Guess 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 standardizing comes to mind.
If they are down for one full day out of every 365, that's still a potential ceiling of 99.726% uptime for the year. My home internet was down 14% of the afternoon on Sunday this week, and on through the evening.
On a month-to-month basis, I can't even seem to crack 99% reliability. (Geez, I should really call them on it, or perhaps get a new modem...)
Point is, how high is Comcast's valuation again exactly?
Your internet goes down, you can’t watch netflix. Boo hoo. Your brokerage goes down, you can’t exit your positions, and, well, just look at the hundreds of thousands of dollars lost on reddit today. People were using their student loan money in their brokerage accounts. It really is a disaster.
Reminder that the financial return maximising function for Robinhood benefits far more from "unsophisticated investors put in their student loans" than "service is up all the time". People who are actively trading, especially in options, may well be losing money.
This is largely my point. I live with <99% internet uptime and I have a Robin Hood account. I only know about this outage because I read about it... feel pretty sure that I am just like the majority of their customer base.
I don't check RH every day and I wouldn't have been compelled to check on it at all yesterday except for the news (I'm losing money, who wants to look at that! LOL)
ISP are pretty much the poster children for the corruption and incompetence that comes from well entrenched oligopolies. Industries with healthy competition, such as retail investing, generally have much higher standards. Comparing RH to Comcast is not a good look for RH.
Ah yes, ISP's; the most beloved of corporate entities, and not in any way aided by regional duopolies.
RH isn't an ISP, and being down for an entire day of trading is a big deal. If I don't like my ISP... welp, I'm pretty much screwed. If I don't like RH I have plenty of options.
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.
It's a trading app that is... down for an entire day of trading. That seems like the wrong sort of compromise to make. The number one priority of anyone who is actively trading is... to be able to trade.
Not even mentioning the other hilarious bugs this company has let out into the wild. They don't seem to have a good grasp on what they're doing, and now many other, more mature brokerages offer zero fee trades. Their time is coming.
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 standardizing comes to mind.