happy
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Post by happy on Feb 22, 2018 10:07:12 GMT
The system is now live so you should start to see pairs of transactions on your statement following the format "Exchange loan unit in loan xxx (123) for loan xxx (456)", one being a credit for the old loan unit the other being a matching debit for the new loan unit. Just taken a look and yes this is happening now on my GEA and GBBA2 accounts, nothing yet on the GBBA or PSA. looking forward to doing a comparison of the loan holdings in a few days. Trades seem to be mostly £10-£25 or so with the odd one around £75 so it does not look to be creating micro-units like we have had in the past. Looking good so far, thank you chris
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Post by chris on Feb 22, 2018 10:13:41 GMT
The system is now live so you should start to see pairs of transactions on your statement following the format "Exchange loan unit in loan xxx (123) for loan xxx (456)", one being a credit for the old loan unit the other being a matching debit for the new loan unit. Just taken a look and yes this is happening now on my GEA and GBBA2 accounts, nothing yet on the GBBA or PSA. looking forward to doing a comparison of the loan holdings in a few days. Trades seem to be mostly £10-£25 or so with the odd one around £75 so it does not look to be creating micro-units like we have had in the past. Looking good so far, thank you chris There are some current hurdles in place to limit churn. Minimum account holding must be £100, any less and the account isn't included in the calculations. Also only trades of £10 or more will be considered, although smaller trades can then occur if that £10 trade is split into more than one match with another lender. That £10 limit is likely to shrink a bit in the future but will probably remain above £1.
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cb25
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Post by cb25 on Feb 22, 2018 11:06:02 GMT
The system is now live so you should start to see pairs of transactions on your statement following the format "Exchange loan unit in loan xxx (123) for loan xxx (456)", one being a credit for the old loan unit the other being a matching debit for the new loan unit. Exchanges have been happening on my GBBA2 account and imho it's a massive FAIL  . Earlier this morning, loan #441 had the second highest allocation, a very reasonable 2.83% of my GBBA2 money. The exchanges have added in excess of £500 to it, taking it to just over 7% !. There I was, naively thinking the exchanges would reduce the higher allocation percentages and it's done the exact reverse. I had been drip feeding money into GBBA2 and it had been going fairly much OK. With this new algorithm, I'm seriously considering selling the lot and withdrawing the money from AC to somebody like FC who (despite their faults) at least know how to do allocation properly. Edit: I've put in a sell order for my entire GBBA2 holding.
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Post by chris on Feb 22, 2018 12:04:59 GMT
cb25 - That's the average for the account. These are also secured loans with a provision fund so the lending profile, volumes, and allocations are always going to be different to a high volume unsecured lender like FC. There's another upgrade coming to the allocation algorithm for deploying funds that will be released in 6 - 10 weeks that will be smarter about how the accounts invest overall, rather than solely examining each lender individually, which will improve how that part of the system then plays with this new diversifier.
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happy
Member of DD Central
Posts: 397
Likes: 497
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Post by happy on Feb 22, 2018 12:20:37 GMT
The system is now live so you should start to see pairs of transactions on your statement following the format "Exchange loan unit in loan xxx (123) for loan xxx (456)", one being a credit for the old loan unit the other being a matching debit for the new loan unit. Exchanges have been happening on my GBBA2 account and imho it's a massive FAIL . Earlier this morning, loan #441 had the second highest allocation, a very reasonable 2.83% of my GBBA2 money. The exchanges have added in excess of £500 to it, taking it to just over 7% !. There I was, naively thinking the exchanges would reduce the higher allocation percentages and it's done the exact reverse. I had been drip feeding money into GBBA2 and it had been going fairly much OK. With this new algorithm, I'm seriously considering selling the lot and withdrawing the money from AC to somebody like FC who (despite their faults) at least know how to do allocation properly.
Edit: I've put in a sell order for my entire GBBA2 holding. Maybe so but I'm not sure FC know how to do recovery very well at all. With a similar expected rate of return for FC unsecured and no PF vs. AC Secured+PF I know where I want my money and it isn't FC having lost more money to defaults there than AC , with less than 10% of the investment I have in AC. ( all losses in MLA loans, never lost anything in the AC automated accounts)
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cb25
Posts: 3,528
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Post by cb25 on Feb 22, 2018 12:31:42 GMT
cb25 - That's the average for the account. These are also secured loans with a provision fund so the lending profile, volumes, and allocations are always going to be different to a high volume unsecured lender like FC. There's another upgrade coming to the allocation algorithm for deploying funds that will be released in 6 - 10 weeks that will be smarter about how the accounts invest overall, rather than solely examining each lender individually, which will improve how that part of the system then plays with this new diversifier. I'm yet to be convinced that AC's PF is used as often/as quickly as lenders would expect. With 30% of my GBBA1 money stuck in suspended loan #227 this is very high on my list of concerns regarding AC. Time will tell. Until then, I'm coming around to agreeing with those who say AC's packaged accounts are best avoided.
happy - agree FC have delivered lots of bad debt for me, but at least I fully understand their model (which is definitely not something I can say of AC)
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dermot
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Post by dermot on Feb 22, 2018 13:13:55 GMT
The system is now live so you should start to see pairs of transactions on your statement following the format "Exchange loan unit in loan xxx (123) for loan xxx (456)", one being a credit for the old loan unit the other being a matching debit for the new loan unit. Yep, I'm seeing that activity in both GBBA1 and GBBA2. Just think of all the Bitcoins you could have mined with that CPU activity ...
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Post by chris on Feb 22, 2018 13:27:28 GMT
The system is now live so you should start to see pairs of transactions on your statement following the format "Exchange loan unit in loan xxx (123) for loan xxx (456)", one being a credit for the old loan unit the other being a matching debit for the new loan unit. Yep, I'm seeing that activity in both GBBA1 and GBBA2. Just think of all the Bitcoins you could have mined with that CPU activity ... Yeah, would have been worth about £20k... wait... £10k... no £28k... no 15p... no £20k... (I say that as someone invested in various coins).
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Post by crabbyoldgit on Feb 22, 2018 17:53:43 GMT
Personally anything that can be mined virtually ,not backed in anyway by a nation state, does not really exist and therefore is worth bugger all. I come from the Warren Buffett / Karl Marcs theory of economics, if I don't understand it i don't want to invest in it and wealth is only truly made by the conversion of materials into products people wish to use to sustain their lives, all else including peer to peer is wealth transfer and gambling.
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Post by GSV3MIaC on Feb 22, 2018 18:11:37 GMT
Yes but given the question would I rather have $1 US, $1,000,000 Zimbabwe, or 1 Google token (share), I guess the 'backed by something' might push me to the latter option. And if I want to swap my 1 Google token for bread or gasoline, I'm not sure that any virtual object is better/worse than any other to mediate the exchange. The real hook is that I can only pay my taxes (assuming I need to) in $ US (in America) or £ Sterling (in UK) .. elsewise I'd probably stick with Google tokens, or bits of soft yellow metal, Cowrie shells, or anything else HMG/Robert Mugabe/The Fed can't mass produce at will.
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dermot
Member of DD Central
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Post by dermot on Feb 22, 2018 20:48:03 GMT
Yes but given the question would I rather have $1 US, $1,000,000 Zimbabwe, or 1 Google token (share), I guess the 'backed by something' might push me to the latter option. And if I want to swap my 1 Google token for bread or gasoline, I'm not sure that any virtual object is better/worse than any other to mediate the exchange. The real hook is that I can only pay my taxes (assuming I need to) in $ US (in America) or £ Sterling (in UK) .. elsewise I'd probably stick with Google tokens, or bits of soft yellow metal, Cowrie shells, or anything else HMG/Robert Mugabe/The Fed can't mass produce at will. On another topic entirely, triggered by your evident liking for Iain M Banks, GSV3MIaC, have you seen that Amazon are funding a TV treatment of The Culture, starting with Consider Phlebas? Seems Jeff Bezos is a fan, as well as Elon Musk.
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Post by GSV3MIaC on Feb 22, 2018 21:15:42 GMT
Yes, thanks .. registerme PM'd the link to me. I just hope they do it as well as the Game of Thrones treatment, which wound up being arguably better than the books (which got lost in the wilderness at some point). Pity IMB isn't around to participate. |
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Mikeme
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Post by Mikeme on Feb 24, 2018 2:30:32 GMT
This problem of slow down in interest credited has been going on for some months. My interest accruing is increasing daily. Even though only a small amount/numbers in the relevant accounts are in default. I tried call AC to try to get to the answer. However the lady I spoke too would not listen to my real questions only reeled off technical stuff. In the end I am no wiser and not able to use spread sheets to find the answers.
I like AC and the fact that everything has asset backing,albeit valuing can be a bit wrong.
I realise I am gambling!!
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. Earlier this morning, loan #441 had the second highest allocation, a very reasonable 2.83% of my GBBA2 money. The exchanges have added in excess of £500 to it, taking it to just over 7% !. There I was, naively thinking the exchanges would reduce the higher allocation percentages and it's done the exact reverse.
