Dogecoin Spike Crashes Robinhood Token Trading (theverge.com) 64
Robinhood's trading app crashed for around an hour this morning, as Dogecoin hit record highs and Ethereum continued to gain ground. The outage is reminiscent of the Robinhood-GameStop fiasco last January, where Robinhood deliberately blocked users from trading GameStop stock as it catapulted in value. The Verge reports: Robinhood ran into issues processing cryptocurrency trades this morning, during a spike in the price of Dogecoin that sent users flocking to the app. The website DownDetector shows the outage starting around 9:30AM ET and reducing in severity about an hour later. Robinhood confirmed that it experienced a "partial outage" in crypto trading and said the issues had been resolved as of 11:15AM ET. The outage was particularly noticeable since it came during a spike (and subsequent dip) in Dogecoin prices. Coins were priced at around $0.40 USD at the beginning of the day. Around 8AM ET, they spiked past $0.50 USD and reached as high as $0.60 USD near 10AM ET.
Users were quick to voice their frustrations with the app on Twitter, seeing it as a repeat of the situation that happened in January when Robinhood limited trading on buzzy, soaring stocks, including GameStop and AMC. In the app this morning, a message told users, "We are experiencing intermittent issues with crypto trading. We are working to resolve this issue as soon as possible." Meanwhile, the price ticker on Dogecoin continued its rapid flip up and down.
Users were quick to voice their frustrations with the app on Twitter, seeing it as a repeat of the situation that happened in January when Robinhood limited trading on buzzy, soaring stocks, including GameStop and AMC. In the app this morning, a message told users, "We are experiencing intermittent issues with crypto trading. We are working to resolve this issue as soon as possible." Meanwhile, the price ticker on Dogecoin continued its rapid flip up and down.
awww (Score:1)
gamblers can't trade their money for doggy gambling tokens.
meanwhile, and not totally unrelated bitcoin is taking a shit today.
Re: awww (Score:1)
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nothing more fake than a crypto coin. just a gambling token that can go to zero value any time. not money, not liquid, not universally accepted, not a store of value.
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It can make you a lot of money in these times where a lot of people don't seem to care about intrinsic value when investing their money, but of course it's ultimately a gamble.
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Even Pet Rocks had an intrinsic value. Crypto coins have massive flaws and only succeed because of the get-rich-quick mindset of its investors and creators.
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nothing more fake than a crypto coin. just a gambling token that can go to zero value any time. not money, not liquid, not universally accepted, not a store of value.
True. All 100% true. But I hope you understand that any fiat money is the same with regards to its ability to devalue to nothing in a flash.
Any 'tard that thinks storing their wealth in CASH is a good idea hasn't got two brain-cells to rub together.
The only way money can possibly be a store of value is if it's made of something that has intrinsic value. Case in point (and give me a little slack on the numbers, but the overall gist will be solid). In 1964 (the last year US quarters had 80% silver in the
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Re: awww (Score:1)
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Almost impossible the USD would suddenly go to zero except by global nuclear war, in which case we don't give a shit about money or even gold.
If you want to talk about investing in something that is another matter. Gambling tokens such as crypto coins would be a very poor choice. My retirement account that mostly invest in stocks have done very well since 1980s, better than the 8x of your silver quarters. For that matter, the annuity I have with 6 percent guaranteed has done exactly 8.1 since mid 1980s
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but your stocks are investments. Its capital that is being used to generate more wealth, with risk attached of course. His silver is a wealth store.
Most individuals have some need of each in different amounts at different times. Silver over the history of the post Bretton-woods dollar appears to have done all right if viewed as a wealth store. It will trade for similar basket of other goods - or - for the dollars required to buy a similar basket of goods.
As an investment not so much - and why would it it
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no difference between "investment" and "wealth store that appreciates" to me. If value is more when I cash out, if it's aprox the same, it's the same thing to me.
Mechanism and means of no relevance whatsoever.
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our nation has been printing money longer than I've been alive, and I'm almost 60. Your doom prophecy has been oft repeated, and here in maybe 10 to 20 years I'll be dead and we'll still be fine.
No difference to me between "investing" and holding onto silver quarters I find in change. My money in compared to my money when I cash out, that's all that matters. Could be Napolean's last shit in a bottle I bought, or bonds or stocks or silver quarters. Doesn't matter what labels you want to throw on it, "in
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You're a mouth breather who wants doom and gloom like your Aunt Minnie turning the channels on the TV looking for something to cry about.
You can't even understand the financials of USA are rebounding and fine for making 4 Trillion dollars more deficit.
There is zero indication of any disaster coming. Calm your tits. Or go hide in your safe space.
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Untrue. Government backed money has an intrinsic value tied to the holder's faith in that government. Cryptocurrency only has the faith of fellow cryptocurrency enthusiasts. Can the Us dollar drop to 0 in a week? No, virtually unpossible, the USD is a currency used for buying goods and services that are vital to millions and millions of people. It might have a bizarre streak of inflation or deflation of course but the holders of USD in the US will have to be spending those dollars to buy food (only sur
BTC won't go below $10k (Score:2)
Now, if the world every legalizes drugs and cracks down on crypto coin money laundering yeah, it'll hit zero real fast. It's incredibly slow as a payment processing method and uses mountains of electricity to update the blockchain even if you're not mining coin. A city in China is in the process of kicking the cryto guys out because of all the pollution they generate.
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No that's just meme and urban legend. Crime only 2 percent of crypto volume, doesn't matter.
https://www.forbes.com/sites/h... [forbes.com]
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No that's just meme and urban legend.
No, it's not.
It's an open question.
And the Forbes article is merely a commentary on a study done by "Chainalysis", a company that purportedly "Builds trust in blockchains among people, businesses and governments. Our compliance and investigation software powers hundreds of top institutions."
Care to define conflict of interest for me?
Next up, a report from Amazon stating that only 1% of shit their sellers peddle is counterfeit.
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oh you're completely ignoring UN estimate in there I see. Face it, crypto coin may be stupid but criminals prefer money. Crime is not the major use of crypto, it's almost a non-issue compared to volume of cash.
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I'm just have better sentence comprehension than you.
According to the UN, it is estimated that between 2% and 5% of global GDP ($1.6 to $4 trillion) annually is connected with money laundering and illicit activity. This means that criminal activity using cryptocurrency transactions is much smaller than fiat currency and its use is going down year by year.
The UN estimate of what percentage of global GDP is used in illicit activity has nothing to do with the claim of what percentage of cryptocurrency transactions are used as such.
Wanna try again?
bitch bitchbItchbitchbitchbitchbitchbitch bitch (Score:2)
Or... you know... there's breaking news and it's still going on.
Apparently I'm the only one that remembers when Slashdot was heavily criticized for being really late with the news.
Re: bitch bitchbItchbitchbitchbitchbitchbitch bitc (Score:1)
Re: bitch bitchbItchbitchbitchbitchbitchbitch bit (Score:1)
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People don't care about fake tits either. If it gets the job done....
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The money in your bank account is as real as doge. It's all numbers in a database. What if everyone at the bank requested a cash out?
Re: awww (Score:1)
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Ever since they got that random-access printer in the Federal Mints it hasn't been so bad...
The US Govt would step in and stabilize the market (Score:2)
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I have already been through one bank failure (WaMu)
Interestingly enough, I didn't lose a penny.
So other than the fact that you're provably wrong, you're dead on.
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Maybe you were not watching so closely. The FDIC steps in when the banks are small enough but those mega-bank mergers were highly engineered shotgun weddings by the regulators precisely because the FDIC is itself an insurance structure that could not have afforded to bail everyone out if it had to be not just WaMu but also Wacovia and some other mid sized banks.
You will also note the laws have been changed, in the aftermath as well. Haircuts to regular account holders are absolutely on the table if there i
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>What the fuck is it with Slashdot and fake money?
I sold my doge today with a $2000 more than I had last week. It certainly doesn't look like fake money in my bank account.
Umm... (Score:2)
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Robinhood or Slashdot?
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People are lazy and/or set in their ways. Just earlier today there was the whole story about people still using AOL.
Insanity! (Score:3)
scalpers just like camping out for concert tickets (Score:2)
scalpers just like camping out for concert tickets they really need to lose there shit on this.
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Yes, and nVidia has announced that they're not going to allow their next set of graphics cards to mine Bitcoin and the like.. but they've got some brand new Mining-friendly cards coming.
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If it was as good an investment as the fans claim, they wouldn't be camped out in mere tents, they'd be camping out in their yachts or instead buying videocards wholesale.
Bell Club? (Score:2)
Uh, if RobinHood was down completely, NYSE/NASDAQ would have rung the bell if they knew about it... too many traders missing is an violation that calls a time out.
So, who stops Crypto traders when there's a missing site? Anybody? Uh oh.
Cardano creator on Doge Coin (Score:2)
Relevant:
https://www.youtube.com/watch?... [youtube.com]
Dear Elon, please stop pumping Doge.
This reminds me of an idea I had years ago (Score:2)
Years ago I thought it might be interesting if Vegas casinos started running explicit Ponzi schemes. You know how they have keno runners at the tables? Instead, you could buy in to the ponzi scheme. They'd make it fun by having the operators make up some kind of story to go with it, and fake charts and stuff. You'd have to plan it out so that it collapsed before midnight, or maybe at the end of the weekend or something.
I thought to myself that there would be some difficulty perhaps with both the SEC and
Still using Robinhood? (Score:4, Informative)
Anyone still using Robinhood after the "Gamestonk" fiasco is a fucking moron.