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Post by MoneyThing on Aug 19, 2016 10:26:22 GMT
Morning,
I am afraid that I have completely miscalculated the popularity of the CSP rollover for today.
With 98% of the capital rolled over leaving just £57,774 available across the 9 new loans going live this afternoon, there is clearly going to be an unpleasant case of FFF if we maintain the current bid limit of £250 each.
Therefore, either we reduce the bid limit to £25 each which should allow a bit of time for lenders to place a bid, or we maintain the current bid limit as many of you have already funded your accounts accordingly.
I appreciate that neither situation is optimal, however I would be most grateful if you could vote on what you would prefer and I will go along with the decision accordingly.
Kind regards,
Ed
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Post by Butch Cassidy on Aug 19, 2016 10:29:19 GMT
I think expanding the lender base by giving as many investors as possible a chance should take precedence over the desire to allow existing/new lenders to get larger stakes. When FFF becomes the norm many investors will be put off & leave & may never return; the idea of bid limits is to give everyone at least some chance of getting in a bid, not just those with automated bidding & super fast fibre broadband. Personally if it was my business i would judge that keeping bidding open for at least 30 mins to an hour was the absolute minimum I would want, ideally 24 hours but obviously in cases like this where demand massively out strips supply that wouldn’t be feasible. Allowing bidding to end within less than a minute, as is most likely in the current situation, I would deem as the least favourable outcome, although it is a good dilemma to have, proves you are doing most things right! Any disappointed larger investors will have to wait for SM availability or the next pipeline loan which will be along fairly soon I expect. I don’t envy you having to make the call but long term platform reputation & success must come first
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Post by geraldine1210 on Aug 19, 2016 10:29:31 GMT
Thank you for allowing us to give input.
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jimc99
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Post by jimc99 on Aug 19, 2016 10:30:09 GMT
I would prefer a prefunding option with some means for the computer to allocate something to all interested.
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ali
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Post by ali on Aug 19, 2016 10:30:48 GMT
I vote for 25. At least that way I should get some. If it's left at £250, I might get more, or I might get none.
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stevio
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Post by stevio on Aug 19, 2016 10:30:57 GMT
£57,774 over how many anticipated investors? Guessing that most that have renewed will also try at further bids, therefore based on the number of investors, minus say 20%, what does that give us?
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SteveT
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Post by SteveT on Aug 19, 2016 10:32:45 GMT
£25 each seems fairest
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Post by geraldine1210 on Aug 19, 2016 10:33:49 GMT
Thank you for allowing us to give input. Definitely think the lower limit is the way to go.
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hendragon
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Post by hendragon on Aug 19, 2016 10:35:52 GMT
go for the £25 Ed..........can I suggest you give your crystal ball a bit of a polish.......
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ilmoro
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'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Aug 19, 2016 10:38:44 GMT
Lower limit but how about having a shorter restricted period (4-5hrs) Wouldnt want to deny people that finger flexing fun
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treeman
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Post by treeman on Aug 19, 2016 10:42:10 GMT
Although I already juggled some funds to cover making a couple of attempts at the FFF Olympics, I'd support a reduced bid limit to try to spread the jam a little further.
Observation - the 'invested' column on the Pending Loans page is still showing £0 although im my Transactions my holdings seem to have been seamlessly rolled-over ...........
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Investboy
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Post by Investboy on Aug 19, 2016 10:51:57 GMT
Voted for lower limit. Thanks MoneyThing for thinking about the lenders. Even with this limit there will be max ~280 lenders per loan. So I guess it will be gone in 15 minutes anyway. No point of having restricted period at all but for fun set it up for 1 hour so FFF's have some fun too.
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Post by MoneyThing on Aug 19, 2016 10:58:13 GMT
...thank you everyone for voting/feedback. Whilst it appears to be clear as to which route you prefer, I will just keep it open until 1pm and then we will announce our decision and make the changes. Regards, Ed.
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treeman
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Post by treeman on Aug 19, 2016 11:07:50 GMT
Pending page Invested column now updated - Renew status 'processed' - Like It !
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registerme
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Post by registerme on Aug 19, 2016 11:07:57 GMT
MoneyThing your punishment will be to buy some chocolates (/biscuits / cheese / whatever) for the poor Thing that has to process all the subsequent withdrawals.
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