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Josh Constine
@
JoshConstine
Mission SF, CA
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I write to help us gracefully adapt to the future. Editor-At-Large @TechCrunch: techcrunch.com/author/josh-co… DM me tips & speaking gigs 👏
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31.517
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2.144
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57.266
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Josh Constine
@JoshConstine
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5 h |
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Robinhood halts launch to fix insurance. “We plan to work closely with regulators...we’re revamping our marketing materials, including the name.” twitter.com/techcrunch/sta…
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Josh Constine
@JoshConstine
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12 h |
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Sure, you can all of a sudden buy stock for free in some company you’re jazzed about rather than having to wade through set up, though not sure those are who end up paying for RH Gold where the real money is
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Josh Constine
@JoshConstine
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12 h |
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? My entire tweet is that the brand is changing but all the projects found a home, which I was trying to illuminate for those outside the paywall
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Josh Constine
@JoshConstine
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12 h |
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If checking/savings at 3% is unsustainable I’d bet they know it and are using it to wedge into more lucrative loans etc
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Josh Constine
@JoshConstine
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12 h |
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Robinhood got quite good at jumping though hoops to become a broker dealer and launch clearing, so if SIPC won’t fly I’d imagine they do that. Just might take a long delay
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Josh Constine
@JoshConstine
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12 h |
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Beyond regulatory hurdles and not allowing shared funds between brokerage and banking, why not split them and get banking FDIC insured?
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Josh Constine
@JoshConstine
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12 h |
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I get from a UX perspective why RH would want the features closely linked and in one app, but the whole think feels rushed through and I don’t see them proceeding as is. Are there any other insurance options beyond FDIC & SIPC that wouldn’t crush their slim margins?
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Josh Constine
@JoshConstine
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12 h |
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That’s my must both because I doubt the SEC would let it fly without protection, and Robinhood could cripple good will even with just the spectre of risk. I’d bet, and TC traffic seems to confirm, that users don’t want to switch to a mobile-only bank once they’re suspicious
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Josh Constine
@JoshConstine
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14 h |
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Facebook shuts down its Building 8 skunkworks brand, splitting consumer hardware into a Portal division while futuretech like brain typing moves to the Facebook Reality Lab twitter.com/sai/status/107…
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Josh Constine
@JoshConstine
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14 h |
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Robinhood’s lack of insurance issue has been passed from the SIPC to the SEC, which declined to comment. This must get fixed before debit cards are issued
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Josh Constine
@JoshConstine
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16 h |
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Becoming a billion/dollar unicorn really means a startup will enter intense press scrutiny because it’s big enough to harm people at scale
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Josh Constine
@JoshConstine
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16 h |
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Thankfully Robinhood’s lack of proper insurance came to light before the feature actually rolled out so the public isn’t currently at risk. But if it forges ahead without ample protection, high on the list of fuckups.
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Josh Constine
@JoshConstine
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17 h |
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Robinhood's supposed insurer SIPC's CEO says you're essentially loaning the startup money to go earn you interest and SIPC doesn't insure that, and RH didn't get explicit approval for that coverage techcrunch.com/2018/12/14/rob…
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Josh Constine
@JoshConstine
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18 h |
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Now the Irish Data Protection Commission tells me it will commence a statuatory investigation of this Facebook breach.
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Josh Constine
@JoshConstine
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18 h |
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The EU's data watchdog the Irish DPC will investigate the Fb breach, telling me "With reference to these data breaches, including the breach in question, we have this week commenced a statutory inquiry examining Facebook’s compliance with the relevant provisions of the GDPR.”
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Josh Constine
@JoshConstine
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19 h |
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Facebook may escape fines as it claims it notified the Irish Data Protection Commission that oversees GDPR as soon as it established the bug was considered a reportable breach. It says it had to investigate to make that conclusion and let the IDPC know within 72 hours once it had
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Josh Constine
@JoshConstine
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19 h |
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@psawers Facebook told us it discovered the bug Sept 25 and so you're right that it may be liable for slow disclosure violations of GDPR techcrunch.com/2018/12/14/fac…
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Josh Constine
@JoshConstine
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19 h |
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It's increasingly unclear if Robinhood's SIPC insurance can cover its checking & savings feature or if it had explicit approval for that. Robinhood tells me users are protected but we can't guarantee that. I've deleted my tweet on this and will be following up with an article
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Josh Constine
@JoshConstine
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20 h |
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Facebook offered a glib "We're sorry this happened". The UK might make it actually sorry with a potential 4% revenue fine for its delay disclosing the photo exposure after Fb admitted to TC it discovered the bug Sept 25 techcrunch.com/2018/12/14/fac… tip @techmeme pic.twitter.com/zUqeLgFp90
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Josh Constine
@JoshConstine
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20 h |
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Facebook didn't say when it discovered the bug, but in response to TechCrunch's inquiry admitted it was on Sept 25th. Failure to disclose the issue within 72 hours could see it hit with GDPR fines. Here's the warning it's sending impacted users. pic.twitter.com/G9Dwn1C4Il
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