jonno
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nil satis nisi optimum
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Post by jonno on Oct 26, 2015 11:52:07 GMT
I wasn't particularly calling for daily bid limits to be removed- I'm not one of the deep pocket brigade. I was querying the need for the one bid limit; i.e. you could place a number of bids up to the overall daily limit,as per F.S. Thanks pom. Cross posted, but that is exactly what I was getting at.
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pom
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Post by pom on Oct 26, 2015 11:58:02 GMT
As for limits/prefunding - I say keep the 24hr restricted bidding - it's not that much of a hassle for the deep pocketed folk to come back later..but I'd beware too much talk of the SS pre-funding model as their implementation only works so well because they allow BACS deficits, so ending up with uneven allocations is less of a hassle. And I don't believe it's really needed on MT right now - so long as you turn up at a reasonable time it's easy to transfer in a nice round number and get it all invested - it's only the rollover investments that get nuts and if you can get the dealflow right people will be in less of a panic to try and grab a piece of those
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Post by MoneyThing on Oct 26, 2015 11:59:55 GMT
Thank you jonno. Again, happy to discuss this. We could lift implementing any restrictions on loans totalling more than £XXX,XXX. Regards, Ed I think Jonno's question was more about combining shrapnel - eg a new loan might have a limit of £500 per 24hrs, you have £24 in your account and invest that, then get an interest payment come in of £5 but can't invest it until the next day by which time the loan may well be filled.... Ok I understand. We are trying to keep the system code base as clean as efficient as possible and having made a number of back-end changes to the system since launch, we decided to code so that the system just allows 1 bid of (£X) per 24hrs up to time (Y) - with X & Y set by the administrator. We did have a look at allowing multiple bids up to (£X) per 24hrs but meant extra DB resource undertaking a search and total which would potentially slow things down a bit when the user base got bigger. Shuang is all about DB efficiency and responsiveness! Not to say we can't revisit this at some stage but if majority are happy I would prefer to maintain this for the time being. Kind regards, Ed
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webwiz
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Post by webwiz on Oct 26, 2015 11:59:59 GMT
If the SM proves be be very liquid in practice, once it starts, prefunding would seem the logical next step. MT may as well benefit from SS's pathfinding, mistakes to be avoided and benefits to be copied. I assume Ed is already a SS investor so he can keep track but if not I would strongly recommend it.
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pom
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Post by pom on Oct 26, 2015 12:17:59 GMT
I think you may be forgetting that the only reason prefunding & liquid SM go together like that on SS is cos they can't process our payments quickly enough and so have chosen to let us settle BACS deficits later. With MT I rather suspect you'd have to have the funds cleared first, which would at least prevent the inflated requests.
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star dust
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Post by star dust on Oct 26, 2015 12:18:11 GMT
Not sure how big your smallest loan will be going forward, but it sounds like they are ramping up in size, and thus I would be in favour of a pre-bid system. If loans were listed as now in pending with at least 24 hrs notice, this would eliminate the need for bid restrictions, and make time of day irrelevant. You'd have to sort out the funding issue though as currently you require funds upfront, and I'm not sure if people would be happy to fund a pre-fund and then withdraw if they don't receive it all. For the existing system I'd like to see bid restrictions maintained, don't mind 10 and 4 when in the UK, but when not, as now, not really keen on the 4p.m. ones. .
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ablender
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Post by ablender on Oct 26, 2015 12:23:12 GMT
I think Jonno's question was more about combining shrapnel - eg a new loan might have a limit of £500 per 24hrs, you have £24 in your account and invest that, then get an interest payment come in of £5 but can't invest it until the next day by which time the loan may well be filled.... Ok I understand. We are trying to keep the system code base as clean as efficient as possible and having made a number of back-end changes to the system since launch, we decided to code so that the system just allows 1 bid of (£X) per 24hrs up to time (Y) - with X & Y set by the administrator. We did have a look at allowing multiple bids up to (£X) per 24hrs but meant extra DB resource undertaking a search and total which would potentially slow things down a bit when the user base got bigger. Shuang is all about DB efficiency and responsiveness! Not to say we can't revisit this at some stage but if majority are happy I would prefer to maintain this for the time being. Kind regards, Ed Perhaps if the DB keeps track of a lender's current bid total of a particular loan, it can achieve the up to £x total in the first 24hr functionality without having to do an intensive DB search and other calculations ever time that a person adds a bid during the first £24. This should scale much better. Having an extra column in the DB should not add too much memory demands.
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star dust
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Post by star dust on Oct 26, 2015 12:25:13 GMT
Snap . Re- funding issue, nails on head time I think pom.
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pom
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Post by pom on Oct 26, 2015 12:41:23 GMT
Snap . Re- funding issue, nails on head time I think pom. Umm not sure about that actually... I hope you're not suggesting we should be breaking MT's very efficient funding process, just because we're able to take advantage of the way SS are getting round the limitations in theirs. Plus SS only brought in pre-funding because they couldn't handle the traffic. So we're potentially asking Ed to do a lot of work to fix 2 problems he doesn't really have just to make it a bit more convenient for some of the lenders?
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ablender
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Post by ablender on Oct 26, 2015 13:01:11 GMT
It is not a question of convenience. Some people have other work / activities that might not be during regular times which will not allow them to always be available at particular times. So prefunding would allow MT know that we wish to invest in a particular loan and kind of make a booking. I do not mind transferring money ahead of time for this. After all if someone is bidding on time they would have transferred the money anyway. So BACS deficit is not a necessity.
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pom
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Post by pom on Oct 26, 2015 13:32:36 GMT
Indeed it's not, but I'm sure some people will start complaining if they keep transferring in a large amount and then only get some of it allocated , so if MT do consider this they'll likely have to do something very different to SS, and we shouldn't expect it to look like SS.
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arbster
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Post by arbster on Oct 26, 2015 13:42:42 GMT
I think Jonno's question was more about combining shrapnel - eg a new loan might have a limit of £500 per 24hrs, you have £24 in your account and invest that, then get an interest payment come in of £5 but can't invest it until the next day by which time the loan may well be filled.... Or even if you get a better feeling about the loan after your initial investment, and want to add more, while still remaining below the cap. Or worse still, if you typo your first investment and then can't invest the rest of your funds until 24 hours is up.
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madpierre
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Post by madpierre on Oct 26, 2015 13:51:33 GMT
1. Loans live at any time will do 2. Keep bid restrictions to give a fair chance to all. 3. Pre-funding is not required if there's plenty of notice of loans (24hrs+). If you're at the dentist, cancel the appointment or wait for the next one. 4. MoneyThing have done a great job so far keeping it simple and should only change what's really necessary when it becomes really necessary
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star dust
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Post by star dust on Oct 26, 2015 15:03:29 GMT
Snap . Re- funding issue, nails on head time I think pom. Umm not sure about that actually... What I was suggesting was that this is a fundamental issue ( and also a difference between SS and MT) and as such needs to be taken into consideration in terms of both a pre-bid model and also an SM (as I thought you were pointing out). Personally I would still want to see both pre-bidding and an SM. If the site grows in terms of deal flow and investors, as I am sure we would all want, I fear the current manual depositing and withdrawal process would become unsustainable anyway, and so its possible there may need to be some changes. Those wouldn't necessarily need to be of an SS variety, but might need to be considered in the round. I guess we'll find out how practical the current system is when the SM is introduced. I can imagine a problem if a deposit isn't credited fast enough to buy on the SM for example, or a dilemma of whether to have uninvested funds just in case something pops up on the SM. In Edit: I don't think that SS introduced pre-fund just to deal with the traffic issue, there had been calls for some kind of capping or bid restriction for a very long time indeed, and I believe it was at least in part a response to this.
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jonbvn
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Post by jonbvn on Nov 9, 2015 19:02:20 GMT
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