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Post by ablrateandy on Dec 8, 2015 13:02:12 GMT
And pledges are cumulative!
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TitoPuente
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Post by TitoPuente on Dec 8, 2015 13:06:50 GMT
According to the first post in this thread, the maximum bid for pledging is 2000. However, this morning's email uses a different language "1. The maximum amount that any one lender will receive is £2,000". Please can you clarify if a lender can pledge more than 2000 in order to be allocated the maximum of 2000?
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Post by ablrateandy on Dec 8, 2015 13:09:46 GMT
You can bid for more than 2k. Maximum allocation will be 2k.
Sorry - the email is correct.
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paulgul
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Post by paulgul on Dec 8, 2015 13:14:08 GMT
You can bid for more than 2k. Maximum allocation will be 2k. Sorry - the email is correct. Can't imagine anyone getting close to £2k, that's only 50 investors - probably lucky to get a couple of hundred each
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TitoPuente
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Post by TitoPuente on Dec 8, 2015 13:15:42 GMT
You can bid for more than 2k. Maximum allocation will be 2k. Sorry - the email is correct. Thanks for the clarification. I am concerned that this rule coupled with the disclosure of the oversubscription level will create an endless cycle of pledge increases in order to obtain a certain target investment.
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paulgul
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Post by paulgul on Dec 8, 2015 13:18:38 GMT
You can bid for more than 2k. Maximum allocation will be 2k. Sorry - the email is correct. Thanks for the clarification. I am concerned that this rule coupled with the disclosure of the oversubscription level will create an endless cycle of pledge increases in order to obtain a certain target investment. The only plus side is that money has to be available in the account so that may limit over bidding to a certain degree
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TitoPuente
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Post by TitoPuente on Dec 8, 2015 13:20:25 GMT
Thanks for the clarification. I am concerned that this rule coupled with the disclosure of the oversubscription level will create an endless cycle of pledge increases in order to obtain a certain target investment. The only plus side is that money has to be available in the account so that may limit over bidding to a certain degree Yes. In the end, deep pockets always win.
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jonno
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Post by jonno on Dec 8, 2015 13:24:34 GMT
You can bid for more than 2k. Maximum allocation will be 2k. Sorry - the email is correct. I'm really not sure why you've structured it like this.By announcing the maximum allocation, displaying the level of over-subscription and allowing cumulative pledges you will just inspire the vicious circle highlighted by TitoPuente. Isn't this part of the problem you wanted to cure?
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Post by ablrateandy on Dec 8, 2015 13:29:03 GMT
There is no perfect solution. I've worked doing something very, very similar to this for 15 years, using multiple different allocation processes and order processing.
Let's see how this goes, but the key restriction is that people can't bid over their available funds. If they do, I will cut them back to what they have on account.
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SteveT
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Post by SteveT on Dec 8, 2015 13:31:40 GMT
Greetings! The plan for the next container loan is this : 1. Borrower will repay the maturing loan in the morning. 2. The new loan will go up at 11.30am or whenever my toddler's swimming lesson finishes (whichever is sooner). 3. All lenders will be notified by email of the timing and new procedure. 4. You will all be able to see the loan in your "New Loans" tab. 4. Maximum bid will be £2,000. Minimum bid will be £100. You can bid for more as I don't have a way of stopping it at the moment, but it will be futile. Bids have to be fully funded.5. Bids will close around 9pm. 6. There will be two buttons. Do NOT use "Invest". Use "Pledge" to input your amount. 7. The same night, I will allocate loan parts based primarily upon a pro rata of pledges but there may be a slight bias towards investors in the maturing loan. 8. If all goes smoothly, I will click a button and everything will be done. 9. In a worst case, I will have to have a bit of a fiddle the next day to sort it out. Full instructions will be in the email on Monday night/Tuesday morning. ablrateandy, I assume that the highlighted above still applies and that you'll be disregarding any pledges made over the £2000 maximum you defined (however much money they have in their accounts)?
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TitoPuente
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Post by TitoPuente on Dec 8, 2015 13:33:02 GMT
There is no perfect solution. I've worked doing something very, very similar to this for 15 years, using multiple different allocation processes and order processing. Let's see how this goes, but the key restriction is that people can't bid over their available funds. If they do, I will cut them back to what they have on account. There is no perfect solution, but limiting pledges would have been a better solution than not doing so. You first attempt to setting rules in the begging of this thread was "more perfect".
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Post by ablrateandy on Dec 8, 2015 13:38:41 GMT
After this is complete, ablrate and I will sit down and go over it. Believe me - I have complaints from all sides as I have people who would happily come in for larger size at a lower rate contacting me too. I am not changing the process that is stated in the emails now but we will review, consider and tweak for the next loan if appropriate.
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jonno
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Post by jonno on Dec 8, 2015 13:39:14 GMT
Greetings! The plan for the next container loan is this : 1. Borrower will repay the maturing loan in the morning. 2. The new loan will go up at 11.30am or whenever my toddler's swimming lesson finishes (whichever is sooner). 3. All lenders will be notified by email of the timing and new procedure. 4. You will all be able to see the loan in your "New Loans" tab. 4. Maximum bid will be £2,000. Minimum bid will be £100. You can bid for more as I don't have a way of stopping it at the moment, but it will be futile. Bids have to be fully funded.5. Bids will close around 9pm. 6. There will be two buttons. Do NOT use "Invest". Use "Pledge" to input your amount. 7. The same night, I will allocate loan parts based primarily upon a pro rata of pledges but there may be a slight bias towards investors in the maturing loan. 8. If all goes smoothly, I will click a button and everything will be done. 9. In a worst case, I will have to have a bit of a fiddle the next day to sort it out. Full instructions will be in the email on Monday night/Tuesday morning. ablrateandy , I assume that the highlighted above still applies and that you'll be disregarding any pledges made over the £2000 maximum you defined (however much money they have in their accounts)? SteveT; that was the thrust of my post above.Andy has already said that that email was wrong and as long as you have say £20k in your account by 11.30 tomorrow you can bid for up to £20k.
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pom
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Post by pom on Dec 8, 2015 13:39:13 GMT
I can understand that it's not worth the coding hassle to stop people trying to pledge over 2k (purely accidentally on my part but my avail balance will make it obvious that the 2nd pledge was accidental)... but I suspect that maybe the reassurance people are looking for would be a message that even if you deliberately/accidentally bid over 2k, you'll only get x% of 2k, not the lesser value of x% of the pledge or 2k.
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jimbob
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Post by jimbob on Dec 8, 2015 13:42:31 GMT
Hmm I've pledged £300, looking to get between £50 and £100 tbh...
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