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Post by ablrate on Oct 18, 2018 13:14:36 GMT
Hi Hi thanks for all the replies and the time But This idea of buying loans from other companies but from within the Abl platform without logging on to another site if using Huddle as an example. 1. do i need a Huddle account i.e basic KYC Nope - all taken care of 2.if i understand it correct i will see their loans on the SM and can buy still with only your KYC correct - and your information will only stay with Ablrate and not be passed to any other platform 3.But does that apply to new loans i.e when you launch a loan at 2pm anybody logged on with another company anywhere in the world can see it and buy it so really would be FFF - It will be secondary market only initially.. Even when that is made available, it will be up to the platform whther they let anyone else buy their primary loans. 4.if all of the above is right does that make you more like a S&S platform with you doing one KYC but can buy from multiple providers like HL or Fidelity - correct, but ASMX is not an aggregator.. but more a of a peice of technology that allows platforms to connect If that is right taking the tokens & block chain confusion away for a minute it sounds interesting but i'm guessing i'v got it wrong somewhere! - no ... you are pretty close!!!!!!!
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bg
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Post by bg on Oct 18, 2018 13:24:32 GMT
You are entitled to you opinion, and we are not asking you to purchase ASM Tokens. I think your point is valid on ICOs, there have been many problems in the crypto space. But like P2P evolved into a regulated space, the crypto regulations are coming, and in the case of Gibraltar is already here. There are bubbles driven by some who, perhaps, should not be in the space and don't understand the fundementals. I am not here to defend crypto, but because a bubble occured in crypto doesn't mean that there is no value in some crypto. Just like because there have been many equity bubbles and crashes that equities have no value. believe me, it took some time to understand this space... is it perfect?.. far, far from it. There are many crappy equities/bonds/swaps/securities trading on frothy unsubstantiated multiples and there are some crappy tokens/coins doing the same. I genuinely value your opinion and those others who have provided feedback... , but to dismiss a technology as 'meaningless drivel' without an understanding of the technology (I am making an assumption here, so please feel free to correct me) is short sighted As I have said previously, ASMX is not targetting our lenders in the token sale... but it would have been off for us not not explain what we are doing in the space, so we did that and looked to gain something for those lenders who wanted it. Hi, I am not trying to knock ABL. I wish you every success (and I am a lender). I do have a good understanding of the technology. I think blockchain will have many real world applications that will change the way we do things in many areas. What I was referring to as meaningless drivel was what these tokens could be used for. 'Borrower bounty' , 'status fees' , 'access to the ecosystem'.....i just think it's completely misleading and it's no surprise there are so many people asking, "OK but what are the tokens actually used for?". The idea that they want to raise $25m for tokens that can be used to access some new tools that haven't been specified or built yet but will allow some sort of advanced trading is a bit of a stretch. My concern is people subscribe to this issue thinking they are getting a piece of the company/technology when they are getting no such thing. I know many people who bought XRP on that basis...they just didn't get it. I do however appreciate that there is no necessity for ABL users to purchase such tokens.....it just concerns me that you are getting involved in something that I deem to be fairly shady (to but it mildly). I am not saying crypto has no value because a bubble occured. I'm saying it has no value because it's intrinsic value is zero. The intrinsic value of money is also zero you may say but the big difference is the government backs it and stands behind it. It is the foundations of what society is built upon. Some people think BTC, XRP (ASM?!) may take over and replace USD, GBP etc...but that's a flight of fancy. No government would ever allow that as it would undermine the fabric of society...it would lead to chaos and they would ban it at the first sniff things were heading in that direction (and they have police, army, prisons, guns etc). There is the possibility that some governments switch to a crypto currency and it may well happen for some smaller countries but they're not going to adopt an existing currency (like BTC) they'd just create their own. Even then there are big downsides, like the inability to control money supply, interest rates, FX rates etc. I just can't see it every happening for an economy of any size. The analogy to equities is ludicrous in my opinion. A real company does have intrinsic value....ie the value of its buildings, stock etc. I'm not saying there aren't many equities that are overvalued but give me £1m of Apple shares any day over £1m bitcoin. I know which one is creating wealth, producing cool stuff that is enhancing people lives and which one is a ponzi scheme.
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macq
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Post by macq on Oct 18, 2018 13:36:59 GMT
Hi Hi thanks for all the replies and the time But This idea of buying loans from other companies but from within the Abl platform without logging on to another site if using Huddle as an example. 1. do i need a Huddle account i.e basic KYC Nope - all taken care of 2.if i understand it correct i will see their loans on the SM and can buy still with only your KYC correct - and your information will only stay with Ablrate and not be passed to any other platform 3.But does that apply to new loans i.e when you launch a loan at 2pm anybody logged on with another company anywhere in the world can see it and buy it so really would be FFF - It will be secondary market only initially.. Even when that is made available, it will be up to the platform whther they let anyone else buy their primary loans. 4.if all of the above is right does that make you more like a S&S platform with you doing one KYC but can buy from multiple providers like HL or Fidelity - correct, but ASMX is not an aggregator.. but more a of a peice of technology that allows platforms to connect If that is right taking the tokens & block chain confusion away for a minute it sounds interesting but i'm guessing i'v got it wrong somewhere! - no ... you are pretty close!!!!!!! Thanks for update - One other thing while the the tokens may have no real value of yet & limited use(i believe) what happens to the value of unclaimed tokens? Would probably not be practical but its a shame people could not put them in some sort of charity account by declining them as suggested by Abl
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Post by barneywol on Oct 18, 2018 14:10:47 GMT
Thank you for your comprehensive reply - the veil of confusion is lifting to a thin mist! :-) I was also totally appalled that they demanded a scan of my passport that is at least 2400 pixels wide and high. Not only is it something of a faff to produce that, I am REALLY concerned about the security implications of that. Why on Earth do they need a high resolution scan of my picture if it isn't for nefarious purposes?- Any financial platform .. and this is a token sale platform... requires identification of its users. Its the law. - I agree the image thing is a faff - we have passed this on (as we said in our email to you) and get them to make it not so precise, however, it needs to be of a big enough size to see that it is genuine.Identification is fine. Well - naively, perhaps, I am thinking that here I am, prepared to lend you my money - why do you care WHO I am? But I guess the authorities don't want me laundering drug-money. :-) So OK, moving on... as I said, I am happy to provide address, birthday, bank and NI numbers. I am curious about the passport, but will give you the number if you like. OK, my comment about fake passports was tongue-in-cheek, but despite what you say about KYC (and thank you for the explanation of that acronym) NO-ONE else has ever asked me for a scan of my passport - not even yourselves when I registered with you recently. So I'm sorry, but I don't accept that this is the law that it is required. Well Ratesetter tried allowing "institutional investors", and the huge amounts these companies invested badly distorted the market, so Ratesetter have now banned that practice. - virtually ever single platform (of note) has institutional investors.. its the way of the world..managed well, it is a symbiotic relationship and good for retail lenders... and I very much doubt Ratsetter has 'banned' institutions.. although please feel free to correct me.Sorry, but yes - Ratesetter have stopped the practice. I am with them too, and when an institution dumped a million pounds into the market, the rates fell through the floor. This upset all the lenders who, I gather, voted with their feet, and left in droves. So they fairly quickly changed that idea about 18 months ago, I think. You deposit money on ablrate, you lend money on ablrate, you decide you would like to sell that loan and put it up for sale on the secondary market.. this market is run on a new technology developed by a company called ASMX. If you would like to do the same on other platforms in the UK and throughout the world, then you will be able to do that from Ablrate, without having to sign up to any other platform. You still select the loans, you are still in control, you don't need crypto, you don't need tokens, you wont need to re-sign up... and if you don;t want to do any of that.... just like now, you don't have to.So while being registered with, and logged in to Ablrate, I can buy and sell loan-parts in the secondary market of Zopa, FundingSecure, and so on and so forth?
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eeyore
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Post by eeyore on Oct 18, 2018 14:32:07 GMT
- You deposit money on ablrate, you lend money on ablrate, you decide you would like to sell that loan and put it up for sale on the secondary market.. this market is run on a new technology developed by a company called ASMX. If you would like to do the same on other platforms in the UK and throughout the world, then you will be able to do that from Ablrate, without having to sign up to any other platform. You still select the loans, you are still in control, you don't need crypto, you don't need tokens, you wont need to re-sign up... and if you don;t want to do any of that.... just like now, you don't have to. Thanks for the "simple" explanation. It confirms my impression that this is something I'll not be particularly interested in - I'll just be a bystander for a few years at least. The effort required for due diligence on new platforms, loans and the borrowers will go beyond what I'm prepared to invest for my modest tens of thousands. But I do have some concerns over Ablrate being linked to a much wider client base. A few months ago we saw the effects of the frenzy of demand for new loans - with a world-wide audience will the competition be yet more intense? There are regular complaints about automated/robot bidding - what if one of the partner platforms in this proposed marketplace were to have a user interface which was susceptible to automated bidding; couldn't that have a potentially detrimental effect even on Ablrate investors who don't wish to have anything to do with this innovation?
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Post by ablrate on Oct 18, 2018 14:57:27 GMT
- You deposit money on ablrate, you lend money on ablrate, you decide you would like to sell that loan and put it up for sale on the secondary market.. this market is run on a new technology developed by a company called ASMX. If you would like to do the same on other platforms in the UK and throughout the world, then you will be able to do that from Ablrate, without having to sign up to any other platform. You still select the loans, you are still in control, you don't need crypto, you don't need tokens, you wont need to re-sign up... and if you don;t want to do any of that.... just like now, you don't have to. Thanks for the "simple" explanation. It confirms my impression that this is something I'll not be particularly interested in - I'll just be a bystander for a few years at least. The effort required for due diligence on new platforms, loans and the borrowers will go beyond what I'm prepared to invest for my modest tens of thousands. But I do have some concerns over Ablrate being linked to a much wider client base. A few months ago we saw the effects of the frenzy of demand for new loans - with a world-wide audience will the competition be yet more intense? There are regular complaints about automated/robot bidding - what if one of the partner platforms in this proposed marketplace were to have a user interface which was susceptible to automated bidding; couldn't that have a potentially detrimental effect even on Ablrate investors who don't wish to have anything to do with this innovation? No problem at all, we appreciate your feedback and time - initially it will just be the secondary market... and any automated tools would be have to be through ASMX, not the partner platforms - also when primary loans are available to everyone (which is a large legal and regulatory task, so will be later in the development), there will still be the option to exclude listing on both the secondary market or primary market, either by the platform, or by ASMX
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blender
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Post by blender on Oct 18, 2018 15:38:17 GMT
Thanks for the "simple" explanation. It confirms my impression that this is something I'll not be particularly interested in - I'll just be a bystander for a few years at least. The effort required for due diligence on new platforms, loans and the borrowers will go beyond what I'm prepared to invest for my modest tens of thousands. But I do have some concerns over Ablrate being linked to a much wider client base. A few months ago we saw the effects of the frenzy of demand for new loans - with a world-wide audience will the competition be yet more intense? There are regular complaints about automated/robot bidding - what if one of the partner platforms in this proposed marketplace were to have a user interface which was susceptible to automated bidding; couldn't that have a potentially detrimental effect even on Ablrate investors who don't wish to have anything to do with this innovation? No problem at all, we appreciate your feedback and time- initially it will just be the secondary market... and any automated tools would be have to be through ASMX, not the partner platforms - also when primary loans are available to everyone (which is a large legal and regulatory task, so will be later in the development), there will still be the option to exclude listing on both the secondary market or primary market, either by the platform, or by ASMX Good of you to spare so much time for the forum when you have such an important meeting today. Hope we have not distracted you. Can we expect a preliminary report tomorrow?
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Post by ablrate on Oct 18, 2018 15:54:04 GMT
Yep - have been in and out of it most of the day
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Post by dan1 on Oct 18, 2018 18:40:22 GMT
Would I be correct in thinking that taking an equity stake in Huddle Capital was in part to be able to road test some of the back-end tech? A system distinct from ABL (previous software) but whose intracacies are well known to the devs.
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Post by ablrate on Oct 19, 2018 10:27:32 GMT
Would I be correct in thinking that taking an equity stake in Huddle Capital was in part to be able to road test some of the back-end tech? A system distinct from ABL (previous software) but whose intracacies are well known to the devs. Correct
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pom
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Post by pom on Oct 19, 2018 12:05:04 GMT
ablrate What about tax implications? Will these be "cashback" or something else? And presumably the tokens will then be subject to capital gains (we hope!) ?
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Post by ablrate on Oct 19, 2018 12:19:41 GMT
Identification is fine. Well - naively, perhaps, I am thinking that here I am, prepared to lend you my money - why do you care WHO I am? But I guess the authorities don't want me laundering drug-money. :-) - Correct, accountants, lawyers, basically anyone involved in money going backwards and forwards is obliged to ask for ID. So OK, moving on... as I said, I am happy to provide address, birthday, bank and NI numbers. I am curious about the passport, but will give you the number if you like. OK, my comment about fake passports was tongue-in-cheek, but despite what you say about KYC (and thank you for the explanation of that acronym) NO-ONE else has ever asked me for a scan of my passport - not even yourselves when I registered with you recently. So I'm sorry, but I don't accept that this is the law that it is required. - We use an automated system that checks 32 databases... if that check is incomplete you will have been asked to upload a copy of your passport. If you have not been asked for Id verification by a financial business, then they are doing it wrong. Well Ratesetter tried allowing "institutional investors", and the huge amounts these companies invested badly distorted the market, so Ratesetter have now banned that practice. - virtually ever single platform (of note) has institutional investors.. its the way of the world..managed well, it is a symbiotic relationship and good for retail lenders... and I very much doubt Ratsetter has 'banned' institutions.. although please feel free to correct me. Sorry, but yes - Ratesetter have stopped the practice. I am with them too, and when an institution dumped a million pounds into the market, the rates fell through the floor. This upset all the lenders who, I gather, voted with their feet, and left in droves. So they fairly quickly changed that idea about 18 months ago, I think. - I stand corrected You deposit money on ablrate, you lend money on ablrate, you decide you would like to sell that loan and put it up for sale on the secondary market.. this market is run on a new technology developed by a company called ASMX. If you would like to do the same on other platforms in the UK and throughout the world, then you will be able to do that from Ablrate, without having to sign up to any other platform. You still select the loans, you are still in control, you don't need crypto, you don't need tokens, you wont need to re-sign up... and if you don;t want to do any of that.... just like now, you don't have to. So while being registered with, and logged in to Ablrate, I can buy and sell loan-parts in the secondary market of Zopa, FundingSecure, and so on and so forth? - That is the basic idea yes, however I doubt very much that some of the large platforms will integrate anytime soon, they have different priorities like Zopa becoming a bank etc
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ilmoro
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'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Oct 19, 2018 13:42:25 GMT
I dont get asked for ID by most financial platforms I deal with but then they are doing it in the background electronically. If you have a minimal electronic footprint you will be asked for ID
There are multiple platforms that automatically require an image of an ID document Growth Street, House Crowd, Proplend, Kufflink to name a few (some during registration, others to lend), Natwest/RBS is one of the few banks, some platforms who use 3rd party payment entities like MangoPay require a document when a certain transaction level is reached.
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Post by mattygroves on Oct 19, 2018 17:08:06 GMT
In terms of passport ID I've been asked for a certified copy of my passport on more than one occasion but never a clean scan.
A certified copy gives the detail and confirms that the likeness is valid but is clearly a photocopy so can't be used for nefarious purposes.A straight scan of a passport doesn't really prove identity although taking a picture of you holding it may cover that if there is enough detail in the photo to see both the passport picture and the individual.
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Post by Ace on Jan 9, 2019 21:38:39 GMT
I forgot all about this for ages. I finally got round to registering today on the asmx.io page. The only info that I was asked for was: Email address, First name, Surname. Given the earlier complaints about being asked for photos while holding a passport: am I in the right place? have I missed the boat? have they relaxed their requirements? am I too impatient, and a later stage will ask me to jump through more hoops? ablrate , does it make a difference to the bonus as to whether I register with the email address associated with my Standard or IFISA accounts?
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