hendragon
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Post by hendragon on Oct 15, 2016 11:24:40 GMT
please, please do not introduce something like the "shrapnelator". Ok the current system may not be perfect but at least we are not being allocated meaningless and unknown ammounts by (IMHO) an idiotic computer algorithm. I have ended up not investing in some platforms due to these types of system.
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j
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Post by j on Oct 15, 2016 11:27:43 GMT
/Mod hat off
A pre-fund option of some form would be a nice bonus to have but, lately when I couldn't get to a pc @ 4pm, I've sent an email asking mt to place a bid on my behalf & whilst you are not guaranteed to get a chunk every time, you still have that option to use if needed so, it's not a total loss.
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littleoldlady
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Post by littleoldlady on Oct 15, 2016 11:33:47 GMT
/Mod hat off A pre-fund option of some form would be a nice bonus to have but, lately when I couldn't get to a pc @ 4pm, I've sent an email asking mt to place a bid on my behalf & whilst you are not guaranteed to get a chunk every time, you still have that option to use if needed so, it's not a total loss. I too have used this service in the past, but now that it has been widely advertised I suspect it will become unsustainable for the Things. MT have the opportunity to take advantage of SS's learning curve and implement the things that work and avoid their mistakes. The lesson from SS is prefunding with a minimum limit to avoid unwanted shrapnel and of course no INPL and a time limit on selling to avoid gaming.
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n
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Post by n on Oct 15, 2016 13:40:25 GMT
I picked 'It's just great...' and was racking my brain about a 2nd choice, but if Ed gets the bid limit right so it is all gone in 23 hours 59 minutes everyone not in darkest Africa will have had a share if they want, and there is nothing for BHs to FFF at the end. Perfect. (And the same result as bottom up prefunding).
If Ed comes up with an enhancement which will help him become more accurate I will be all for it, but I would not be so bold as to think I could come up with anything he has not already considered.
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am
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Post by am on Oct 15, 2016 13:51:09 GMT
/Mod hat off A pre-fund option of some form would be a nice bonus to have but, lately when I couldn't get to a pc @ 4pm, I've sent an email asking mt to place a bid on my behalf & whilst you are not guaranteed to get a chunk every time, you still have that option to use if needed so, it's not a total loss. I too have used this service in the past, but now that it has been widely advertised I suspect it will become unsustainable for the Things. MT have the opportunity to take advantage of SS's learning curve and implement the things that work and avoid their mistakes. The lesson from SS is prefunding with a minimum limit to avoid unwanted shrapnel and of course no INPL and a time limit on selling to avoid gaming. The other lesson from SS is prefunding with pro rata allocations causes problems. (INPL exacerbated the problems, but I think that its absence wouldn't eliminate them entirely.) One possible partial answer is to reduce a persons prefunding to their current cash balance at loan release time, rather than truncating the allocation to the available cash after it has been calculated - i.e. if they asked for a £1000, but only had £400 available and the pro rate allocation was 40% they'd get £160 rather than £400). But bottom up in general seems better - it avoids shrapnel, and gives more people a slice of the cake. But from the platforms viewpoint the fact that a relatively small number of lenders provide a disproportionate proportion of the funds could make bottom up problematical.
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mike
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Post by mike on Oct 15, 2016 16:28:32 GMT
Keep it simple and keep it as is.
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littleoldlady
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Post by littleoldlady on Oct 15, 2016 16:38:36 GMT
... from the platforms viewpoint the fact that a relatively small number of lenders provide a disproportionate proportion of the funds could make bottom up problematical. I think this is true of SS and FS but not for MT. Ed's present system would give the same results as prefunding bottom up if he got his calculation of the max bid exactly right. Prefunding would be a one off IT cost and would save him time on every loan, and would avoid the occasions where he mis-guesses the demand. And would be much fairer to lenders, as well as making life easier.
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Post by SophieThing on Oct 17, 2016 14:35:49 GMT
Before we get too sold on changing the world... It may just be a case that I've missed some news along the way - is there a completely new website roll-out on the horizon, Ed? ( MoneyThing ) I ask due to SophieThing 's response to a feedback provider on Trustpilot more recently, which is as follows:- Reply from MoneyThing Published 23 September 2016
Hi ****,
Thank you for your review and for your feedback.
We are experiencing a greater demand for loans from lenders than we have borrowers at the moment and we're working on building this up.
I agree with your comments about our website and we are in the process of launching a new site within the next few weeks.
Kind regards
Sophie Ed did hint Shuang and his team are working on something else at the moment. If it is a new website I hope they aren't following the LI example Hi Archie, I was referring to our marketing website which is long overdue an overhaul. Expected new go-live date is now the end of November. Kind regards Sophie
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seeingred
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Post by seeingred on Oct 18, 2016 9:50:19 GMT
On the topic of prefunding, there are two aspects of several P2P sites that are unfair to many (perhaps most) investors (although maybe not to people who can spend all their times on discussion forums).
Few people have access to superfast broadband and/or bots that can snap up loans at half a second (or less) past when bidding opens, and some people have to work. They cannot be at their computers at 4pm. In fairness to all, any system that produces a more even spread of investment opportunity might be welcomed by the majority.
The other generic question is that lenders are rushing in increasing numbers to these 'high gain' platforms (MT, SS for example) but the number of quality borrowers is not keeping pace. hence the scrabble for loans when they are made available.
The solution seems obvious - get more business in by reducing rates charged to borrowers and offered to lenders. This would be unfair only to the few computer-savvy people who write bots and have access to superfast broadband at all times of the day, and who are able now to dominate the whole process.
When loans don't fill in the first 24 hours, offer a second tranche again limited to £X per lender.
Then open it to all at unlimited amounts
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pom
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Post by pom on Oct 18, 2016 10:40:30 GMT
On the topic of prefunding, there are two aspects of several P2P sites that are unfair to many (perhaps most) investors (although maybe not to people who can spend all their times on discussion forums). Few people have access to superfast broadband and/or bots that can snap up loans at half a second (or less) past when bidding opens, and some people have to work. They cannot be at their computers at 4pm. In fairness to all, any system that produces a more even spread of investment opportunity might be welcomed by the majority. The other generic question is that lenders are rushing in increasing numbers to these 'high gain' platforms (MT, SS for example) but the number of quality borrowers is not keeping pace. hence the scrabble for loans when they are made available. The solution seems obvious - get more business in by reducing rates charged to borrowers and offered to lenders. This would be unfair only to the few computer-savvy people who write bots and have access to superfast broadband at all times of the day, and who are able now to dominate the whole process. When loans don't fill in the first 24 hours, offer a second tranche again limited to £X per lender. Then open it to all at unlimited amounts As far as I'm concerned MT have the fairest system out there. Yes they may miscalculate demand occasionally, and renewals are never going to have anywhere near enough to satisfy demand - if they ever do then the loan/platform may be in trouble. I will never have superfast broadband and I would never use a bot. What I did have was patience and an understanding that building a portfolio would take time, back at the time when MT loans and therefore bidding limits for new loans were actually a LOT smaller than they are now, and as a result it took many months until my investment was at a level I was happy with.
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littleoldlady
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Post by littleoldlady on Oct 18, 2016 11:13:13 GMT
On the topic of prefunding, there are two aspects of several P2P sites that are unfair to many (perhaps most) investors (although maybe not to people who can spend all their times on discussion forums). Few people have access to superfast broadband and/or bots that can snap up loans at half a second (or less) past when bidding opens, and some people have to work. They cannot be at their computers at 4pm. In fairness to all, any system that produces a more even spread of investment opportunity might be welcomed by the majority. The other generic question is that lenders are rushing in increasing numbers to these 'high gain' platforms (MT, SS for example) but the number of quality borrowers is not keeping pace. hence the scrabble for loans when they are made available. The solution seems obvious - get more business in by reducing rates charged to borrowers and offered to lenders. This would be unfair only to the few computer-savvy people who write bots and have access to superfast broadband at all times of the day, and who are able now to dominate the whole process. When loans don't fill in the first 24 hours, offer a second tranche again limited to £X per lender. Then open it to all at unlimited amounts Strange that market forces don't do this automatically. p2p seems an example of market failure generally, possibly because it is new, but there are the first signs of basic economics starting to apply eg SS introducing variable rates.
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Post by Deleted on Oct 18, 2016 11:48:56 GMT
Even when I worked I used to stop for a break at 4pm. It seems the perfect time, a bicky, a brew and thirty seconds on the computer or phone.
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littleoldlady
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Post by littleoldlady on Oct 18, 2016 12:54:54 GMT
Even when I worked I used to stop for a break at 4pm. It seems the perfect time, a bicky, a brew and thirty seconds on the computer or phone. Would you accept that from your surgeon in the middle of a heart op?
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archie
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Post by archie on Oct 18, 2016 13:04:27 GMT
Even when I worked I used to stop for a break at 4pm. It seems the perfect time, a bicky, a brew and thirty seconds on the computer or phone. Would you accept that from your surgeon in the middle of a heart op? Surely, if your operation was booked around that time, you would ask the surgeon if they were a MT investor.
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Post by Deleted on Oct 18, 2016 13:11:40 GMT
Well I'd expect a heart surgeon to have the competence to be able to plan his day.
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