Robinhood reports outage as markets rebound • Hacker News Board

Re: Robinhood reports outage as markets rebound

#51

Post by sjc33 » Mon, Mar 02, 2020, 9:50 PM UTC

elwell wrote: post #12

Being 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.

Leap year bug. Almost guarantee it was looking for March 3rd data and couldn't find any and threw up.

Re: Robinhood reports outage as markets rebound

#52

Post by ithinkinstereo » Mon, Mar 02, 2020, 9:52 PM UTC

nscalf wrote: post #41

ithinkinstereo wrote: post #31

Earlier quoted context omitted.

webull and thinkorswim will probably be the two biggest beneficiaries today.

One of the biggest lessons here is not to use tech-forward brokers. I see a lot of people talking about how swapping from robinhood to webull is ridiculous, and I honestly agree. I'm personally thinking of going TD or thinkorswim.

Yep, fuddy-duddy tech = safe tech.

Re: Robinhood reports outage as markets rebound

#53

Post by Willson50 » Mon, Mar 02, 2020, 9:54 PM UTC

ra7 wrote: post #9

They have been down basically the entire day. Are they going to face some action? I'm unclear who even punishes them for potentially causing millions of dollar losses for customers.

The SEC does.

Re: Robinhood reports outage as markets rebound

#54

Post by predictmktegirl » Mon, Mar 02, 2020, 9:54 PM UTC

nostromo wrote: post #16

Reading 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…

Some of us had puts from last month which were well in profit. I personally have lost over $5k from this outage even though I'm technically not negative on my position. Painting all RH users as gamblers is pretty arrogant.

Re: Robinhood reports outage as markets rebound

#55

Post by nodesocket » Mon, Mar 02, 2020, 9:55 PM UTC

nostromo wrote: post #16

Reading 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…

I see a bunch of comments of people saying I lost $x amount because of the outage, however I wonder if that's actually true. It's much easier to say I was going to do x when doing x was unavailable.

Re: Robinhood reports outage as markets rebound

#56

Post by ra7 » Mon, Mar 02, 2020, 10:02 PM UTC

Willson50 wrote: post #53

ra7 wrote: post #9

They have been down basically the entire day. Are they going to face some action? I'm unclear who even punishes them for potentially causing millions of dollar losses for customers.

The SEC does.

Pardon my ignorance, but what are SEC rules for things like this? Do they expect some reasonable availability for trading platforms or do they consider massive outages like this "negligence"?

Re: Robinhood reports outage as markets rebound

#57

Post by WrathOfJay » Mon, Mar 02, 2020, 10:02 PM UTC

I remember when Schwab went down just as Facebook went public. Couldn't cancel my order, ended up with the stock at a much higher price and the stock had dropped by a lot by the time I had access again. I can't help but be suspicious of events like this.

Re: Robinhood reports outage as markets rebound

#58

Post by ISL » Mon, Mar 02, 2020, 10:02 PM UTC

nostromo wrote: post #16

Reading 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…

All of us learn the hard way sooner or later. The key is never playing for more than we can afford to lose.

Re: Robinhood reports outage as markets rebound

#59

Post by xenihn » Mon, Mar 02, 2020, 10:03 PM UTC

henryw wrote: post #11

Do they compensate their customers for this?

Free AMD calls.

Re: Robinhood reports outage as markets rebound

#60

Post by cranky_coder » Mon, Mar 02, 2020, 10:09 PM UTC

nodesocket wrote: post #55

nostromo wrote: post #16

Reading 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…

I see a bunch of comments of people saying I lost $x amount because of the outage, however I wonder if that's actually true. It's much easier to say I was going to do x when doing x was unavailable.

It might be some of that, but folks on that subreddit tend to take super risky positions that can go south on them very fast. It’s possible a few made some really stupid bets during the crash and they couldn’t get out today.