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Robinhood reports outage as markets rebound

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Re: Robinhood reports outage as markets rebound

#141

Post by inferiorhuman »

manigandham wrote: post #113
grandridge wrote: post #98

Earlier quoted context omitted.

Haha, you clearly weren't around for bear Stern's and lehman

I watched all that live and saw my own holdings tumble. There wasn't that much suspense though, nobody thought the market would suddenly go up.

Were people really expecting the markets to go up today? Futures were mixed pre-market. Bloomberg, at least, was framing the optimism as due to people expecting central banks to intervene but central banks can only do so much when your supply chain evaporates.

I was certainly caught off guard but still managed to make a bit of money (~6%) off of one of those idiotic volatility ETNs today.

Re: Robinhood reports outage as markets rebound

#142

Post by inferiorhuman »

bostonfincs wrote: post #80
inferiorhuman wrote: post #26

Earlier quoted context omitted.

Don't recall any other online brokerage suffering an outage like this. Brokerage firms have outages with surprising regularity. I remember Sharebuilder being particularly bad, but Vanguard was down for a bit last week. A whole day though is pretty spectacular.

Vanguard was down for 2 minutes that’s way different than a whole trading day.

Vanguard was down for around 30 minutes by my count with no status updates.

Re: Robinhood reports outage as markets rebound

#143

Post by chance_state »

inferiorhuman wrote: post #142
bostonfincs wrote: post #80

Earlier quoted context omitted.

Vanguard was down for 2 minutes that’s way different than a whole trading day.

Vanguard was down for around 30 minutes by my count with no status updates.

No even in the same ballpark of fuckup as being down an entire trading day will _zero_ information as to why.

Re: Robinhood reports outage as markets rebound

#144

Post by [deleted] »

Der_Einzige wrote: post #69
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…

Long term puts (at least 2 weeks out) on the market are the safest investment that you could possibly make. The market recovery today is a dead cat bounce. Mark my words I guarantee you that I will be right about this

[deleted]

Re: Robinhood reports outage as markets rebound

#145

Post by lovecg »

swamy_g wrote: post #95
lwb wrote: post #38

Aaaand, there's already a twitter account trying to build a class action lawsuit against Robinhood for allowing an outage to happen. Wonder if this'll go anywhere! https://twitter.com/ClassRobinhood

it's probably some law firm trying to see if they can get any $$$

Well yeah, but you have to admit that a system that converts greed to something approximating justice is not the worst idea.

Re: Robinhood reports outage as markets rebound

#146

Post by nate_meurer »

danhak wrote: post #61
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…

There’s nothing unintentional about the hilarity. That community is totally self-aware and rife with in-jokes and satire. The folks that post there see their gambling for what it is.

The robinhood thread has made me laugh all day:

> 5QxjKb7SI2j1d9Zs3jcs · 809 points · 11 hours ago

> As a proud cuck, not gonna lie I get off on being locked out of my account while it gets pummeled and I can do nothing but watch.

> BippityBoppityZop · 156 points · 10 hours ago

> Don’t stop I’m almost there

> SensualKoala · 47 points · 9 hours ago

> "Oh yeah FUCK my savings harder"

> TRAIN_WRECK_0 · 84 points · 9 hours ago

> Anyone feel like barfing? It's almost like my wife's boyfriend stopped fucking her and starting fucking me, and there is nothing I can do to stop it.

@nostromo can't have read very much of that thread. It's one big in-joke.

Re: Robinhood reports outage as markets rebound

#147

Post by che_shirecat »

ab_io wrote: post #23

This is starting to look like a customer extinction level incident — Any idea which competing service their users / wsb will likely move to?

I jumped to Etrade a while back and it's been a relatively positive experience. Power Etrade is garbage though - consistently crashes during spike traffic times

Re: Robinhood reports outage as markets rebound

#148

Post by manigandham »

inferiorhuman wrote: post #141
manigandham wrote: post #113

Earlier quoted context omitted.

I watched all that live and saw my own holdings tumble. There wasn't that much suspense though, nobody thought the market would suddenly go up.

Were people really expecting the markets to go up today? Futures were mixed pre-market. Bloomberg, at least, was framing the optimism as due to people expecting central banks to intervene but central banks can only do so much when your supply chain evaporates. I was certainly caught off guard but still managed to make a bit of money (~6%) off of one of those idiotic volatility ETNs today.

Yes, lots of people were. The market closed down 6 days in a row which almost never happens. There's no major collapse like 2008, just a powerful catalyst that led to a fast correction of 10% from all-time highs and released a lot of downward pressure.

Re: Robinhood reports outage as markets rebound

#149

Post by solarkraft »

dzader wrote: post #66
intuitionist wrote: post #27

Earlier quoted context omitted.

They don’t seem like serious enough professionals to release a postmortem. Did they do so for the “infinite leverage” bug? I have a couple grand in play money in Robinhood, because hey, zero commissions, but it’s clearly not sustainable for the long term. I’m glad my real investments are all safely parked at Vanguard, where I likely wouldn’t even notice if the brokerage seized up for a day.

just FYI I believe every other major US broker offers zero commissions now

Do they all make the money selling trading data do HFT companies now?

Re: Robinhood reports outage as markets rebound

#150

Post by 1123581321 »

manigandham wrote: post #124
remote_phone wrote: post #121

Earlier quoted context omitted.

I bought Bear Sterns calls thinking it would blow over. The idea that Bear Sterns could just disappear like that was unfathomable at the time.

You thought the market would go up? Specifically a bank? Sure the bankruptcy was a surprise but I really don't know of anyone back then who was expecting a recovery or even a minor bounce at all that year. Hopefully your options were LEAPs.

Many people thought either their situation was overstated or they would be rescued in some way that preserved more of the market value.
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