ceejay
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Post by ceejay on Oct 18, 2018 8:12:40 GMT
For me, it comes down to this. Ablrate is a platform I like a lot, but as has been said many times their biggest problem by a very long way is loan origination and diversification. If they had 10 times as many loans, from 10 times as many borrowers, I'd have a lot more money in than I have now.
This move could go either way: on the plus side, if it opens up access for us to more loans from other places, that's unequivocally a good thing. OTOH, if it causes the leaders at ABL to take their eye off the ball and focus on this fancy stuff instead of taking care of the nuts and bolts of finding some more borrowers, its a very bad thing.
Since the upside is likely to take several months to appear, it seems, and the downside is probably happening right now, it doesn't bode well for the short term.
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Post by ablrate on Oct 18, 2018 8:16:52 GMT
Didn't understand a word of that. But not only are they really excited they're also very excited and their friends equally excited. That's a lot of excitement for a wet Wednesday night. I'm in. lol... I was really, really, really excited when pitching Ablrate... I have the notebook that I used when meeting potential investors and early lenders who gave us plenty of free (and very welcome and honest) advice (you know who you are). I wrote down a lot of the feedback.. a very small snippet : 'don't get it' 'you can never compete unless you have at least £2 million' 'it's a fad' 'you have missed the boat' ..and my personal favorite... 'there is no large market for p2p, as soon as there is the banks will start their own platforms and you will be out of business' Your comment tickled me..as my original business partner, who has since passed away, said.. 'I don't understand a word you said... I'm in, what do you need?'
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Post by ablrate on Oct 18, 2018 8:19:39 GMT
For me, it comes down to this. Ablrate is a platform I like a lot, but as has been said many times their biggest problem by a very long way is loan origination and diversification. If they had 10 times as many loans, from 10 times as many borrowers, I'd have a lot more money in than I have now.
This move could go either way: on the plus side, if it opens up access for us to more loans from other places, that's unequivocally a good thing. OTOH, if it causes the leaders at ABL to take their eye off the ball and focus on this fancy stuff instead of taking care of the nuts and bolts of finding some more borrowers, its a very bad thing.
Since the upside is likely to take several months to appear, it seems, and the downside is probably happening right now, it doesn't bode well for the short term. As we said in the email.. the work right now is mostly tech. We are very much focused on the present, with the new broker platform and the plans to scale origination.
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Post by lendinglawyer on Oct 18, 2018 8:32:20 GMT
I've long been skeptical of the crypto/ICO etc. world for various reasons as essentially I think it is shady. Blockchain tech I get and could be interesting in p2p, but I have no interest in holding tokens. ablrate how do the "free" tokens equal to 7.5% of amount loaned on the abl platform work? Do you simply register with an email address that's the same as on abl, complete KYC, and wait for them to land? Or do you need to subscribe for cash too? Can you immediately flip them for cash once credited (subject to buyers being available)? I couldn't see it explained anywhere other than "you can get 7.5% free"... But apologies if I missed it.
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registerme
Member of DD Central
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Post by registerme on Oct 18, 2018 8:34:56 GMT
Some quick thoughts:-
* Blockchain (ie distributed ledgers) are an interesting technology, and perfect for an implementation like this. However, if ASMX is a success scalability might be a problem (as it has proved to be with other distributed ledger systems like Bitcoin and Aether). * I'm not a huge fan of ICOs, mainly because they seem to be "flavour of the month", but if you're developing a blockchain system there are some synergies. * The email from ablrate isn't, to me, clear about what we get our "7.5% in free ASMX tokens", is that loans on ablrate, or our participation in the ICO? * I haven't looked at ASMX enough to understand what I might use those tokens for. * I haven't looked at ASMX enough to know what I might use ASMX for. * I suspect it means ablrate (and other platform) loans being available on ASMX rather than the other way around. * I suspect I'd be wary of purchasing loans from other platforms, possibly other countries / jurisdictions etc, and possibly with all that entails eg currency risk or not understanding business markets in other countries etc.
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Post by ablrate on Oct 18, 2018 8:52:09 GMT
I've long been skeptical of the crypto/ICO etc. world for various reasons as essentially I think it is shady. Blockchain tech I get and could be interesting in p2p, but I have no interest in holding tokens. ablrate how do the "free" tokens equal to 7.5% of amount loaned on the abl platform work? Do you simply register with an email address that's the same as on abl, complete KYC, and wait for them to land? Or do you need to subscribe for cash too? Can you immediately flip them for cash once credited (subject to buyers being available)? I couldn't see it explained anywhere other than "you can get 7.5% free"... But apologies if I missed it. We agree.... that is whay ASMX went to the lengths of 6 months of due diligence to be listed on the GBX grid.. announced in 8 minutes...) You don't have to hold tokens We sent the email as it would be a bit odd if we had not told our lenders first when the press hit. You are not obliged and we are not expecting you to buy tokens. Tokens will be issued upon the closing of the Token sale. They will be listed on the GBX DAX (Digital asset exchange). We will be writing the terms of this offer..
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snowmobile
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Post by snowmobile on Oct 18, 2018 8:57:06 GMT
I've not got my head around this yet. Hopefully the idiot's guide will be published soon First thought is anything that enables SM loans to be sold to a much wider market must be good for Abl lenders. However didn't Col already try something similar and that wasn't particularly successful? p2pindependentforum.com/thread/11432racefields.com/
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oldtimer
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Post by oldtimer on Oct 18, 2018 9:11:07 GMT
Don't know if anyone else has tried to register but be warned it is a nightmare re uploading the documents required. They all have to be more than 2500 pixels wide and at least 8 mb. And you have to take a selfie of you holding your uploaded document, not easy to do. Phone in one hand document in the other.
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Post by ablrate on Oct 18, 2018 9:32:39 GMT
Some quick thoughts:- * Blockchain (ie distributed ledgers) are an interesting technology, and perfect for an implementation like this. However, if ASMX is a success scalability might be a problem (as it has proved to be with other distributed ledger systems like Bitcoin and Aether). * I'm not a huge fan of ICOs, mainly because they seem to be "flavour of the month", but if you're developing a blockchain system there are some synergies. * The email from ablrate isn't, to me, clear about what we get our "7.5% in free ASMX tokens", is that loans on ablrate, or our participation in the ICO? * I haven't looked at ASMX enough to understand what I might use those tokens for. * I haven't looked at ASMX enough to know what I might use ASMX for. * I suspect it means ablrate (and other platform) loans being available on ASMX rather than the other way around. * I suspect I'd be wary of purchasing loans from other platforms, possibly other countries / jurisdictions etc, and possibly with all that entails eg currency risk or not understanding business markets in other countries etc. Thanks, we are fully expecting feedback all the way along the line to launch and we imagine some of you will see the prototype platforms.. so keep all your thoughts coming.. as usual, good or bad, its welcome * Blockchain (ie distributed ledgers) are an interesting technology, and perfect for an implementation like this. However, if ASMX is a success scalability might be a problem (as it has proved to be with other distributed ledger systems like Bitcoin and Aether). Ether is a platform really, one which other blockchain technologies are built upon (think of a video maker using YoutUbe to create a video business). Ethereum is the currency to use the system. Bitcoin is the 'original' blockchain.. and is probably seen as a store of value these days, believe it or not! The buying, selling and storing of 'coins' is a bit geeky and clunky right now... but having been immersed in the technology for the last 18 months it is a very swift way of paying people, I do it all the time * I'm not a huge fan of ICOs, mainly because they seem to be "flavour of the month", but if you're developing a blockchain system there are some synergies. We spent ages looking at how to do it right. GBX and the Gib authoritis have a great regulatory framework. The ICO will evolved into security issue etc and regulation is happening more everyday * The email from ablrate isn't, to me, clear about what we get our "7.5% in free ASMX tokens", is that loans on ablrate, or our participation in the ICO? 7.5% (if the token sale is fully subscribed.. pro-rated if not) of the amount you have in loans on ablrate.. we are not expecting, nor asking lenders to buy tokens * I haven't looked at ASMX enough to understand what I might use those tokens for. There will be enhanced functionality that lenders can use, but mainly the tokens will be used by partner platforms * I haven't looked at ASMX enough to know what I might use ASMX for. If you manage 50 platforms and want to make it easier... you could go to an aggregator and pay them a fee... or do the same on ablrate.. or any other platformthat is intergrated * I suspect it means ablrate (and other platform) loans being available on ASMX rather than the other way around. ASMX is basically a bit of tech, so when you click on the secondary market it will be 'ablrate (or whoever) secondary market', powered by ASMX. You wont notice the difference in primary loans, and if you have no interest in any other platform, you also won't notice a difference * I suspect I'd be wary of purchasing loans from other platforms, possibly other countries / jurisdictions etc, and possibly with all that entails eg currency risk or not understanding business markets in other countries etc. That is always going to be a challenge... and again, there is no obligation to do so. ASMX aims to provide more analysis and tools for those who do wish to look at other markets
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Post by ablrate on Oct 18, 2018 9:37:41 GMT
Don't know if anyone else has tried to register but be warned it is a nightmare re uploading the documents required. They all have to be more than 2500 pixels wide and at least 8 mb. And you have to take a selfie of you holding your uploaded document, not easy to do. Phone in one hand document in the other. Unfortunately.. this is one of the weird things in KYC in this space and is standard required by GBX. The size is so that the docs can be read properly... however, it does seem a little precise and is causing issues Your feedback is very much appreciated as we will pass on these niggles to get fixed
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ozboy
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Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Oct 18, 2018 9:45:52 GMT
Thanks ablrate, your further information & clarification is appreciated. Re " it is a very swift way of paying people". What perplexes me is how is it practical to use/pay in a "currency" which is constantly fluctuating in value, often by huge swings? Making payments in crypto just doesn't seem viable currently? I understand it's other uses, it's the "currency" angle that escapes me.
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dandy
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Post by dandy on Oct 18, 2018 9:58:43 GMT
Seems like a great concept - good luck - keen to see it in action
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Post by dan1 on Oct 18, 2018 10:06:21 GMT
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bg
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Post by bg on Oct 18, 2018 10:09:39 GMT
I really don't like this. I'm struggling to see what it brings to lenders. Perhaps (and it's a big perhaps) it will bring more lenders/cash to the platform....but the issue for me is lack of origination and lack of diversity of borrowers. I really think ABL should be focusing on that.
This ICO angle - I really don't like. I think it's all a big swindle. People who don't really know what they are doing are buying these tokens thinking they're getting a piece of the tech/platform but in reality they're worthless (I'm happy to be corrected here). Look at the mad scramble for Ripple (XRP) which led to a big collapse..does it actually have any value?
ASM are going to sell tokens for cash. They describe the tokens as "intended to support the development and functioning of the ASMX ecosystem." , a "borrower bounty for lenders" , "status fees" , "gas for settlement". Some fancy words but all meaningless drivel in my view...all it will potentially do is offer a big windfall for the owners. I won't be taking up my 7.5%.
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SteveT
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Post by SteveT on Oct 18, 2018 10:11:41 GMT
ablrate, is the offer up to 7.5% of COMBINED non-ISA and ISA holdings? Thx
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