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As Robinhood Shuts Down GameStop Shares, Demand Emerges For Decentralized, Censorship-Resistant Trading
Roger Huang03:00pm EST
Crypto & Blockchain
I write about the social impact of cryptocurrencies.
Robinhood Pays $65 Million To End A Key Probe, But Others Fester
© 2020 Bloomberg Finance LP
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With the ongoing saga of Gamestop shares surging as a result of the r/wallstreetbets subreddit, Robinhood and other trading platforms such as WeBull and Apex Holdings (the clearing firm for among other, Public.com) have refused to allow for the buying of more GameStop GME -44.3% shares. WeBull cited “extreme volatility” and its clearing firm refusing to honor any more clearance. WeBull users were forced now to only liquidate or sell GME as well as a number of other stocks that were adjacent to the same “short squeeze” strategy. Robinhood also cited “extreme volatility” as part of a blog post it put out on the situation.
This latest array of actions follows a bunch of system attempts to stop trading in GameStop shares, or more specifically, to try to stop retail investors from buying more shares, everything from tripping circuit breakers, to now having trading platforms and clearing companies put pressure on shares by restricting trading. This has led to some to call for decentralized exchanges, and censorship-resistant trading in order to avoid the pressure of a coordinated, centralized financial system. From casual Reddit traders/observers to designers who have been working on decentralized finance to cryptocurrency influencers, many are calling for people to shift towards more decentralized models of trading.
Decentralized exchanges are a fundamental shift from centralized exchanges. In centralized exchanges like Robinhood or even a Coinbase in a cryptocurrency context, there is a closed order book that is managed by a central system. They use their own servers to manage the trades — and so the company can decide to make decisions like suspending trading on certain listings, especially if they’re potentially pressured by the relationships they hold.
Robinhood derives a large amount of value from its relationship with Citadel Securities. In return for access to order data, Robinhood has sold about $69 million of information in 2018 to give firms like Citadel Securities more information than is available to retail investors — specifically, first access to trade patterns a few milliseconds before they get filled. This was said to be about more than 40% of Robinhood’s total revenue in 2018 by three anonymous sources in Bloomberg, something that looks to have invited a SEC probe.
This allows for automated trades to have an edge with faster data than the rest of the market. The old adage holds true here — if you’re not paying for the product (after all, Robinhood built its userbase on the premise of commission-free trades) then you probably are the product.
Citadel Securities injected about $2bn in capital for Melvin Capital, the hedge fund that held the bag on most of the GameStop shorts, and which suffered about a 30% year-to-date loss so far. Citadel Securities’ founder Kenneth Griffin, a billionaire worth about $21 billion, has made millions of dollars in donations to Congressional funds and Congressional candidates, most of them the federal maximum. The organizations he helms are very economically and politically connected, a hub in a centralized cluster.
Decentralized exchanges try to abstract away from even the chance of mischief. Instead of operating on centralized servers, they run on a series of different computers. They combine the use of atomic swaps and smart contracts for escrow in order to enable trustless trade between different parties. Perhaps the most prominent example (presented here for demonstration purposes only) is currently Uniswap.
There are upsides and downsides to the system — you can trade and settle with confidence knowing that with no centralized server, there is little to no chance of downtime, but there are some regulatory risks as legislators and regulators are looking at the space even if it’s only for a glimpse at their privacy implications. Yet the demand for them seems to be growing with every turn of recent events.
While decentralization debates can seem to proceed as if they’re abstract, the events of the past week or so have shown why they matter in concrete terms. When financial organizations and political and economic organizations mix together, sometimes to the detriment of retail investors, there is a premium placed on decentralization by those who feel their transactions are censored because of forces outside of their control.
The frustration many feel towards that turn of events may just end up driving people away from centralized trading platforms and the trappings of more conventional financial systems towards a potential trustless, decentralized future in trading.
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