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An Update from Robinhood’s Founders

blog.robinhood.com

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Re: An Update from Robinhood’s Founders

#21

Post by cdurth »

ska wrote: post #14
0xy wrote: post #8

Still silence on the traders who lost tens of thousands of dollars? Are they going to be compensating or not? This blog post doesn't appear to say anything. It's not an apology, it's not an explanation, it doesn't say what they're going to do in response. This is after the incident in which there was no status updates or support availability for multiple hours of time. Why can't they commit to updates every hour or e…

I agree the level of feedback isn't great, but what would people be compensated for? Did they misplace actual orders?

Yesterday was the largest upswing in market history and the entirety of RH missed out.

Re: An Update from Robinhood’s Founders

#23

Post by tree3 »

dickjocke wrote: post #9
rhizome wrote: post #5

Is every bitcoin company run by ex cellphone store employees? Just the exchanges?

Robinhood isn't a bitcoin company. That's just a feature they have. Its main product offering is the commision free trading--and their presence pushed a lot of big players to adopt the same offering. The wallstreetbets gang is silly and all, but I think they have really democratized stock trading, and made the whole idea seem much more accesible. I think they founders are former finance guys. I hope this doesn't soun…

> I think they have really democratized stock trading

How does "free" = "democratizing"? Stocks have been easily accessible for years to retail investors.

> their presence pushed a lot of big players to adopt the same offering

Misleading, big brokers were already going down this path.

Re: An Update from Robinhood’s Founders

#24

Post by ajsharp »

tbrock wrote: post #7
mjs33 wrote: post #3

Their DNS system failed? How?! Unless DNS stands for “Do Not Sell”

This happened to us at Hustle years ago. Basically if you run on AWS there’s a DNS server provided inside each VPC that usually works fine but which has no observable load metrics etc... so you don’t really know you are slamming it and are about to have a problem unless you audit your entire codebase. Why? Well that tiny DNS server has certain capacity constraints and if you don’t cache DNS lookups by using a http/ht…

Wait, what?? There's an invisible DNS server running inside your VPC? I get what you're saying wrt cached DNS lookups but this seems wild.

Re: An Update from Robinhood’s Founders

#26

Post by mandelbrotwurst »

ska wrote: post #14
0xy wrote: post #8

Still silence on the traders who lost tens of thousands of dollars? Are they going to be compensating or not? This blog post doesn't appear to say anything. It's not an apology, it's not an explanation, it doesn't say what they're going to do in response. This is after the incident in which there was no status updates or support availability for multiple hours of time. Why can't they commit to updates every hour or e…

I agree the level of feedback isn't great, but what would people be compensated for? Did they misplace actual orders?

People lost the opportunity to place orders. Determining the actual cost is of course impossible since you don't know what orders people would have placed.

Re: An Update from Robinhood’s Founders

#27

Post by majormajor »

cdurth wrote: post #21
ska wrote: post #14

Earlier quoted context omitted.

I agree the level of feedback isn't great, but what would people be compensated for? Did they misplace actual orders?

Yesterday was the largest upswing in market history and the entirety of RH missed out.

"Missed out" doesn't seem like the right phrase here. If you already owned the stock, you still held it, no?

So people who were going to continue to sell off got lucky that they couldn't make that trade, and people who were going to buy got unlucky?

Does anyone seriously expect compensation, or think that it's deserved, or is it group wishful thinking? How would it even work? Would they just take people's word for their supposed intent? Or are people wanting some sort of "here's a gift card" type deal?

This is not to defend RobinHood - I've personally kept my money with well-established companies cause conservative, old, proven systems seem like a good thing for a product in this space - but shit happens, no? There will be more good days, and more bad days, in the market, it's a long-run game anyway, and it's pretty easy to vote with your wallet in this space.

Re: An Update from Robinhood’s Founders

#28

Post by SkyPuncher »

0xy wrote: post #8

Still silence on the traders who lost tens of thousands of dollars? Are they going to be compensating or not? This blog post doesn't appear to say anything. It's not an apology, it's not an explanation, it doesn't say what they're going to do in response. This is after the incident in which there was no status updates or support availability for multiple hours of time. Why can't they commit to updates every hour or e…

I'm having a really hard time understanding this argument.

Unless I have an SLA with a provider outlining penalties, they don't owe me anything if they go down. How is this any different?

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