mike
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Post by mike on Jan 30, 2017 21:13:43 GMT
First off I like the current model. If you can fix the IT issue then focus on that. If you decide that some form of pre-funding is needed then set a max level and only allocate based on available funds. If the total pre-funding exceeds the loan amount allocate based on bottom up.
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jimc99
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Post by jimc99 on Jan 30, 2017 21:15:35 GMT
The prefunding system in use over at SS has been operating with no problems for some time. I favour using the same system.
I'd suggest.....
..using their "bottom up" method of loan allocation. ..bidders accounts should have the funds to cover their bid.
A prefunding system is certainly needed!!
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fp
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Post by fp on Jan 30, 2017 21:18:03 GMT
Pre-fund auction, 24 hours in advance.
Give everyone a chance to request what they want by a set time, say 24 hour window Allocate loan parts bottom up, relative to requested amount Notify lenders of amount allocated 24 hours to fund account Anything left over or not paid for onto the SM at the end of the 24 hour period, FFF time.
Gives everyone a fair chance and time to bid, saves processing deposits and withdrawals for anything other than what is required.
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guff
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Post by guff on Jan 30, 2017 21:25:48 GMT
Pre-fund auction, 24 hours in advance. Give everyone a chance to request what they want by a set time, say 24 hour window Allocate loan parts bottom up, relative to requested amount Notify lenders of amount allocated 24 hours to fund account Anything left over or not paid for onto the SM at the end of the 24 hour period, FFF time. Gives everyone a fair chance and time to bid, saves processing deposits and withdrawals for anything other than what is required. Given MT's exemplary speed of transferring funds and keeping to deadlines, maybe notify at 08:00 then fund account by 16:00 otherwise it's FFF.
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stub8535
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personal opinions only. Not qualified to advise on investment products.
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Post by stub8535 on Jan 30, 2017 21:33:32 GMT
I would like to set a min and max pre fund. I would then like an allocation up to either my upper limit or funds available whichever is lowest. This accounts for parts put up for sale to cover the upper limit that have, in a rare situation, not been bought. Prevents constant monitoring. Bottom up is best in my opinion. In the unusual event that anything is not covered by pre funding just post it as normal and let it be taken up by those that couldnt pre fund or fff/bots.
I would like to see a future effort to slow down the script bidding on the secondary market but that is not for this question.
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paulg
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Post by paulg on Jan 30, 2017 21:45:19 GMT
Acknowledged - thanks. I would just state that we would only continue on a 'cleared funds basis' regardless of what system we introduce. Regards, Ed. I'm very pleased to hear that. INPL is the last thing I would want to see on MoneyThing. As per a previous poster I'd like to see the existing system continue if the IT side could be changed to cope, but I recognise that it would probably only be a temporary solution and the site would soon be swamped again as investor numbers grow. I invariably use each new launch as an opportunity to re-balance my MT portfolio, and so sell on the SM the difference between available new funds and the announced maximum bid. With prefunding without INPL the problem arises of knowing how much to sell on the SM. Selling too much to reach my desired allocation would probably leave me with uninvested funds after a low allocation. I would hope that any prefund system adopted would resolve this issue somehow, perhaps by having some notice of what the allocation will be, so giving time to sell the required amount on the SM.
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cooling_dude
Bye Bye's for the PPI
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Post by cooling_dude on Jan 30, 2017 21:57:33 GMT
How about (haven't put much thought into this... but here's my 2 cents) 1. Loan appears on pipeline 48hrs before Loan live 2. Everyone pre-funds 3. After 24hrs pre-funding closes 4. Allocation (bottom up) is announced 5. Everyone has 24hrs to send their allocation 6. Loan goes live - anyone failing to send allocation in time has it dumped on the SM 7. Drink Brandy (optional) After reading the thread I see that fp had the same idea. Must be good
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mtb9
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Post by mtb9 on Jan 30, 2017 22:03:23 GMT
I'd like to see the existing system kept in place if the IT could be upgraded to cope with the increasing demand.
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Post by Deleted on Jan 30, 2017 22:04:45 GMT
Personally I'm staggered previous votes came out to maintain the 4pm FFF. Does no one have a life to lead? I am ever more keen on P2P and in particular MT but I have a job, meetings, children, parties, classes and when these obviously have to take priority over a 4pm date with a phone or laptop I simply miss out on investments and what way is this to invest? You can have a piece of loans you like if you happen to be around! I admit there is a sport to it but are we investing or playing a game here? The fact the site is struggling with the system is perhaps enough to sway people towards prefunding and a bottom up system which seems the fairest I have encountered. MoneyThing you'll never please everyone but a fair system as opposed to a competition will almost certainly please the most!
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Post by GSV3MIaC on Jan 30, 2017 22:09:18 GMT
/mod hat off MoneyThing .. I vote for something like the SS system, except that funds need to be in the account by the time the loan goes live (no INPL). Bids (I don't need a minimum, but some people might) could be put in any time between announcement on the pipeline (i.e. as soon as the loan is firm, and a commit date is known) and the actual commit date/time (which can still be 4pm). Allocation would be 'bottom up' .. anything 'left over' (i.e. less than £1 per punter) can either be put straight onto the SM for FFF, or allocated by whatever random method you like. If someone sets a minimum which won't be met, reallocate their funds among the rest. If you don't go straight to automagically allocating the loan among bidders, you could at least collect all the 'wants' during the run-up to 'go live', and have a much better idea of what people are asking for, and thus what the maximum bid limit should be (and you won't need a 24 or 48 hour run-off). If somebody says they 'want' £1k they can't have any more (doing it automagically they wouldn't get it, but semi-manually they might), and if they don't have the funds at D-day then they get less (and rapped knuckles). Whether to apply the same to the SM (per AC) or to renewals (where there is typically only a few quid available) is open to debate. Doing it for the SM is a bit of a PITA since you have to keep track of potential 'buy' orders for every lender for every extant loan (with the ability for them to revise or cancel) .. for new loans it is a one-time deal. The timeline then looks like .. day 0: MT announce new loan going live in n+1 days. <n days for people to put in bids> (MT could feedback how it's going, but that's optional). day n: MT allocate the loan, bottom up, advise everyone what they're going to get. <24 hours to get the funds in place> day n+1: MT allocate parts, deduct funds, loan goes live, interest starts being paid. n can be anything you like, but 1-2 days would be adequate.
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GeorgeT
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Post by GeorgeT on Jan 30, 2017 22:19:43 GMT
I implore you not to change the system into an SS type of system where people can be running multiple accounts in the names of their children and dogs and Partners and set them all to prefund, go to sleep and snatch masses of the allocation and game the system to others disadvantage.
you will also then get automated bots being set up by crafty people designing these dodgy script to fiddle the system and take over just like what happened on SS and ruined it for the man in the street.
the way forward is to add some more RAM to your server and enable it to cope with bigger amounts of traffic at the same time. you only have fewer than 3000 registered investors so you need a server that can cope with three thousand people logging on at the same time and let's be honest when you look at Amazon and eBay that isn't hard to achieve for a few extra pounds a month.
then you need to look at your maximum bid limit switch have tended to be too high lately with the increased surge of interest in the excellent money thing. I refer you to today's marvellous Wandsworth launch where the maximum bid of £1,600 was always going to be too high and produce a sell-out in under an hour.
in summary ramp up your server and reduce your maximum bid limit for first 24 hours but keep to the same specified date and time of launch and maintain it as a manual process that has to be funded by real funds before purchases can be made.
I remain sir your obedient servant and investor and supporter.
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stokeloans
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Post by stokeloans on Jan 30, 2017 22:22:21 GMT
Pre funding with limits is my preferred option
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TFTO
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Post by TFTO on Jan 30, 2017 22:43:34 GMT
I implore you not to change the system into an SS type of system where people can be running multiple accounts in the names of their children and dogs and Partners and set them all to prefund, go to sleep and snatch masses of the allocation and game the system to others disadvantage. you will also then get automated bots being set up by crafty people designing these dodgy script to fiddle the system and take over just like what happened on SS and ruined it for the man in the street. the way forward is to add some more RAM to your server and enable it to cope with bigger amounts of traffic at the same time. you only have fewer than 3000 registered investors so you need a server that can cope with three thousand people logging on at the same time and let's be honest when you look at Amazon and eBay that isn't hard to achieve for a few extra pounds a month. then you need to look at your maximum bid limit switch have tended to be too high lately with the increased surge of interest in the excellent money thing. I refer you to today's marvellous Wandsworth launch where the maximum bid of £1,600 was always going to be too high and produce a sell-out in under an hour. in summary ramp up your server and reduce your maximum bid limit for first 24 hours but keep to the same specified date and time of launch and maintain it as a manual process that has to be funded by real funds before purchases can be made. I remain sir your obedient servant and investor and supporter. I could not agree more. If you go down the prefunding route eventually it will end up like SS were any small popular loans are giving only a few pounds allocation, which is fine for those with little to invest and absolute rubbish for those wanting a decent chunk. As for the AC method, I gave up with that nonsense last year, the sheer amount of shrapnel to pick up a few pounds made it not worth the time, not to mention the problem of leaving a buy order on there and being dumped upon when others get wind of yet another dodgy borrower - no thanks
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GeorgeT
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Post by GeorgeT on Jan 30, 2017 22:51:04 GMT
Please ignore the people who want to turn you into a clone of saving stream because that way they can prefund using multiple accounts and run automation and don't need to be manually online to purchase with readily available funds.
The reason that money thing is number one is because it is not like saving stream and it is a fair playing field for all who take it seriously and there will always be days when we can't be online at 4 but that is life and we all have to live with it.
I might suggest you moving the launch time back from 4 p.m. to 8 p.m. because that would mean more people would be at home after finishing work and also the fat cats with big cigars in their financial Offices with lightning quick computer systems would have finished work and it would make it fairer and more accessible to all but the system of pre-advised date and time launches and preset maximum allocations is Spot On and that is why moneything is the king of the road and please do not break a winning Formula or you will have the salt and pepper grassroots money thing investors leaving to be replaced by corporate fat cat tax haven big hitters with crafty systems and scripts running all over the place to make a mockery of it all and lots of transferring between accounts with odd pennies here and there as the trail of evidence
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scraggs
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Post by scraggs on Jan 30, 2017 23:29:33 GMT
I'm for keeping things the way they are, just sort the site speed issues out. Pre funding like SS have on loans the size MT have will mean some loans loans won't be worth logging in for the return.
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