The competitors of exchanges are not other exchanges, but brokers. Users of exchanges are constantly being taken away by brokers.

"0 commission" doesn't mean "I don't want to make money off you," but rather "I make more money in a more covert way." 😂😂😂

If Robinhood does not introduce cryptocurrency, it would have long been abandoned by users and marginalized by the market. Cryptocurrency is the key engine for extending its life, stimulating revenue, and increasing market value. 1. Is Robinhood's "zero commission" model essentially a disguised way of exploiting users? Yes, zero commission is not really "free"; it is just a different way of exploiting users: PFOF (Payment for Order Flow): Robinhood sells user order flow to market makers (like Citadel), who facilitate the trades. Market makers pay Robinhood fees, but users may not get the best prices, losing a bit on the price difference in "invisible" ways with each trade. As a result: Users think they have "saved on commissions," but in reality, they are being "sheared" through slippage and deteriorated quotes. This profit model is particularly beneficial for Robinhood to monetize from young retail investors who lack financial knowledge and transparency, essentially a rebranded form of "shearing sheep." 2. What could happen if Robinhood does not introduce cryptocurrency? It could very well be gradually marginalized: Core business profits are too low: In the brokerage space, traditional stock trading commissions have been driven to zero, leaving Robinhood with little profit; User activity declines: After the novelty wears off for young retail investors, without more stimulating speculative products, they won't stay; Intense competition: New entrants like Webull, SoFi, and Public have also imitated the "zero commission + trading app experience," diminishing Robinhood's advantages. 3. Introducing cryptocurrency is Robinhood's path to "survival" and "wealth." High-frequency trading + high volatility in cryptocurrency is the most suitable product for Robinhood's customer base (young, fond of trading coins, and speculative); Robinhood can charge higher spreads and hidden fees on crypto trades, making it more profitable than stock trading; During the 2021 crypto bull market, Dogecoin trading once accounted for over 25% of Robinhood's revenue; This was Robinhood's most profitable phase. In summary: "Superficially free, but actually exploiting users; superficially securities, but actually relying on the crypto space." Robinhood does not make money from "financial services" but monetizes through "financial entertainment." If it does not introduce cryptocurrency, Robinhood would have long been abandoned by users and marginalized by the market. Cryptocurrency is the key engine for extending its life, stimulating revenue, and increasing market value.

The distribution mechanism and employment structure of the entire society are designed to allow the majority of people to survive, but they can never break free. "Basic security + limited upward mobility" is the default design.

How to destroy a country without firing a single shot? Just place 5 million Indians, 5 million Arabs, 5 million Africans, and 5 million South Americans there.

If US stock tokens go on-chain and get listed on exchanges, and the trading volume is very high, do you think our party will let you buy them? If you make a profit, will you be able to cash out? Cryptocurrency is not a lawless land.

Musk has yet to register the "American Party," which contradicts his usual decisive style of doing things. This guy can be impulsive and say or do anything when he goes crazy, but once he calms down, he weighs the pros and cons rationally.

Musk sends others on space trips, but he doesn't go himself; later, he sends others to Mars, but he doesn't go himself.

流出