iRobot
Member of DD Central
Posts: 1,658
Likes: 2,451
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Post by iRobot on Dec 12, 2023 16:49:48 GMT
Arrived at this wiki page via a route unconnected with P2P and too convoluted to map out here (the term started out as a label / heading for a critique of Amazon) but as soon as I read the following, I thought of AC: "Here is how platforms die: first, they are good to their users; then they abuse their users to make things better for their business customers; finally, they abuse those business customers to claw back all the value for themselves. Then, they die. I call this enshittification, and it is a seemingly inevitable consequence arising from the combination of the ease of changing how a platform allocates value, combined with the nature of a "two sided market," where a platform sits between buyers and sellers, hold each hostage to the other, raking off an ever-larger share of the value that passes between them." |
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rscal
Posts: 916
Likes: 504
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Post by rscal on Dec 12, 2023 17:51:02 GMT
Actually, as the first anniversary of the Great Leap rolls around now might be a good time to give them a rating. My score would be 2 out of 5. Not good, just not awful either.
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Steerpike
Member of DD Central
Posts: 1,962 
Likes: 1,680
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Post by Steerpike on Dec 12, 2023 18:11:04 GMT
Arrived at this wiki page via a route unconnected with P2P and too convoluted to map out here (the term started out as a label / heading for a critique of Amazon) but as soon as I read the following, I thought of AC: "Here is how platforms die: first, they are good to their users; then they abuse their users to make things better for their business customers; finally, they abuse those business customers to claw back all the value for themselves. Then, they die. I call this enshittification, and it is a seemingly inevitable consequence arising from the combination of the ease of changing how a platform allocates value, combined with the nature of a "two sided market," where a platform sits between buyers and sellers, hold each hostage to the other, raking off an ever-larger share of the value that passes between them." Someone else had exactly the same thought when they posted on the Seedrs Assetz Discussion "Assetz treated customer unfairly, Financial Ombudsman rules" in February. Hard as it is to have good thoughts about Assetz, even after E*astr*p, Bl*ckm*re etc., over 10 years my MLA returned XIRR over 8%.
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jlend
Member of DD Central
Posts: 1,817
Likes: 1,444
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Post by jlend on Dec 18, 2023 9:08:39 GMT
Arrived at this wiki page via a route unconnected with P2P and too convoluted to map out here (the term started out as a label / heading for a critique of Amazon) but as soon as I read the following, I thought of AC: "Here is how platforms die: first, they are good to their users; then they abuse their users to make things better for their business customers; finally, they abuse those business customers to claw back all the value for themselves. Then, they die. I call this enshittification, and it is a seemingly inevitable consequence arising from the combination of the ease of changing how a platform allocates value, combined with the nature of a "two sided market," where a platform sits between buyers and sellers, hold each hostage to the other, raking off an ever-larger share of the value that passes between them." Someone else had exactly the same thought when they posted on the Seedrs Assetz Discussion "Assetz treated customer unfairly, Financial Ombudsman rules" in February. Hard as it is to have good thoughts about Assetz, even after E*astr*p, Bl*ckm*re etc., over 10 years my MLA returned XIRR over 8%. I do wonder how many lenders are in a very different position, for example newer lenders who joined AC late. Some Ratesetter lenders may have joined AC for the first time relatively recently. That would be painful.
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Post by willsmithgrrrr on Dec 19, 2023 11:47:56 GMT
At the risk of stating the obvious, this is 100% why a diversified portfolio across multiple P2P platforms is essential to reduce overall risks.
The problem is finding 6 or so P2P that are without problems of some sort and also paying a half decent premium over bank accounts.
You do have to wonder if P2P is worth extra risks overall in the current climate.
Even 1 or 2 % extra isn't really worth the additional risks much as l like to support P2P.
I running down my P2P portfolio and will reconsider in due course once economy settles down and risks subside a touch.
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Post by overthehill on Dec 19, 2023 13:06:39 GMT
At the risk of stating the obvious, this is 100% why a diversified portfolio across multiple P2P platforms is essential to reduce overall risks. The problem is finding 6 or so P2P that are without problems of some sort and also paying a half decent premium over bank accounts. You do have to wonder if P2P is worth extra risks overall in the current climate. Even 1 or 2 % extra isn't really worth the additional risks much as l like to support P2P. I running down my P2P portfolio and will reconsider in due course once economy settles down and risks subside a touch.
As you say, an extra 1-2% is definitely NOT worth the P2P risk. 3% is the minimum gap.
Before interest rates starting going up, the gap would be 6-7% for the lowest risk P2P investments.
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ozboy
Member of DD Central
Mine's a Large One! (Snigger, snigger .......)
Posts: 3,156
Likes: 4,830
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Post by ozboy on Dec 19, 2023 14:19:09 GMT
At the risk of stating the obvious, this is 100% why a diversified portfolio across multiple P2P platforms is essential to reduce overall risks. The problem is finding 6 or so P2P that are without problems of some sort and also paying a half decent premium over bank accounts. You do have to wonder if P2P is worth extra risks overall in the current climate. Even 1 or 2 % extra isn't really worth the additional risks much as l like to support P2P. I running down my P2P portfolio and will reconsider in due course once economy settles down and risks subside a touch. The BIGGEST problem of all with P2P of course (after Professional RICS Valuations 🤣 ) is that the FCA does Football Association about policing the sector. They really don't care, and have proven this consistently, chasing numerous horses after they have well and truly bolted from a wide open stable door, and then having the sheer chutzpah to actually Virtue Signal about it! Arrogant, useless, incompetent and ineffective are four not unreasonable descriptive words for this failed and self serving organisation.
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mah
Member of DD Central
Posts: 328
Likes: 366
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Post by mah on Dec 28, 2023 15:10:39 GMT
Dishonest & Slippery too (to add to your list). I'm out of P2P as well - not worth the extra 2-3%. I'd have reconsidered for 5+%, had the FCA / FOS been Functional.
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ozboy
Member of DD Central
Mine's a Large One! (Snigger, snigger .......)
Posts: 3,156
Likes: 4,830
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Post by ozboy on Dec 28, 2023 15:51:08 GMT
Dishonest & Slippery too (to add to your list). I'm out of P2P as well - not worth the extra 2-3%. I'd have reconsidered for 5+%, had the FCA / FOS been Functional.
Ain't that the truth! In fact, I think most of us would be more than pleased if they were simply awake. 
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Post by overthehill on Dec 28, 2023 16:39:19 GMT
Dishonest & Slippery too (to add to your list). I'm out of P2P as well - not worth the extra 2-3%. I'd have reconsidered for 5+%, had the FCA / FOS been Functional.
Dishonest & Slippery. Where are their business offices ? Some upfront honesty for a change.
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