Skip to main content

Robinhood can’t handle the Dogecoin rally

Robinhood can’t handle the Dogecoin rally

/

Very oops, much whoops

Share this story

Art of the Robinhood feather logo surrounded by red
Illustration by Alex Castro / The Verge

Yesterday and today, the enthusiasm for joke cryptocurrency Dogecoin overwhelmed Robinhood, leading to “sporadic crypto order failures and delayed notifications for some customers,” Robinhood wrote in a blog post.

“These interruptions aren’t acceptable to us,” Robinhood wrote in its post. “We believe we’re the most intuitive crypto platform for Dogecoin traders and we’re proud to be a top choice for this community.”

Robinhood has a history of exactly this kind of whoopsie. In March 2020, there were three huge outages which Robinhood has said were due to “stress on our infrastructure.” And infamously, in January, Robinhood limited trades on GameStop, pissing off the entire internet and getting itself hauled in front of Congress in the process because it hadn’t planned for anything approaching the scale of Gamestonk.

Look, the app is very pretty and easy to use, but if it fails during the most crucial buying and selling periods, are users going to stick with it? Whether you make money on your Dogecoin trade matters more than than how nice the app is. Besides, there’s the now-public Coinbase platform to trade cryptocurrency on anyway — even if it doesn’t support Dogecoin.

The Robinhood post, frustratingly, doesn’t go into the technical details that could have let users know how serious the failure was, or why it happened. When asked for comment, Robinhood declined to say anything on the record beyond the blog post.

In conclusion, I must once again beg for the Robinhood S-1, which I need in order to live. I must know what the risk factors section looks like, and if these kinds of outages are significant enough to the company to be listed there.

Update 6:44PM ET: Adds that Robinhood declined to comment.

Today’s Storystream

Feed refreshed Sep 25 Not just you

E
Twitter
Emma RothSep 25
Rihanna’s headlining the Super Bowl Halftime Show.

Apple Music’s set to sponsor the Halftime Show next February, and it’s starting out strong with a performance from Rihanna. I honestly can’t remember which company sponsored the Halftime Show before Pepsi, so it’ll be nice to see how Apple handles the show for Super Bowl LVII.


E
Twitter
Emma RothSep 25
Starlink is growing.

The Elon Musk-owned satellite internet service, which covers all seven continents including Antarctica, has now made over 1 million user terminals. Musk has big plans for the service, which he hopes to expand to cruise ships, planes, and even school buses.

Musk recently said he’ll sidestep sanctions to activate the service in Iran, where the government put restrictions on communications due to mass protests. He followed through on his promise to bring Starlink to Ukraine at the start of Russia’s invasion, so we’ll have to wait and see if he manages to bring the service to Iran as well.


E
External Link
Emma RothSep 25
We might not get another Apple event this year.

While Apple was initially expected to hold an event to launch its rumored M2-equipped Macs and iPads in October, Bloomberg’s Mark Gurman predicts Apple will announce its new devices in a series of press releases, website updates, and media briefings instead.

I know that it probably takes a lot of work to put these polished events together, but if Apple does pass on it this year, I will kind of miss vibing to the livestream’s music and seeing all the new products get presented.


E
External Link
Emma RothSep 24
California Governor Gavin Newsom vetoes the state’s “BitLicense” law.

The bill, called the Digital Financial Assets Law, would establish a regulatory framework for companies that transact with cryptocurrency in the state, similar to New York’s BitLicense system. In a statement, Newsom says it’s “premature to lock a licensing structure” and that implementing such a program is a “costly undertaking:”

A more flexible approach is needed to ensure regulatory oversight can keep up with rapidly evolving technology and use cases, and is tailored with the proper tools to address trends and mitigate consumer harm.


Welcome to the new Verge

Revolutionizing the media with blog posts

Nilay PatelSep 13
A
The Verge
Andrew WebsterSep 24
Get ready for some Netflix news.

At 1PM ET today Netflix is streaming its second annual Tudum event, where you can expect to hear news about and see trailers from its biggest franchises, including The Witcher and Bridgerton. I’ll be covering the event live alongside my colleague Charles Pulliam-Moore, and you can also watch along at the link below. There will be lots of expected names during the stream, but I have my fingers crossed for a new season of Hemlock Grove.


A
Andrew WebsterSep 24
Looking for something to do this weekend?

Why not hang out on the couch playing video games and watching TV. It’s a good time for it, with intriguing recent releases like Return to Monkey Island, Session: Skate Sim, and the Star Wars spinoff Andor. Or you could check out some of the new anime on Netflix, including Thermae Romae Novae (pictured below), which is my personal favorite time-traveling story about bathing.


A screenshot from the Netflix anime Thermae Romae Novae.
Thermae Romae Novae.
Image: Netflix
J
Twitter
Jay PetersSep 23
Twitch’s creators SVP is leaving the company.

Constance Knight, Twitch’s senior vice president of global creators, is leaving for a new opportunity, according to Bloomberg’s Cecilia D’Anastasio. Knight shared her departure with staff on the same day Twitch announced impending cuts to how much its biggest streamers will earn from subscriptions.


T
Twitter
Tom WarrenSep 23
Has the Windows 11 2022 Update made your gaming PC stutter?

Nvidia GPU owners have been complaining of stuttering and poor frame rates with the latest Windows 11 update, but thankfully there’s a fix. Nvidia has identified an issue with its GeForce Experience overlay and the Windows 11 2022 Update (22H2). A fix is available in beta from Nvidia’s website.