Robinhood Outage Affects Millions of Users
This deserves its own thread for how ridiculous the outage is at literally the worst time to malfunction :O.
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Robinhood Outage causes guy to lose $400,000 from not being able to sell his put positions
- Thread starter hwarang
- Start date
Robinhood Outage Affects Millions of Users
This deserves its own thread for how ridiculous the outage is at literally the worst time to malfunction :O.
OP
OP
He bet against the market but couldn't get out of his position because the broker he uses had technical malfunction throughout the trading day.
Anyone doing day to day trading with that kind of money can probably afford to lose it, but Jesus christ what a fuckup by the app/website.
You don't get do-overs with this kind of thing, and I imagine he won't get a refund.
You don't get do-overs with this kind of thing, and I imagine he won't get a refund.
Things look so bad everywhere.
In this whole world, what is fair?
We walk the line and try to see.
Fallin' behind in what could be.
Trading is gambling and extremely volatile, so you can either make a lot of money or lose a lot of money.
Okay, let me rephrase this so its easier.
When you buy a PUT option, your (the buyer) buying a contract that says you get to sell a stock at a set price within a specified time.
PUT options are for when you think the stock is going to depreciate in value, so that often means that when the stock falls in value, you can still sell the stock at the set price and in turn, you make money off of that.
If you cannot sell within that time and your contract expires, you lost a ton of money.
I'm trying real hard to feel bad for this rich person losing a bunch of money but, it doesn't look like it's going to happen.
Giving people the poorly run doordash equivalent app for buying and selling stock options. What could possibly go wrong?
I liked when some kid figured out an exploit in the app with regards to margin so he basically could get some absurdly leveraged positions he would have never been allowed through someone else, like an infinite money glitch in a game.
They made the cover of Bloomberg last week. It's been a shitshow for around a month now.
GUH
You can say you don't care about rich people all you want, but the vast majority of Robinhood users are certainly not rich. They screwed a bunch of people today.
If I understand correctly. He bet on the value of the stock dropping, but it went up instead. His put options become less and less valuable the more the stock goes up. Unless the price on amzn tanks hard again before the 6th, he is screwed.
So, this wasn't an isolated incident? That seems like something that would tank your company.
Nobody has been able to do any trading with their Robinhood accounts all day. Lots of people shorted the market and were unable to get out of a bad situation because of it.
Nope, not isolated. App was down all day. You were likely fucked if you replied innit for day trading.
(Don't day trade.)
Here's an explanation of what is happening.
Let me know if you have questions.
Daaaaaamn. I don't understand any of this. But, I want to anti-invest in Robinhood.
Glad I don't use Robinhood. Something like this would piss me off for sure, especially when it's literally out of my control
I've dealt with the BS this far because their UI and app are so much better than every competitor, but today was the straw that broke the camel's back. Luckily I was mostly in cash after last week.
This happened before in 2018 but today was a particularly bad day for it to happen.
Just imagine the feeling in the stomach right now of everybody who works for Robinhood. Talk about a rough day.
I mean I think it's fake because why would somebody with that kind of money be using robin hood.
Maybe they will give the guy a $75 Amazon gift card like last time.
www.google.com
Robinhood is giving $75 Amazon gift cards to some customers who say they lost money when its options business stopped working
It’s been a tough week for Robinhood, which came under fire shortly after announcing plans to offer checking and savings accounts with no fees and an industry-high 3% interest rate.
www.google.com
Maybe they will give the guy a $75 Amazon gift card like last time.
Robinhood is giving $75 Amazon gift cards to some customers who say they lost money when its options business stopped working
It’s been a tough week for Robinhood, which came under fire shortly after announcing plans to offer checking and savings accounts with no fees and an industry-high 3% interest rate.
capitalism is just great lol
I mean just looking at the Wiki:
Robinhood has been untrustworthy for awhile IMO.
Robinhood has been untrustworthy for awhile IMO.
OP
OP
I can hear the Robinhood legal team quaking in fear now.
The legal fallout from this is going to be catastrophic.
The people that would have made bad moves had Robinhood been functional must be feeling pretty good right now.
