Stupid move. Way to treat your most loyal customers, Verizon.
This is a prime example of what's called "Destructive Marketing" -- it harms your long-time customers, and de-incentivizes people to jump to/stay with Verizon.
Verizon's excuse: Too much data is being transferred at the same time, causing network congestion.
Baloney. Congestion is caused by too many people using the same network simultaneously. Even my kids know that from 6pm-11pm, our internet connection may have periods of sluggishness. Why? everybody else is streaming Netflix etc, too. They also know they won't see "Buffering" on the screen around 3-4am.
The solution: Beef up infrastructure. Support more concurrent users, while offering the same transfer speeds – not capping bandwidth. Roll out the red carpet to more customers!
That's what T-Mobile does. No wonder they added well over 3x more new customers in 2016 Q3 than Verizon.