Cboe Global Markets, Inc.

Jason support ×2 ▲ on 📈 Gamified retail speculation overwhelms fundamental price-setting E219 · 2025-03-15 ▶ 1:02:20

this is the I think the upside of crypto in some ways, also the upside of prize picks or gambling poker. It's the upside of Robinhood and Coinbase and all these things being available. This generation, generation bet, like they love to gamble these young kids.

Chamath support ×2 ▲ on 📈 Gamified retail speculation overwhelms fundamental price-setting E201 · 2024-10-25 ▶ 29:20

they're actively trading on the side something, crypto, options, whatever. They're on Robinhood, they're using Coinbase

Jason support ×3 ▲ on 📈 Gamified retail speculation overwhelms fundamental price-setting E201 · 2024-10-25 ▶ 30:19

I call them gen bet because they just want to bet on themselves

Jason support ×2 ▲ on 📈 Gamified retail speculation overwhelms fundamental price-setting E182 · 2024-06-07 ▶ 58:08

the people who are betting on these things are not looking to get a 7% return or beat the average. I mean, they're looking to double their money in 48 hours.

Sacks support ×2 ▲ on 📈 Gamified retail speculation overwhelms fundamental price-setting E182 · 2024-06-07 ▶ 42:59

It's basically a game where the Redditors, they bid up the stock to levels that realistically it's not worth that much.

Friedberg support ×3 ▲ on 📈 Gamified retail speculation overwhelms fundamental price-setting E182 · 2024-06-07 ▶ 39:55

I don't think that there's anything about the actual performance of the underlying business in the security that you are buying or selling when you are making a decision about whether or not to buy or sell this security.

Chamath support ×3 ▲ on 📈 Gamified retail speculation overwhelms fundamental price-setting E182 · 2024-06-07 ▶ 43:21

they can get synthetically short. So they'll add leverage to this using all kinds of esoteric derivatives that other banks on Wall Street will happily sell them. And then when those are disclosed, then the Redditors can just pump it even more, which causes massive margin calls.

Jason support ×2 ▲ on 📈 Gamified retail speculation overwhelms fundamental price-setting E172 · 2024-03-29 ▶ 33:20

When you have a small float like this and a rabid group of people who are gambling, you will get your face ripped off.

Chamath support ×2 ▲ on 📈 Gamified retail speculation overwhelms fundamental price-setting E172 · 2024-03-29 ▶ 28:37

when you look at the products that service the retail market, they've also become increasingly gamified. Robinhood is probably the best example of having built an incredibly good business by making things more like a game. ... on top of the whole movement to sort of allow individuals to monetize their own name and likeness via the stock market, which we just talked about, the second movement is that a lot of these things are becoming less financialized and more gamified. And so you just have many more participants. ... you can have a GameStop moment in any of these things. You can have these zero-day options run the stock to the moon.

Sacks support ×2 ▲ on 📈 Payment for order flow and market making survive the GameStop backlash E60 · 2021-12-23 ▶ 54:54

And the populist revolt around this whole payment for order flow Robinhood thing broke against the rock of Ken Griffin.

I do think exchanges are here to stay. Market making is here to stay. Market making is a profitable enterprise. And so some level of revenue share between the market maker and the broker makes sense. And it is regulated. So I'm not quite sure what, if any, changes need to come.