Faber’s Snarky Re-Tweet of Jamie Foxx’s shoutout. So what can we expect now that we have a Robinhood like trading app based approach to cryptocurrency? Lost of dumb money influx for sure, and you need dumb money to dump your worthless new Digital Coin! For those out of the loop there is an excellent primer here about how this whole bitcoin and criptocurrency works!
Keep in mind what Warren Buffet says “Don’t invest in things you don’t understand”. This mantra kept Mr. Buffet from getting in early on Google pre IPO as well as Amazon, so his sage and conservative advice is no way to YOLO! However you can see that he has been doing okay otherwise following such a constrained investment policy.
For the rest of you kiddos out there that can take grave and insane risk with your money, go for it! Let me know how it goes, as I won’t be participating in the greatest Initial Coin Offering backed by a comedian. I have also noticed that Robinhood wants a bigger slice of the pie and has offered to take over all your existing investment accounts with no transaction fees:
What this means is, when the baby boomers die, and their hapless millennial children are burdened with all these left over funds, they will just bring it to Robinhood. Smart move on their part as there is 30 Trillion dollars transferring generations in the next 30 years. I have nothing left but 70 shares of Ford of my TD Ameritrade since I bought a house. I went ahead and moved them to Robinhood to be a datapoint. I have one free share sitting there from my referral (thanks readers for using my link). I am planning on liquidating my position via Robinhood to save myself $4.95.
The process should take about 5-7 days, I will let you know how it goes!