oldgrumpy
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Post by oldgrumpy on Mar 15, 2015 17:09:32 GMT
Just noticed yesterday's post by Moneything, suggesting defaulting the high bid to the remaining amount. I have to say that I think this would be just about the worst thing you could do, if you want to keep the majority of people happy. This 'solution' would suit the few with fast fingers and deep purses, at the expense of those who just want a modest second bite (the majority, I suspect - which includes myself). I imagine only the former perceive the current system as a problem requiring a solution - at least the current system has the merit of encouraging large bidders to make a judgement about what slice of the remaining pot they can aim for with a reasonable chance of success, and to scale back accordingly, giving smaller bidders more of a chance. Judging by the results of the first auction, there seems little likelyhood of the offer failing to fill either way. Just to clarify my observations yesterday, the following all happended within ten seconds (folowing times are by way of example) 16:00:00 3700 available , I bid £400 ; told £280 remaining (at least one £700 bid had been accepted) 16:00:02 280 available, I bid £150; told £124 remaining 16:00:04 124 available, I bid £100; told £24 remaining 16:00:06 24 available, I bid £24; told zero remaining. So whilst others managed bids of several hundred pounds, none of my 4 bids were accepted. I seem to be in a minority on this one, but I maintain making 4 bids and getting nothing is unfair, and reflects badly on the ethos of p2p. This is really a nonsense. The £280 should have been allocated automatically to the £400 bidder. It should be noted on the bidding page somewhere that the final successful bid may be a reduction on the bid made, then people know in advance what will happen.
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Post by bracknellboy on Mar 15, 2015 17:15:27 GMT
Just to clarify my observations yesterday, the following all happended within ten seconds (folowing times are by way of example) ..... So whilst others managed bids of several hundred pounds, none of my 4 bids were accepted. I seem to be in a minority on this one, but I maintain making 4 bids and getting nothing is unfair, and reflects badly on the ethos of p2p. Amongst all of this, I don't think we should lose sight of the fact that hats off to MT is in order for a) actively seeking input from lenders as to how to structure auctions b) listening to that c) quick turnaround on IT changes and process (e.g. batched upload / release and max bid for initial period). I've no doubt that they'll learn from each new step that they take. I anticipated a rush for second pickings as I'm sure others did and chose to limit my second bid. Probably a foolish sentimental thing to do, but I was trying to keep to the 'ethos of p2p' and encouraging the new platform. The answer would seem to be to either have a second period of second bids but still limited max. amount for these larger ones. Combined with enabling a bid that is within the parameters but greater than the max available to do a 'mop up'. Anyway, clear that MT has found itself a market so I think a successful launch whatever the initial teething issues which need to be teased out.
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oldgrumpy
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Post by oldgrumpy on Mar 15, 2015 17:30:01 GMT
I'm sure Ed will settle things down. Each new auction has adopted sensible suggestions from lender/users.
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baldpate
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Post by baldpate on Mar 15, 2015 17:36:37 GMT
In the case of mrclondon's failed attempts to bid I agree that it seems ridiculous that, at these modest levels, he wasn't allocated the remaining pot. My problem comes when someone places a bid for £3,700, which, under the proposed system, would then lock out all remaining bidders - in other words, there would be no incentive whatever to 'play nice'.
That said, this is an 'issue' which has only arisen because of the success of the new platform. As bracknellboy has said, kudos to the MT team.
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coop
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Post by coop on Mar 15, 2015 17:37:04 GMT
So people thought ed was going to set up 10k portfolios and actively manage them for individual lenders for free?
Who gave you the ten grand???
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Post by mrclondon on Mar 15, 2015 18:22:36 GMT
So people thought ed was going to set up 10k portfolios and actively manage them for individual lenders for free? No, not for free, for the 1% pm margin they take on top of the 1% pm interest paid to lenders. This is relatively easy margin for MT, and they would be fools not to satisify as much lender demand as they can as quickly as they can. In reality though, I suspect their partner (CS) is only going to release loans to MT at a rate they can redeploy the cash into new loans themselves. So the scalability of MT's model then depends on broadening the partner network.
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Post by Deleted on Mar 15, 2015 19:26:25 GMT
Great feedback from MF and suggestions from the lenders on this site. Very impressed by the responsiveness being shown. Looking at the charge on the Pawn deals being offered at 58% in some cases, I would think a 12% deal is affordable. The idea of packaged £10k buckets of very small items opens up the market to the massive tail that P2P would not normally access (this would make MF unique in its field). I'm still interested in a single £10k managed loan at 12% and looking at the debate this weekend I can see at least 6 other people who are as well. Maybe I have the figures wrong, please advise me if I have? Can MF make money in this area? Is this the direction MF want to go in? Decisions decisions...  |
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Post by duncandive on Mar 15, 2015 19:29:37 GMT
I find myself having to bite my tongue... Granted I have very limited experience in p2p having only become involved since January. However...ISTM, MT is Very NEW on the block and seem to be doing a Really Great job at getting started by actively litening and responding to it's members requests and comments. Let's all help get the foundations right, so that we can all look forward to a very fruitful future. What should it matter right now if we can only invest in 'small' slices IF it means the platform develops into a sustainable home for our money. Maybe it's just Me but so many people these days seem to expect/demand instant results/gratification rather than acting with a little more consideration for the 'Big Picture' which usually involves others, more or less fortunate than ourselves. There's a lot to be said for a little less selfishness... TNOTM,OTNOTF rant over  |
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Grezza
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Post by Grezza on Mar 15, 2015 20:23:28 GMT
I find myself having to bite my tongue... Granted I have very limited experience in p2p having only become involved since January. However...ISTM, MT is Very NEW on the block and seem to be doing a Really Great job at getting started by actively litening and responding to it's members requests and comments. Let's all help get the foundations right, so that we can all look forward to a very fruitful future. What should it matter right now if we can only invest in 'small' slices IF it means the platform develops into a sustainable home for our money. Maybe it's just Me but so many people these days seem to expect/demand instant results/gratification rather than acting with a little more consideration for the 'Big Picture' which usually involves others, more or less fortunate than ourselves. There's a lot to be said for a little less selfishness... TNOTM,OTNOTF rant over I have to agree, and I hope it's not just you and me! Small slices of many pies can be just as filling! £10,20 or 30k buckets of pawn loans is okay, so long as all members have a chance of getting a slice. If all goes well with my initial toe dipping, I would probably be looking at investing £5-10k on this platform over the next 6 months, and I already have £2k invested after the first month, so not too slow (for me). I think more partners will be essential (as per mrclondon's post) the ongoing loan requirement may be as much as £1-2 million to satisfy the current members alone, possibly more!
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paulgul
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Post by paulgul on Mar 15, 2015 21:08:55 GMT
As someone who has only been involved with P2P for just over a week I'm more than happy with small slices of these managed portfolios, an idea way of slowing building up a small but worthwhile investment.
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baz657
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Post by baz657 on Mar 15, 2015 22:04:15 GMT
I think what Ed and MT have achieved in less than a month is more than most other platforms in their lifetimes. All the changes happening within days (sometimes hours) because of all the requests is a refreshing change. If this is what's happened in just a month imagine how good it can possibly be in six months.
I hope other platforms are watching and learning how it should be done.
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