
Robinhood experiencing a ‘system-wide outage’ as markets rebound - smn1234
https://cnbc.com/2020/03/02/robinhood-says-its-experiencing-a-system-wide-outage-as-markets-rebound-in-heavy-volume-monday.html
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raiyu
Definitely the worst timing possible. As stocks receded last week and now are
bouncing back today, many investors will want to get back and take out
positions to either reclaim some losses or just catch the upside.

But if you weren't in at the opening bell or there about those profits are
gone.

Of course with any platform like this they do not hold liability for the
inability to perform orders as that will be stipulated in their TOS but it
will certainly lead to a considerable amount of churn.

There are industries where you can have an outage and it won't ruin your
business. Certainly Twitter had it's fair share and was able to get past them
over time, but having an entertainment or news source go down isn't the same
as a service which is dealing with your money.

A single outage at the wrong moment is enough to create enough of a reason for
customers to lose all trust and immediately leave. And the timing of the issue
couldn't have been worse.

Whether it was an update to the app from last week, or simply a surge in
trading activity that led to the issue is unknown but certainly the impact of
this will likely be felt for the next couple of weeks as customers decide
whether or not to stick with the platform. But breaking trust in the fintech
sector happens quickly and it's hard to retrace.

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solarkraft
> A single outage at the wrong moment is enough to create enough of a reason
> for customers to lose all trust and immediately leave

I really wonder how bad the impact will actually be, since I would think the
set of people losing trust and leaving because of this to be very close to
that of people who would lose trust and leave because of RH making hundreds of
millions from selling their trade data to HFT companies (hmm, why would the
data be that valuable? What do the buyers of the data have to gain?).

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ceohockey60
Robinhood's infrastructure is on AWS [0]. Would be interesting to see who
shoulders the liability in the postmortem.

[0] [https://aws.amazon.com/solutions/case-
studies/robinhood/](https://aws.amazon.com/solutions/case-studies/robinhood/)

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amsully
The issue was identified hours ago and not yet resolved.

"Identified - The issue has been identified and a fix is being implemented."

[https://status.robinhood.com/](https://status.robinhood.com/)

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raiyu
Full email that just went out to perhaps all accounts. I have never done a
trade, but I do have one stock in my portfolio. The free share I received at
sign up.

"This morning, starting at 9:33 AM ET, we started experiencing downtime across
our platform. These issues are affecting functionality on Robinhood, including
your ability to trade.

All of us at Robinhood are working as hard as we can to resume service, and
we’ll update you as soon as the issue is resolved. We understand the impact
this is having and we apologize for any trouble this has caused.

Please check our status page at status.robinhood.com. Thank you for being a
Robinhood customer."

Just for a time reference, the issue started at 9:33AM ET - and I received
that email around 2:45PM ET - so basically the entire trading day.

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cft
They also basically spoiled the app last week with the new "custom lists"
feature. Instead of a quick glance at watched stocks you now see a bunch of
pluses with list names, that you have to expand and then scroll.

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trenning
Their email is even down so you can't even contact them anymore except via
twitter. Emails to support@robinhood.com are being rejected.

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wuunderbar
I guess you can't complain if you just use their free product. You should even
expect this.

~~~
icedchai
Almost all brokers have free stock trades now. Why not use a more established
platform?

~~~
RobRivera
Isn't that the '10bps per share of trading volume' question?

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nodesocket
App loads, quotes are working. I am speculating, but wound guess it’s a
database issue. Anybody have more info?

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hckrnrd
RIP tendies.

