Do they compensate their customers for this?
Robinhood reports outage as markets rebound
11–20 of 164 posts
Re: Robinhood reports outage as markets rebound
#12Being down for an entire trading day is pretty crazy. I can't imagine what's going over there today in the engineering & devops teams. Depending on where the issue is, there might be thousands+ of orders to reconcile (manually?). It will be really interesting to read a post-mortem engineering blog post if they make one.
Re: Robinhood reports outage as markets rebound
#13As of 3:44PM EST. It’s still not back. I then signed out of the app and can’t sign back in. I then thought maybe they reset passwords, so I tried resetting. Even that’s not working. Total outage!
Re: Robinhood reports outage as markets rebound
#14I just got an email from Robinhood support on the outage, half an hour before markets close. I don't actively use RH as my main brokerage so not a big deal to me, but obviously this is unacceptable. Don't recall any other online brokerage suffering an outage like this. Suffice to say this throws cold water on any mystic around Robinhood having better tech that any incumbent.
This is the problem with startup companies, they think too much about product and too little on communications.
This is very poor communication, sending an outage mail after hours it had occurred, with no ETA for the fix , and absolutely no details on what has happened i.e a hack , or a DDOS, or an infra outage etc.
Re: Robinhood reports outage as markets rebound
#15At Robinhood, you're not the customer. You're the product.[1]
Robinhood makes their money by selling order flow to high-frequency traders. Robinhood doesn't charge commissions, but the price is slightly worse.
[1] https://seekingalpha.com/article/4212397-robinhood-high-freq...
Re: Robinhood reports outage as markets rebound
#16Reading Reddit's WallStreetBets has been unintentionally hilarious.
https://www.reddit.com/r/wallstreetbets/
Folks were leveraging up all last week and buying puts, thinking the market was tanking to zero and we're all going to die of "beer virus" as they call it -- and are getting a harsh lesson about timing the market today.
They’ve been giving so much leverage to broke young people, I wouldn’t even be surprised to read that they’re insolvent someday after a big, unexpected move.
Re: Robinhood reports outage as markets rebound
#17I just got an email from Robinhood support on the outage, half an hour before markets close. I don't actively use RH as my main brokerage so not a big deal to me, but obviously this is unacceptable. Don't recall any other online brokerage suffering an outage like this. Suffice to say this throws cold water on any mystic around Robinhood having better tech that any incumbent.
This is the problem with startup companies, they think too much about product and too little on communications. This is very poor communication, sending an outage mail after hours it had occurred, with no ETA for the fix , and absolutely no details on what has happened i.e a hack , or a DDOS, or an infra outage etc.
I’m not so sure you can say this is just a “startup” problem.
Re: Robinhood reports outage as markets rebound
#18Guess they weren't ready for the massive amounts of requests coming from a world record market correction / recession. That, or they released a bunch of new features over the weekend. Why we are building highly sensitive monetary performance based applications under the guise of agile and electron is beyond me. The app market needs a market correction in design. IEEE, military, aerospace, or aviation design standardi…
If Robinhood wants to target their app towards people who want a fluid interface and neat graphs, compromising on the always-up needs of day traders, I don't see why that's wrong.
Re: Robinhood reports outage as markets rebound
#19Do they compensate their customers for this?
No, there is absolutely no recourse for any losses incurred while using their platform.
Re: Robinhood reports outage as markets rebound
#20What have /r/wallstreetbets done this time?
They've been locked out of the market all day, and we get a big uptick. Coincidence? /s