dovap
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Post by dovap on Jan 31, 2017 10:14:41 GMT
Suggest following amendments but basically keeping Things as they are; increase capacity of server remove bots as far as possible remove multiple accounts from same IP address and/or same bank details reduce bit size to ensure, as far as possible, a 2nd 24hr slot reduce bit size by 50% for second 24hr period. ps really pleased last loan had no connection with any previous loan, more of those please, and to all Things well done. I would be furious if I was banned from having an account simply because my partner has one. We are individuals with individual saving/investment plans, and not clones of each other. And yes, when he's at work and busy, I do put in a bid for him. It doesn't seem terribly fair tbh that someone operating their own account, their OH's account and 'business' accounts gets x times a shot at the allocation in any restricted bidding period. No need to 'ban' accounts - just restrict 'households' (linked business accounts) to the same total limits that apply to individuals for the restricted bidding period. Seems fairest tbh
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madpierre
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Post by madpierre on Jan 31, 2017 10:18:20 GMT
There have been many proposed solutions put forward so far and I am sure there will be many more, which probably means there is no definitive answer – certainly not one that will please everyone. Easing the tension is the goal and something that would be achieved by improved servers or pre-funding, whichever is chosen. Ed is nice bloke and wants to the best for us but I think he needs to consider the practicalities and do what is best for MoneyThing, by weighing up the balance of additional costs, staff effort and FCA implications inherent in either potential option. Whatever route is taken it will improve the situation whether it agrees with our personal preferences or not.
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Post by carbonr1 on Jan 31, 2017 10:19:01 GMT
im going to get hated for this,
but how about the old FC system, where you set your own rate but with a max invest limit,
i.E say MT rate a loan at 12% then give it a band, lets say 9 - 15% with a max invest of £1000, once you've reached your grand then you are locked our making anymore bids for 24hrs.
the greed mongers will all go for higher rates, the sensible people are happy.
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DeafEater
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Post by DeafEater on Jan 31, 2017 10:40:17 GMT
im going to get hated for this, good call!
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SteveT
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Post by SteveT on Jan 31, 2017 10:42:11 GMT
im going to get hated for this, but how about the old FC system, where you set your own rate but with a max invest limit, A major downside of variable rate bidding (much as I used to enjoy taking advantage of it on FC until they axed it) is that supply and demand dictate that large loans end up with high average rates whilst small loans are bid down to levels that probably don't justify the risk. There are good reasons why FC pulled the plug...
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oldtimer
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Post by oldtimer on Jan 31, 2017 11:09:16 GMT
Personally I would prefer to leave it as is with increased server capacity, however if we have to have prefunding how about a prefund of up to say £500 and then the remainder to go live at the usual time with a limit (not including the prefunded amount) for 24 hours. That way everyone who wanted a smaller slice would get something, those who wanted more would be able to bid for it in the current way.
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bramhall17
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Post by bramhall17 on Jan 31, 2017 11:27:07 GMT
Personally I don't like the 4pm snap. It frequently doesn't suit me and I miss out on some good opportunities. I'd much rather have a SS type situation.
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ianj
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Post by ianj on Jan 31, 2017 11:33:51 GMT
im going to get hated for this, but how about the old FC system, where you set your own rate but with a max invest limit, Now, where's that 'Dislike' button? Sensible people will not be happy, as they won't necessarily be able to participate at a rate that accurately reflects the risk! Just a personal view, but a major reason for my withdrawing from Flippers Charter was that while those who understood 'risk' wouldn't bid low, anyone wishing to manipulate the rate down (not impossible), and the really desperate, would bid 'silly', leaving the many gullible less enlightened to chase an ever-falling rate, with Bot-driven bids taking the lion's share! P.S. I was once 'less enlightened' but I like to think I'm now in recovery!
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woodie
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Post by woodie on Jan 31, 2017 11:37:56 GMT
Why is my suggestion of preventing multiple bids from one 'economic unit' so unreasonable ? Doesn't HMRC endorse the concept of an 'economic unit' by virtue of the transferable tax allowance for married couples and civil partners ?
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littonowl
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Post by littonowl on Jan 31, 2017 12:10:23 GMT
My opening penny's worth. Important to consider platform operation "in the round", not just point aspects. There are several side effects/consequences of the current system. Firstly being at a set time is good for planning / remembering (cue all the people saying they can't make that time....but.....); that consideration would be immaterial if "pre-funding" came in however. But a side effect is ability to predict and take advantage of significantly greater availability on the SM in the run up. Given current demand, removing the fixed date/time will impact that, and unless some corresponding change is made to the way the SM operates could well (likely?) make it near on impossible for mere mortals to pick up on the SM and make it the exclusive preserve of those with bots. Perhaps only a full AC like set and forget PM/SM system would deal with that. I did wonder whether the speed at which this flew off the shelf was perhaps an indicator that perhaps quite a number of "people" were actually operating with multiple accounts, and perhaps using some automation to buy from all those accounts. I've been a fan of MT adopting KISS, and i think that appropriate bid limits designed to extend beyond 24 hours is a good way to do that. However, there has been a failure of late to achieve that. Only you guys can know whether there is some arms race with people with multiple accounts causing a misjudgement on the setting of max value. Clearly if people had more confidence that the auction would last it would reduce the need for peak server load. Raises an important point re: the SM here, if any pre-funding system was implemented.... Reduced bid limits, gradually increasing through reduced bid windows eg. every couple of hours until exhausted (so 4pm, 6pm, 8pm, 10pm etc), and if necessary a server ramp up would be my preferred option. Good to see though, as ever, Ed consulting with his customers... I think what you've got at MT is special and unique and I'd hate to see it ruined, or MT become just another site, when perhaps all that's really needed is a little tinkering with.
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archie
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Post by archie on Jan 31, 2017 12:26:06 GMT
One thing is for sure, demand is outstripping supply. It also feels the time has come to turn on the taps. Some £2m+ loans would help as at the moment all the argy bargy is how to divi up what is there. Put more there to divi up and the problem goes away. We'll also need something to replace the AE loans, nearly 4m looking for a home in July.
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guff
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Post by guff on Jan 31, 2017 12:28:42 GMT
One thing is for sure, demand is outstripping supply. It also feels the time has come to turn on the taps. Some £2m+ loans would help as at the moment all the argy bargy is how to divi up what is there. Put more there to divi up and the problem goes away. Unlike some of the others, MT seem to perform sensible DD before releasing loans which obviously limits availability. That could be why they are so popular and long may it continue.
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Post by rock500 on Jan 31, 2017 12:32:58 GMT
Please please leave as is, but just with tweaks to bid limits and try out 2 day bid limits.
Last thing i want is idle cash in my account due to prefunding then not getting what i ask for, at the moment i know what i need to fund and there is a very good chance i will get that amount.
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cooling_dude
Bye Bye's for the PPI
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Post by cooling_dude on Jan 31, 2017 12:37:05 GMT
Please please leave as is, but just with tweaks to bid limits and try out 2 day bid limits. Last thing i want is idle cash in my account due to prefunding then not getting what i ask for, at the moment i know what i need to fund and there is a very good chance i will get that amount. The main suggestion is pre-funding for 24 hours then 24hrs to send allocation. There won't be a big change for anyone who likes the current method - instead of a limit you get an allocation And I really like that idea No hanging around at 4 pm and no load on the server as go live traffic will be spread over 24hrs. Seems logical to me
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Post by rock500 on Jan 31, 2017 12:44:39 GMT
Please please leave as is, but just with tweaks to bid limits and try out 2 day bid limits. Last thing i want is idle cash in my account due to prefunding then not getting what i ask for, at the moment i know what i need to fund and there is a very good chance i will get that amount. The main suggestion is pre-funding for 24 hours then 24hrs to send allocation. There won't be a big change for anyone who likes the current method - instead of a limit you get an allocation And I really like that idea No hanging around at 4 pm and no load on the server as go live traffic will be spread over 24hrs. Seems logical to me I am sure Moneything said earlier in the thread you will need to have your account funded, not 24 hours to fund it after allocation. Unless i am getting confused
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