### Comment:
Robinhood doesn’t offer the same product, and it’s not a competitor to real brokerages.  
  
 It’s a honeypot to catch the dollars of unsophisticated investors. 
  
 Now, real brokerages have reduced rates to try to get a slice of the sweet, naive, never-been-fucked money, under management.

### REPLY:
They are competitors in that they offer a substitute service to a proper brokerage. A substitute, not a replacement. 
  
 Real brokerages are just changing the nature of the good to encapsulate the benefits of the substitute to the new target population. 
  
 This is what a competitor is and does

### END.