Robinhood reports outage as markets rebound

Re:Robinhood reports outage as markets rebound by elwell on Monday March 02, 2020 @03:39PM (#22468681)

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.

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Re:Robinhood reports outage as markets rebound by intuitionist on Monday March 02, 2020 @04:25PM (#22469187)

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.

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Re:Robinhood reports outage as markets rebound by manigandham on Monday March 02, 2020 @06:02PM (#22470033)

The business model is perfectly sustainable and the same as all the other brokers. Commissions were purely extra income.

The problem is that Robinhood is a young tech company and the "move fast and break things" approach doesn't work when it comes to industries that need reliability and risk management.

I'm surprised they got away unscathed from the lack of proper margin calculations before. That should've led to major fines.

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Re:Robinhood reports outage as markets rebound by intuitionist on Monday March 02, 2020 @06:12PM (#22470107)

Ah, sure, this is what I meant by it not being sustainable. They keep fucking up in standard SV ways, eventually FINRA or maybe even the SEC will come down hard. The basic brokerage business seems fine.

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Re:Robinhood reports outage as markets rebound by nscalf on Monday March 02, 2020 @04:35PM (#22469299)

The biggest impact Robinhood has had is pushing other brokers to go to zero commission models. I joined before that happened, but I will be moving my trading portfolio elsewhere.

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Re:Robinhood reports outage as markets rebound by CSSer on Monday March 02, 2020 @05:15PM (#22469620)

I’m surprised more people on here aren’t using something like https://alpaca.markets. It’s primarily for algo trading, but there’s nothing stopping you from using it generally, as it is an API, after all.

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Re:Robinhood reports outage as markets rebound by sali0 on Monday March 02, 2020 @06:47PM (#22470377)

This is awesome, I was just talking to my friend about an API first brokerage. Glad to see someone's already made one.

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Re:Robinhood reports outage as markets rebound by nscalf on Tuesday March 03, 2020 @06:45PM (#22479864)

Wow, I'm surprised I hadn't found this before. I was looking for something exactly like this at some point in the past 6 months and didn't find much, so thanks for sharing this!

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Re:Robinhood reports outage as markets rebound by papito on Tuesday March 03, 2020 @07:26AM (#22473851)

So is Fidelity now, but you don't have to deal with this Mickey Mouse operation.

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Re:Robinhood reports outage as markets rebound by dzader on Monday March 02, 2020 @05:28PM (#22469739)

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

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Re:Robinhood reports outage as markets rebound by solarkraft on Tuesday March 03, 2020 @01:51AM (#22472379)

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

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Re:Robinhood reports outage as markets rebound by rodgerd on Tuesday March 03, 2020 @03:53PM (#22478621)

> Being down for an entire trading day is pretty crazy.

"Nines don't matter if the users aren't happy", to quote Charity Majors. No-one will remember all the uptime for the rest of the month, or indeed year. Just the hours they were down for a critical trading day.

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Re:Robinhood reports outage as markets rebound by sjc33 on Monday March 02, 2020 @04:50PM (#22469430)

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

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