spyrogyra
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Post by spyrogyra on Feb 10, 2015 21:16:13 GMT
Just a few minutes ago 2 auctions ended at one and the same time. The statistics was showing 37 people online. The website was terribly slow and 2 minutes before the end I was outbid on one of the auctions. Up to the end of the auction, for 2 minutes I couldn't place new bids. And that is with 37 bidders max. How pathetic. RSB, have you built a website suitable for a kindergarten? Auch, I may offend some kindergartens with decent websites! And why 2 auctions needed to end at one and the same minute when you have 2-3 auctions per week? Looking at the bids after the end of the auction it transpires that ONLY 2 bibs were placed for the last 5 minutes of the auction. One of them for over £7k.
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Post by bracknellboy on Feb 10, 2015 21:35:31 GMT
Just a few minutes ago 2 auctions ended at one and the same time. The statistics was showing 37 people online. The website was terribly slow and 2 minutes before the end I was outbid on one of the auctions. Up to the end of the auction, for 2 minutes I couldn't place new bids. And that is with 37 bidders max. How pathetic. RSB, have you built a website suitable for a kindergarten? Auch, I may offend some kindergartens with decent websites! And why 2 auctions needed to end at one and the same minute when you have 2-3 auctions per week? Looking at the bids after the end of the auction it transpires that ONLY 2 bibs were placed for the last 5 minutes of the auction. One of them for over £7k. who's software are TC adopting as their v2 platform ? Someone remind me, please. pretty please.
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Post by GSV3MIaC on Feb 11, 2015 15:42:59 GMT
it transpires that ONLY 2 bibs were placed for the last 5 minutes of the auction. One of them for over £7k. Yeah, the average kindergarten needs a lot more than 2 bibs to avoid mess on the floor. 8>.
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Post by danraj on Feb 11, 2015 18:38:48 GMT
We've been using the platform to produce various marketing reports today, this has slowed the performance of the live DB. - Apologies for the inconvenience.
In future, I'm going to make sure that reports are run against the staging DB, so that performance on the live site is not affected.
I'll review the bidding & outbidding logic to see where it may be optimised.
Let me know what you find when you come to the next loan auction deadline.
The hardware's capable of processing thousands of transactions per second so I'll review the code over the next few days.
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spyrogyra
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Post by spyrogyra on Mar 1, 2015 21:38:34 GMT
RBS, it looks like you are in competition with FC, really. In terms of annoying investors. So I have a question that needs a straight answer: do you really want to annoy investors? Why, once again 2 auctions needed to end at exactly one and the same minute? Does that bring you ( or someone ) any benefit? By not having the chance to follow last minutes bids investors end up with the money waiting for the next auction. And if successful, who knows what the borrower may decide after a week or two. And in the end money will walk away. To the platform that listens to their investors and enjoys real growth, you know which. Also the 1% bidding step is absolutely ridiculous and serves well the..... you know whom it may serve well!
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Post by GSV3MIaC on Mar 1, 2015 22:40:10 GMT
I disagree about the 1% bidding steps .. FCs 0.1% is much more ridiculous. 0.25% as used by the BOE might be a reasonable compromise. Personally though I would like all successful bids to be given the same best / marginal rate, and avoid the whole last minute bidding nonsense.
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sqh
Member of DD Central
Before P2P, savers put a guinea in a piggy bank, now they smash the banks to become guinea pigs.
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Post by sqh on Mar 2, 2015 9:18:33 GMT
RBS, it looks like you are in competition with FC, really. In terms of annoying investors. So I have a question that needs a straight answer: do you really want to annoy investors? W hy, once again 2 auctions needed to end at exactly one and the same minute? Does that bring you ( or someone ) any benefit? By not having the chance to follow last minutes bids investors end up with the money waiting for the next auction. And if successful, who knows what the borrower may decide after a week or two. And in the end money will walk away. To the platform that listens to their investors and enjoys real growth, you know which. Also the 1% bidding step is absolutely ridiculous and serves well the..... you know whom it may serve well!
The problem of last minute bidding seems to be the email "you have been outbid on a loan". I got 5 yesterday, so I kept logging in and re-bidding. I think many investors used to forget a loan was finishing, so the bidding wasn't so frantic.
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bob2014
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Post by bob2014 on Mar 2, 2015 11:59:02 GMT
The nice thing about 1% steps is it avoids the final rush of 0.1% undercutting as at FC. I got a couple of emails during the day adjusted my bid and did not have to waste time just before 21:00. Thanks to the big bidders who made their entry early yesterday and then did not return.
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Post by danraj on Mar 2, 2015 15:20:50 GMT
Ok, we'll plan to stagger the time of closing auctions when there is more than one closing on any given day. It may take a little time to implement this, but I'll confirm once this feature is ready.
Glad to read that most people are content with the 1% steps.
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ianb
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Post by ianb on Mar 2, 2015 16:01:54 GMT
Staggering end times - that would be great, far better for investors. Personally, I would much prefer the 1% increments and still up lending at 16% rather than 17% than .1 (or 0.01)% and lending at a rate well below this (like 11.24 instead of 11.25). Each platform has its own quirks, I'm not unhappy with the 1% so long as the rates I end up with are good.
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sqh
Member of DD Central
Before P2P, savers put a guinea in a piggy bank, now they smash the banks to become guinea pigs.
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Post by sqh on Mar 2, 2015 18:48:46 GMT
Ok, we'll plan to stagger the time of closing auctions when there is more than one closing on any given day. It may take a little time to implement this, but I'll confirm once this feature is ready. Glad to read that most people are content with the 1% steps. What statistical method did you use to make the statement "Glad to read that most people are content with the 1% steps." ? I would prefer 0.5% steps.
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Post by GSV3MIaC on Mar 3, 2015 8:45:17 GMT
I'd prefer what the website can cope with, bid volume wise, but FC never figured that out. Doesn't really make much difference to the borrower or the lender.
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spyrogyra
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Post by spyrogyra on Mar 3, 2015 14:09:17 GMT
0.25% would be reasonable. Let me just clarify I never advocated for 0.01%. I am against the 1% step because if I miss the highest % at which the auction ends ,later on my parts are much less compatible on the SM.
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Post by GSV3MIaC on Mar 3, 2015 19:37:02 GMT
It's true, but otoh the auction is not supposed to be designed to give everyone saleable parts for the SM .. certainly not 'saleable at max profit' (some sites don't even allow markups).
I still advocate that ALL successful bidders should get the highest rate (the marginal rate), which would encourage people to put in their best bid, and to put it in early (since it'd still be LIFO, at the margin). This is "not wildly popular" with the folks who get the top rate, and get the loan accepted because lower rate bidders have kept the average down.
The smaller the rate step, the madder bidding is at the close (or can be, if there is competition) .. more bids (separated by half b&gger all), more server load, but not much change in the average rate for the borrower. Yes, small steps do make for an exciting computer game, but "is it finance"? Your 0.25% does have the advantage that it's what the BOE tends to use, but it' still 4 times as many options for poor Joe Public to cope with, and 1/4 the chance that an early bid would be pitched at the right rate (but a better deal for those frantically bidding at the close, if that's really the name of the game .. and much better for bidding bots with reaction times in microseconds, and the ability to pipeline bids in at several a second).
Some time ago I suggested over on the FC forum (tongue somewhat in cheek) that maybe it should cost 4p a bid (perhaps you get a few free ones in each auction) to encourage a bit of thought and consideration, rather than the current 'how many bids can I stuff in at 0.1% under the top rate in the last minute' mentality. I expect some folks like to sit at their keyboard, mouse freshly oiled, when an auction is about to end, but most investors probably have a life.
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Post by GSV3MIaC on Mar 4, 2015 14:15:43 GMT
Late thought .. I guess it is real simple .. it depends on whether you bid early, or late.
If you (or your bot) bid late, right around the close, you can guarantee to be within 'one step of top rate' so you'd like that step to be as small as possible. Ideally let's have 0.000001% steps, so basically whoever bids last wins (or as close to winning as makes no difference). [The problem with this, at least at FC, is the website probably collapses under the deluge of bids, especially if they are large ones which kick out a host of smaller ones each time].
If you bid early, and can't be there for the close, your chance of picking the right rate to bid at is much better if there are fewer options (big steps). Fixed rate is perfect, as long as the rate is high enough to please you, but even variable rate is OK if you are in early at the right rate. Last-in-First-Out means there is actually some advantage to being in early, as long as you can guess the rate right.
Doesn't change my opinion though - I still think everyone should get the same rate for the same risk, even if they were happy to take less (i.e. bid lower). No premium for having more dosh to throw at it, no premium for being in early, no premium for being there at the close with the fastest internet connection / finger, no premium for being able to build a better bot. We shall see .. maybe Ablrate can really offer that.
...
Even later thought - I suppose it also depends on whether you are the bidder being knocked out (in which case you'd like to be knocked out by a large margin, such that you probably wouldn't have been happy bidding lower anyway), or the one doing the knocking out (in which case you want a nice small step so you are not actually losing anything significant by underbidding).
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