Can
#Doge
truly be the future currency of the Internet and the people? As we added the ability to send/receive DOGE on Robinhood, I’ve been thinking about what that would take.
We dropped new crypto 👀
And we're giving away $100K of it. Quote tweet this tweet with your Robinhood Username (@ included!) to get some 🪙
#RobinhoodCrypto
The first 10K quote tweets will receive $10 of SHIB.
The SEC has proposed a new “predictive data analytics” (PDA) rule that would severely curb financial services firms from using technology to serve customers.
@RobinhoodApp
has voiced opposition, and I strongly stand behind it. This would have a major impact on investors. (1/7)
Because Doge is the one coin that people actually use for transactions. We take many others via
@BitPay
. But people spend their Doge and that means more businesses will start taking it. The greatest inhibitor to it's growth is that you can't spend the Doge you buy on Robinhood
Another criticism of Doge is that it’s inflationary and the supply is infinite, as opposed to Bitcoin’s finite supply of 21M coins. ~5B new Doge are created every year, and the current supply is about 132B. This results in a current inflation rate of <5% – less than USD!
Dogecoin core devs, I would focus on one thing: coming up with a good process for increasing the block size limit over time. Let me know what you all think!
you heard it here first. we’ve teamed up with
@RobinhoodApp
to give out a side of crypto when you spend $5* or more on the BK App with Royal Perks.
No Purch. Nec. Terms Apply. See thread for more.
I hear the community and appreciate the enthusiasm for wallets. We are working to make this happen safely and expeditiously!
Want it done faster? We are looking to grow our Robinhood Crypto team MASSIVELY this year. Join us!
#crypto
#doge
#bitcoin
Much happy! Very day! We’ve lowered the minimum order size from 10 $DOGE to 1 $DOGE. You can now build up your doge empire one coin at a time. We’ve also lowered the minimum order size for $BTC (0.000001) and $ETH (0.0001) so it’s easier for anybody to invest in crypto. 🥳
First off, transaction fees have to be vanishingly small. We’re already there. As of last Nov’s 1.14.5 update, typical transaction fees have been ~$0.003 - which you can experience on
@robinhoodapp
- compared to the 1-3% network fees that major card networks charge.
Hey Twitter, it’s been a minute. We’ve been heads down building and growing the crypto team (hint: 👛), not to mention we weren’t allowed to say much around our IPO and thereafter. But I’m back! Let’s catch up. 👇
Doge’s current block time is 1 minute. This is a bit on the long side for payments – a ten second block time would be more appropriate as it would be less than the typical time spent completing a debit card transaction.
One super important detail no one mentioned last night, Doge basically doubled in value yesterday and RobinHood didn’t falter once. No maintenance or anything. They were ready for this huge leap and that shows that they care, atleast a little bit. Great job
@vladtenev
#dogecoin
#WalletsAlpha
update! Last week we sent our first alpha transfer from a Robinhood wallet to an external wallet.
Here is a screenshot of our test
#DOGE
transfer:
Congrats
@Christine_Hall
, who we named today as Robinhood Crypto's COO! Can’t wait to see what the crypto team builds next. To the 🌕🚀
#DoOnlyGoodEveryday
The SEC admitted that the rule would be so difficult and costly to comply with, maybe even impossible, that firms might be forced to stop using technology to serve customers altogether. (3/7)
Ideally, the block time (time between successive blocks being added to the chain and to verify a transaction) should be fast enough that the transaction can be recorded in the next block in less time than it takes to pay at a point of sale terminal.
The SEC aims to protect investors with this rule, targeting "predictive data analytics" and AI. However, the rule is so broad, it would demand costly manual reviews on almost all tech applications, even basic things like color choices in app design and simple A/B testing. (2/7)
Yes! We’ve made some amazing hires across engineering, security, and compliance, and they’re all working to build crypto wallets quickly and safely. We’re still hiring for Robinhood Crypto — join us 👷♀️🏗
#DoOnlyGoodEveryday
The future of investing is 24/7.
@RobinhoodApp
is working towards offering 24/7 equities trading, and today, we’re taking a step towards that goal. (1/9)
As a comparison, Visa’s network can theoretically handle 65,000 tps. Doge would need to be able to significantly outperform Visa, which entails increasing throughput by at least 10000x. Fortunately, this is easy to solve simply by increasing the block size limit.
Moving to a 1GB (and later 10GB) block size limit would provide all of the throughput a global currency would need for the foreseeable future. L2 solutions are not necessary to solve this problem.
Now, critics will claim that this will come at the cost of enthusiasts being able to run a full node on a Raspberry Pi at home. Processing 10GB in blocks per minute will require more sophisticated hardware. And I think that’s actually a fair tradeoff.
And, they have yet to identify any specific actual investor harm caused by technology. The real harm is that it will become more difficult and expensive for customers to invest and trade. (4/7)
It is official! Our
#WalletsBeta
program has begun 👛🎉 We have started rolling out crypto Wallets to 1,000 customers from the WenWallets waitlist, which is still open btw 👀👉
This is an incredible milestone for Robinhood. 24/7 phone support gives everyone the opportunity to make informed, secure, and timely decisions.
It is a giant step in making the markets more accessible to all. Congrats team!📞☎️📳
"I think some of the criticisms of payment for order flow, frankly, don't make sense to me," says
@VladTenev
.
"Robinhood forced commissions to zero and the payment for order flow model has become the standard in that space."
#Disruptor50
A new generation of young, diverse investors is creating wealth like never before -- but now, their access to the markets is being threatened. Check out my opinion piece in
@WSJ
:
This rule would bring us back in time. SEC rules should ensure customers have protections when they invest, while also promoting the benefits investors enjoy from responsible innovation and technology. The PDA rule is not one of them and
@SECGov
should drop it. (6/7)
@RobinhoodApp
’s mission is to make markets accessible to everyone through innovation. The progress of the industry and retail investing shouldn't be reversed. Read about our stance at . (5/7)
I’m excited to announce Under the Hood, a new podcast where I’ll interview principled thinkers on crypto, financial empowerment, philosophy and much more.
First episode launches tomorrow. Subscribe wherever you get your podcasts! 🎙️
“Blockchain”? “Mining”? “Tokens”? “Coins”? 🤯 Learning about cryptocurrency can be intimidating, and finding helpful information might be a headache. You can learn more about the resources we offer to help you get up to speed on all things crypto here:
👛 The
#WalletsAlpha
program has begun!
As you know, crypto wallets is the
#1
request from our customers. Building wallets at this scale requires lots of safety and user experience considerations to protect and delight our customers.
Update from less than one month later … Robinhood Retirement has now hit $6B in assets under custody 🔥
Couldn’t wait to get a designer to update this, so I took matters into my own hands.
ICYMI in all the news, Robinhood Retirement has crossed $4B in assets, more than 2X since the start of the year 🔥. And over 25K people have transferred retirement assets from other brokerages into
@RobinhoodApp
so far in 2024.