blender
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Post by blender on Aug 15, 2014 21:31:23 GMT
Watch out, there are bots about. Today I wished to transfer some high-interest-rate loan-parts between accounts, via the secondary market. So I put them for sale at 2% premium which would identify them on the SM and went straight to the other account to buy them. They had gone! Refreshed in case there was a delay, refreshed again and there were new parts like mine but at a 3% premium. Declined the purchase.
Obviously that bot which buys cheap parts on the SM and sells again at a profit is working - or at least doing the buying part.
Beware of a buyer called t*m*c*d*. (Wishing to disguise a lender's pseudonym with asterisks - not sure why, but people do like asterisks, used with taste and discernment. There should be an *st*r*sk c*mp*t*t**n)
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Post by GSV3MIaC on Aug 15, 2014 22:12:50 GMT
You should have sold them at 3% markup, which would have at least kept the flipper bots off the case (no profit to be made) _ however the buy-to-hold bots might still have snatched them. 8<.
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blender
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Post by blender on Aug 15, 2014 22:45:13 GMT
Unfortunately at 3% I would not have been able to identify mine from the others on the secondary market, but might have found something closer than 2%. Next time!
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wysiati
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Post by wysiati on Aug 16, 2014 3:51:22 GMT
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Post by GSV3MIaC on Aug 16, 2014 6:53:57 GMT
Unfortunately at 3% I would not have been able to identify mine from the others on the secondary market, but might have found something closer than 2%. Next time! Try using the 'sort by age' to identify the most recent additions, as described elsewhere.
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Post by goldservice on Aug 16, 2014 8:04:32 GMT
I attempted a similar transfer early in July as an experiment to see if account transfers were feasible. I was as quick as possible to switch to the other account to buy the part back but it had already gone - to timecode. It was high rate but only £14 so the experiment was worthwhile in that it told me what to avoid doing. I sold it at 3% premium so timecode must be buying to keep as well as to flip.
FC's attitude is that scripting is fair because scripters have to use the same web interface as manual users - would the scripters among you please confirm that that is the case? If so, we shall all have to become scripters.
I wonder how timecode themselves would make such a transfer should they ever want to? They could have their bot running in the target account but they might wonder if there is another SM bot runner out there, perhaps called n*m*s*s ...
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blender
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Post by blender on Aug 16, 2014 8:49:37 GMT
Thanks for the replies. I knew about Wysiati's post and should have referenced. I was being lazy in this transfer and taking a chance, but was surprised by the speed at which these parts were snapped up and put up for sale. I had decided on 3% next time but now know from Goldservice that even that is not safe.
The purpose of the posting was to advise people of an actual bad experience (not that bad really). If transferring between accounts it seems essential to ensure that in doing so you do not make the best offer on a good loan - even for a minute.
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adrianc
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Post by adrianc on Aug 16, 2014 8:58:45 GMT
So I put them for sale at 2% premium ...there were new parts like mine but at a 3% premium. Obviously that bot which buys cheap parts on the SM and sells again at a profit is working - or at least doing the buying part. Is there REALLY money to be made like that? Between the fees on buying and the fees on selling, surely buying at 2% then selling at 3% would make an instant loss...?
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Post by GSV3MIaC on Aug 16, 2014 18:55:48 GMT
FC's attitude is that scripting is fair because scripters have to use the same web interface as manual users - would the scripters among you please confirm that that is the case? If so, we shall all have to become scripters. Yes, AFAIK they/we do (I don't script secondary market except to sell), however as described elsewhere, there are some 'hidden' facilities like the one to sort secondary market parts by something called 'ID' which turns out to give you a 'most recently listed' (or 'just about to expire' if you sort backwards, although I can't imagine why you would!) list of SM parts. That's useful in that it avoids re-reading the whole damn market (why FC don't provide it accessible from the SM page I don't know). Part of the problem is that FC's autosell is every bit as brain dead as their autobid, and always sell at par, regardless of how 'good' the parts are. Anyone selling up blind can probably expect to lose 1-2% (but then, if they used autobid, they are already likely to be in a much deeper hole than that).
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Post by thehappy1nvestor on Sept 9, 2014 7:16:40 GMT
Yes - there's definitely at least one out there (n****a**9) - I was also trying to transfer loans between accounts but at a discount and on more than one occasion I found this same account had picked them up even before I could switch windows.
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sl125
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Post by sl125 on Sept 9, 2014 8:30:40 GMT
Out of curiosity: If you are transferring loans from one account to another by putting them up for sale, why would you do so at a discount? Surely, putting them on at discount makes them attractive to all the other people browsing the secondary market. Wouldn't it make more sense to apply a 3% premium, so that they are not attractive to anybody but you?
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Post by thehappy1nvestor on Sept 9, 2014 10:40:56 GMT
Out of curiosity: If you are transferring loans from one account to another by putting them up for sale, why would you do so at a discount? Surely, putting them on at discount makes them attractive to all the other people browsing the secondary market. Wouldn't it make more sense to apply a 3% premium, so that they are not attractive to anybody but you? Different tax rates for the account holders - my cunning plan was to sell at a loss from higher rate tax payer to reduce taxable earnings. Clearly not as cunning a plan as I thought...
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blender
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Post by blender on Sept 9, 2014 10:57:05 GMT
Surely you were very successful in reducing taxable earnings.
[That was also my plan in the OP, splitting the account by transferring the higher interest parts to the account with more headroom before higher rate tax.]
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Post by thehappy1nvestor on Sept 9, 2014 12:47:57 GMT
More than I could have imagined!
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pikestaff
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Post by pikestaff on Sept 9, 2014 14:14:29 GMT
I doubt the cunning plan would have worked anyway. AFAIK losses on the sale of simple debts are not tax deductible.
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