Yesterday and today, the enthusiasm for joke cryptocurrency overwhelmed Dogecoin Robinhood, leading to “sporadic failures of cryptocurrencies and delayed notifications for some customers,” Robinhood wrote in a blog post.
“These interruptions are not acceptable to us,” Robinhood wrote in his post. “We believe we are the most intuitive crypto platform for Dogecoin traders, and we are proud to be the best choice for this community.”
Robinhood has a history of exactly this kind of whooption. In March 2020, there were three major disruptions that, according to Robinhood, were due to ‘stress on our infrastructure’. And infamously, in January, Robinhood restricted trading on GameStop, angering the entire internet and dragging it in the process before Congress for not planning anything that would reach the Gamestonk scale.
Look, the app is very nice and easy to use, but if it fails the most crucial buying and selling periods, will users stick to it? Whether you make money with your Dogecoin trading is more important than how beautiful the app is. In addition, there is the now public Coinbase platform to trade cryptocurrency anyway – even if it does not support Dogecoin.
The frustrations of Robinhood frustratingly do not go into the technical details that could let users know how serious the failure was, or why it happened. When asked for comment, Robinhood did not want to say anything further than the blog post.
Finally, I have to beg again for the Robinhood S-1, which I need to be able to live. I must know what the risk factors department looks like there, and whether these types of interruptions are significant enough to list the company there.
Updated 6:44 PM ET: Add that Robinhood declined to comment.