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Post by MoneyThing on Aug 26, 2017 16:10:14 GMT
Afternoon,
As you know I spend a considerable amount of time on this forum where I try to be as open and candid as I can. In the early days this forum has proved invaluable to MT in helping us to shape the proposition we have today and has also attracted a large number of loyal and supportive lenders to our platform and really helped us to grow.
I appreciate that at times in this journey, emotions have often got carried away on this forum and yet I have always tried to provide measured and pragmatic answers to those. I also get questioned directly by a number of our lenders (and admittedly by other platforms who have long since withdrawn), why I devote so much time to this forum when some people on here become less than polite/constructive but have so far have always reasoned as to the overall benefits platform engagement can have on a forum such as this for the betterment of all.
I do have to admit that I am starting to question whether the people on this forum might actually prefer it to be environment whereby they can discuss p2p/platforms/loans amongst themselves without the platform reps. I often question as to whether I should contribute to a particular thread when a discussion is taking place as maybe people would rather the platform didn’t contribute?
Probably one of the main factors making me currently question whether I should contribute is when I see some vocal people on here critique a particular loan and then make some comment to the effect that “for these reasons, I am out”, and yet on a number of occasions this does not correlate with their investment decision on the platform. This I cannot understand; for who’s benefit or to what end is someone stating they wont participate in a loan and perhaps suggest others shouldn’t either and then invest in it themselves anyway. The only conclusion I have come up with is they wish to earn the respect of others on the forum by giving opinions which would prove popular rather than reflecting their own opinion.
I do think this forum is incredibly valuable for a range of people and wood-be-lenders. Overall it is also one of the most constructive and well managed forums out there which is notoriously difficult on a public forum made up of mostly anonymous participants. I thought I would however pen down some of my personal thoughts for discussion (should anyone wish to).
Kind regards,
Ed
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Post by GSV3MIaC on Aug 26, 2017 16:18:13 GMT
I, for one, appreciate your inputs, and regard MTs communication as one of the key features which distinguishes you from (deleted).
Pity you can't tell us who said 'no' and then bought anyway .. maybe the platform should publish more of who holds what!?
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Post by df on Aug 26, 2017 16:30:10 GMT
Afternoon, As you know I spend a considerable amount of time on this forum where I try to be as open and candid as I can. In the early days this forum has proved invaluable to MT in helping us to shape the proposition we have today and has also attracted a large number of loyal and supportive lenders to our platform and really helped us to grow. I appreciate that at times in this journey, emotions have often got carried away on this forum and yet I have always tried to provide measured and pragmatic answers to those. I also get questioned directly by a number of our lenders (and admittedly by other platforms who have long since withdrawn), why I devote so much time to this forum when some people on here become less than polite/constructive but have so far have always reasoned as to the overall benefits platform engagement can have on a forum such as this for the betterment of all. I do have to admit that I am starting to question whether the people on this forum might actually prefer it to be environment whereby they can discuss p2p/platforms/loans amongst themselves without the platform reps. I often question as to whether I should contribute to a particular thread when a discussion is taking place as maybe people would rather the platform didn’t contribute? Probably one of the main factors making me currently question whether I should contribute is when I see some vocal people on here critique a particular loan and then make some comment to the effect that “for these reasons, I am out”, and yet on a number of occasions this does not correlate with their investment decision on the platform. This I cannot understand; for who’s benefit or to what end is someone stating they wont participate in a loan and perhaps suggest others shouldn’t either and then invest in it themselves anyway. The only conclusion I have come up with is they wish to earn the respect of others on the forum by giving opinions which would prove popular rather than reflecting their own opinion. I do think this forum is incredibly valuable for a range of people and wood-be-lenders. Overall it is also one of the most constructive and well managed forums out there which is notoriously difficult on a public forum made up of mostly anonymous participants. I thought I would however pen down some of my personal thoughts for discussion (should anyone wish to). Kind regards, Ed Hi Ed, please ignore negative/destructive comments and continue your contribution to the forum if you can. It is very helpful when platform rep is participating in the forum. Don't let occasional rants to get on a way of benefiting the majority of forum members.
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ali
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Post by ali on Aug 26, 2017 16:37:21 GMT
I'd be very sorry to lose your input. Yes, there's a danger that you leave yourself open to being knocked when things don't go as people think they should and emotions are always going to run high when people lose money. Overall however, I think your presence here does the platform a great service. On the topic of people apparently doing one thing and saying another, I would be very careful about ascribing motives without being much more certain than I think you can be. It's human nature to make a decision one day and then change you mind the next on more careful reflection or based on what others have said. I don't recall declaring in public that I wasn't going to go into a particular MT loan (although there are a number that I have declined), but if I have I certainly reserve the right to change my mind
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am
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Post by am on Aug 26, 2017 16:45:47 GMT
It is conceivable that someone might talkdown a loan in the expectation of being able to get a bigger slice.
It is also conceivable that someone might make dramatic statements about being "out", and then change their mind when further information is provided.
It is also conceivable, as suggested, that the social dynamics of the forum could lead someone to express negative views of a loan - finding a flaw in a loan is one of the quickest ways to social approbation. (It is also possible to err in the other direction.)
They may be other conceivable scenarios.
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SteveT
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Post by SteveT on Aug 26, 2017 16:59:43 GMT
(Mod hat firmly off) Ed, sadly there is a small minority on the forum who like nothing better than showing off by expressing faux outrage, making outlandish comparisons and throwing around baseless accusations, all the while hiding behind the anonymity the forum affords. Over recent years, their behaviour has driven many of the established platforms to withdraw from engaging on the forum altogether, to the detriment of everyone else. Sadly, I suspect it's only a matter of time before MoneyThing will decide the same (likewise ablrate and Collateral Rep) but I hope you all will stick it out as long as possible and remember that the majority on here wish the others would grow up and maintain a sense of perspective (or, better still, leave if they're really that upset).
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archie
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Post by archie on Aug 26, 2017 17:08:22 GMT
I do wonder why people feel the need to keep repeating that they won't/didn't invest in a particular loan at every opportunity. Questions about a new loan are fine though. MoneyThing contributions to this forum are one of the main reasons I chose the platform.
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Post by keyboardworrier on Aug 26, 2017 17:18:49 GMT
I have about double the amount invested in MT than other platforms of this type and it's mainly down to your contributions to the forum. I hope you won't be driven away as other representatives have been!
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n
Member of DD Central
Yet another Nick
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Post by n on Aug 26, 2017 17:40:11 GMT
Please don't go.
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Post by beeje13 on Aug 26, 2017 17:51:08 GMT
Very brave of you to make such a post. The fact that you have taken the care to even consider these aspects of your communication speaks volumes to me.
Please don't let the actions of a few take away from the many that greatly appreciate your input.
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Post by dan1 on Aug 26, 2017 18:01:41 GMT
/Mod hat off Whether we like to admit it or not there is an emotional attachment to investing. For this reason I feel more comfortable investing with a platform that engages on the forum than one who chooses not to. That said, it can be a lonely road when defaults occur and honest mistakes are forensically dissected on a public forum. At the end of the day you must tread a path that is in the best interests of MoneyThing as a business but also for you personally. I get the distinct impression that until recently engagement has actually been a large part of the fun (why else provide updates as you're waiting to board a flight or when you're on holiday with the 'things' or even as each tranche is repaid?). You've got to find the balance knowing what you do now and what's to come in terms of default communications. A step back would be a natural response. But please, don't get all corporate on us There are things you do well, such as your engagement with lenders, but other things where improvement is no doubt required. The post by elliotn on the default thread struck a cord with me earlier. I understand his frustration, and agree with him although I feel that you have earned some leeway to not have it thrust at you in quite that way. No doubt you need to be more open and transparent about repayments, and I'd recommend you add a repayments tab (in addition to your recent updates tab) so that lenders can see the timeliness of repayments. The forum discussion concerning the trading of defaulted loans on the secondary market was constructive in the whole. I like the fact that you've not edited/deleted the update in which you stated that trading would be permitted from 1pm on Saturday despite having reversed that decision, it's so easy to rewrite mistakes in hindsight. Just my opinions but I genuinely wish you and the things well and perhaps more importantly, good fortune.
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registerme
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Post by registerme on Aug 26, 2017 18:08:19 GMT
I'd echo all of the posts above that value platform rep contributions. Certainly the various Things' contributions here played a large part in my decision to invest on MT, and I suspect that proves true of many others. Both the platform and lenders have benefited as a result. However, there's two points worth considering. The first is that as a platform scales this kind of engagement will become more difficult and time consuming, and perhaps therefore of less value (or at least might need to change). Secondly I suspect that there's a honeymoon period up and until a platform suffers a default, and you may have benefited from this. "There's no such thing as a free lunch" and "you always have to take the rough with the smooth" spring to mind. As to your comments about people saying one thing and then doing another, I lean towards what ali and am said above, with an added pinch of "well people are people, durr" .
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hazellend
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Post by hazellend on Aug 26, 2017 18:53:54 GMT
MT's contribution to this forum is a huge plus.
Thank you Ed for making me a lot of money and you have earned a position of trust as far as I am concerned.
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treeman
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Post by treeman on Aug 26, 2017 19:14:03 GMT
Another echo of the appreciation expressed above. I very much hope you will be able to continue, Ed, and would continue to value your contributions, even if it has to be in a reduced way.
Agree too with the 'honeymoon period' thoughts. A reality check is sometimes a tough slap in the face to take - on both sides of the fence. Lenders have become so used to it all being a clockwork £££ generator and The Things now facing very new situations and challenges. It was bound to happen, the dust is still settling and a new status quo has yet to emerge.
Some may not have thought it would happen..............
Unfortunately too, the internet is an ugly place, it's so easy to go over the top anonymously. It will continue to be so.......
I also doubt that the opinions you mention are actually that popular .............
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dovap
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Post by dovap on Aug 26, 2017 19:14:05 GMT
Seems odd folks use forum IDs easily linked to their MT accounts such that they can be spotted talking down loans for their own nefarious plans (would it make much diff to loan allocation ?)
can't say there's much in the way of baseless faux outrage either tbh a lot of criticism is quite well deserved imo (not for MT in particular) for some of the loans put up and platform actions forum would be pointless if it was nowt but happy clappy shilling
MT's involvement seems good in comparison to others and would be handy if it continued but we aren't in a position to make a judgement of it's value to the platform
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