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Investors - LC / Lending Club witch hunt has started (automation)
« on: September 10, 2014, 08:40:19 AM »
Many months ago Simon Cunningham made a post saything that automation was going to be banned by Lending Club.  At the time (and many times previous to his post), I expressed the opinion that they "couldn't" do that because it would turn into a witch hunt.

Well, welcome to Salem, folks.  I have been told that I am no longer welcome to the regular site and must use the API.  Only thing is, I really can't accomplish everything I need there, and besides, I didn't agree to those terms before I invested $--k.

As we know, the API is inferior timing-wise.  See Bryce's thread:

Lending Club's evidence of my cursedness:  Zero.  So I was looking for notes every 5 minutes.  So what?  Maybe I'm a person that doesn't sleep?  ADA lawsuit right there.   

The major problem I have with this is I know there were/are people who are hitting the site on the order of MILLIseconds apart.  And yet LC comes after me.  Witch hunt.  No doubt due to my posts on this forum.  But apparently nobody is safe if you are running serious volume.

Make it fair for everyone, and use software limits, not beheadings and pressings with stones.  Now I am forced to use other methods.  In particular, I am having to run 3 accounts under other people's SSN's.  Core:1 LC: 0

What purpose do these shenanigans serve?  They certainly don't stop the people they were intended to stop.   

Investors - P / Prosper advises users to change their passwords
« on: April 23, 2014, 04:35:54 PM »
As most of you know, Prosper isn't one of those companies that tends to send out chatty emails all the time for no reason.  But they did think this was important enough to send out today:

Security of your personal information on the Internet has always been a hot topic, and even more so over the past six months. Here at Prosper we encourage our community members to change their passwords regularly, both on Prosper and for all of your accounts that require a log-in.

We recommend that, if you havenít done so recently, you change your password on all websites, including Prosper, using a combination of letters (upper and lowercase), numbers and punctuation. It is best to avoid using words or information that would be easily guessed like family membersí names, pets' names, birthdays, etc.

Sure you can spin this and say they're just sending this email out as a public service announcement.  Yeah, just out of the blue.  And like I need Prosper to counsel me on my internet activities in general when it has nothing to do with Prosper?  Hrmph. 

Either there is something behind this email or it was a royal waste of my time to have to read it and delete it.

Interest Radar / IR site down
« on: April 09, 2014, 01:12:03 AM »
Someone sent me a PM saying IR was down.  Confirmed.  The IR site is completely down at the moment.  I think Rev has finally thrown in the towel.  Repent sinners; the end is near!

Off Topic / Do you need a rental permit for a roommate in your city?
« on: February 06, 2014, 01:04:52 AM »
I know there are plenty of landlords on this board so I figured I'd ask here.

This last week my spare house in the city got broken into and the crooks took everything and ransacked the place.  I've decided I should probably get someone living in there until I can figure out what I'm going to do with it long-term.   Before the copper gets stolen right out of the walls.  I likely can't get a rental permit because I told the city attorney I'd shoot any city employees that set foot on my property again.  The thing probably wouldn't pass inspection anyway... I hear they are very strict with the permits these days in that particular city.

So my idea was to get a 'roommate' and just let them have the whole house to themselves.  Maybe I could reserve one room for myself just to keep it legal.  Charge the person half the going rate... I just want the place occupied, the money's not the issue.

Pouring through the muni code I'm not finding any answers so far.  So I'd like to get a feel for what my odds are.  Where you live, would you really need to get a permit just to rent out a room?   Also, is there anyone here who is good at starting fires? :D

Off Topic / What's everyone's new year's resolutions?
« on: December 30, 2013, 05:55:29 AM »
I don't personally take much stock in such things which are statistically likely to be abandoned/forgotten within a month or two, but I am curious about everyone else here: 

Do you have a special resolution for 2014?

My (p2p-related) goal for 2014 is to branch out into other strategies and take some more profits from the Folio sharks (NJG, Daichi) who still seem to be doing well.  If they're making money, that means there is money for me.  My next goal is to get more spread trading done.  Also I might give up livestock and date women.

Off Topic / Mysterious credit on statement: OPA TREAS 310
« on: December 14, 2013, 02:05:12 AM »
My elderly grandmother just discovered a series of small credits on her bank statement.  They all say something like the following:

APA TREAS 310 MISC PAY HR133xxxxxxxxxx

I've tried to do some investigation and everything I find mentions Veterans Affairs.  She's never fought in any wars or anything like that.  310 appears to mean Kansas City but that doesn't help us much.  She is on medicare and social security but these were a bunch of ~$100 credits (not likely SS) and she hasn't been to a doctor lately.  She is worried sick about this for some reason.  I'd just take the money and run, myself.

What is "APA TREAS"?  Is there anyone I can contact to investigate this?  I do have that full HR133xxx number so if there's some site I can pull that up on that would be ideal.

Thanks in advance.

Investors - LC / Folio and IRAs
« on: October 13, 2013, 07:21:44 PM »
LC's site says that Folio trading is not allowed in an IRA.  But that snippet didn't appear until some time last year as I recall, and I haven't heard a peep about this from anyone here.  I know you can't open a Folio-only IRA if you live in one of "those" states, but I'm just talking about being able to liquidate notes in a regular LC IRA account if the need arises.

Is this restriction true?  Was this always the case, or is this relatively new?  Can anyone with an IRA confirm that it absolutely won't let you sell a note?  Is anyone grandfathered in?

Investors - LC / Low dollar notes do not show up on Folio
« on: September 15, 2013, 08:30:40 AM »
If you try to sell a note where the P+I is less than or equal to about $4.89, they'll let you post it but it will not show up on Folio.  It doesn't even matter if you're trying to give it away at a serious discount.  No error message or warning appears.  It would appear they are hoping you won't notice.  It's not just my listings because no others appear on Folio either.

What is this Mickey Mouse stuff?  The great LC gods have decided that you shouldn't be able to liquidate notes after so many payments have been made??  That wasn't part of the deal when I invested in these notes.

Investors - LC / Payment date changed for end of month notes?
« on: September 04, 2013, 09:26:17 PM »
Either LC made yet another change with last Wednesday's updates, or I've been sniffing too much glue.

It used to be that notes with a payment date of say the 30th would get changed to the 28th in Februrary and stay that way.  Now it seems starting this month, all of those notes are changing back to their original due dates.  I have never seen this before.  Is anybody else seeing the same thing?

I can see where this could do a number on pre-grace autosell bots depending on how they were set up.   There might be some deals to be had tonight/tomorrow.

Investing - General (not P2P) / All trading on the NASDAQ halted
« on: August 22, 2013, 02:59:33 PM »
Source: Nasdaq halts all trading after technical problem

All trading on Nasdaq, the second-biggest U.S. stock exchange, was halted on Thursday shortly after midday due to a technical problem, the exchange said.

"I would not want to speculate other than to say this is huge. Everything is halted in the market," said Sal Arnuk, co-manager of trading at Themis Trading in Chatham, New Jersey,

Options trading was also halted, the exchange said.

So much for my afternoon trading session.  Let the institution- and bot-bashing begin!  :)

Investors - LC / What is the 'policy code' field for?
« on: August 19, 2013, 03:52:19 PM »
I saw this asked on another forum and now I am curious:  If you request a download of all available notes, the last field in the file is 'policy code'.  It's apparently 0 for rejected loans, and 1 or 2 for the rest.  Anyone know what this is for?

Has anyone else noticed this?  It's been going on for almost a year now:

You purchase a note on Folio, wait up to a week for the sale to complete and the note to settle.  You get an email saying the purchase has settled but the note doesn't show up in your account anywhere.  It's not in 'My Notes', not in any reports besides the trade confirmation, and most importantly it doesn't show up on the 'Sell Notes' page in Folio.  This means the note cannot be sold.  Hell you can't even look at the thing.

Then a week or so later, sometimes up to 2-3 weeks later, a whole bunch of them will appear at once and finally you can work with them.  This usually happens on a Friday but not always.

I sent Prosper emails.  The geniuses manning the inbox said settlement takes up to a week even for fixed price listings.  (Yeah I know, this is AFTER settlement I'm talking about.)  After a few phone calls I found someone with two brain cells to rub together.  He said these were "cached for quick access".  Ummm ok.  Interesting use of a cache. 

The guy asked me why I even needed to see my notes in my account.  "What, so you can turn around and sell them?"  That struck me as awfully snarky.  Buy&Hold Bob apparently doesn't like it when people sell notes.

They can manually trigger something which causes all the notes to appear and they have done that a couple times for me.  A bug report was filed.  I called Buy&Hold Bob for a follow-up a few months after the bug report.  He checked the notes and there was no activity.  "The development cycle is long" he said.  I didn't get the impression they thought it was even a problem.  At this point it's been so long they're obviously not going to do anything about it.

I am honestly surprised I haven't seen anyone griping about that here, ever.  How do you all deal with this?  Even if you're not a trader, not being able to even view your notes for weeks has gotta be troublesome. 

See, THIS is why I'm not making any money at Prosper.  That, and their wannabe eBay thing is a nightmare.  Plus the fact that fixed price listings don't end until 7 days even when the buyer purchases it sooner is ridiculous.   Not being able to sell late status notes is completely silly.  Everything about Prosper is crap.  Hope I wasn't unclear.

Nearly 2 weeks ago I couldn't log in.  No emails, no calls from them.  I called them back then and they said there was some "suspicious activity" on my account.  I thought to myself sheesh, someone got my password and kudos to them for catching it.  Nope, that was not it.  Instead they asked me which 3rd party sites I used, why I repost my notes for sale after they don't sell in 7 days, etc.

All they could tell me that was "suspicious" was:
1. Multiple IP addresses used to log in.  (I don't see what's so strange about that, esp. with 3rd party sites etc)
2. Updating the prices on my notes (Oh, the horror!)

They were going to do some investigation and get back to me.  They never did.

Here we are in week two of this mess.  Each time I call I get the runaround and am told the account will be unlocked but a certain woman in the office has to do it.  She refuses to return my calls and tell me what's going on.

They will not allow me to withdraw the available cash from my account, and God only knows what's happening to all my notes.  Several tens of thousands of dollars is at stake here and I'm a bit angry... to put it mildly.

Everything was buddy-buddy while I was making deposits, when the money was flowing in their direction.  Now when it's time to withdraw the profits (beyond what I deposited), now all this starts.  They seem to be looking for any possible excuse not to pay out what is owed.  This reminds me of the old online casino days -- everything's fine unless you win.   I knew LC didn't really like note traders, they only like buy&hold people apparently, but I never dreamed they'd go this far.

Short of getting government agencies and an attorney involved (I don't think we're quite there _yet_), I'd welcome any suggestions.   Obviously I'm not getting anywhere on the phone.

In the meantime, my story will be being posted on every online channel that I can find.  Starting right here.

Let this serve as a gentle warning to any of you who haven't yet tried withdrawing more than you deposited.

I have been getting email news alerts all evening about this.  2 people dead, I'm sorry to say, is not nationwide breaking news.  Sadly, thousands of people die every hour.

My question is:  Why is this a "breaking news" alert?  We know where the twister is headed... straight for the trailer parks.  Issue warnings, get the people in shelters, and that's done.  Why is this worthy of national news today?

Anyone closer to the action who could shed some light on this planetary disaster?

It seems like the majority of users here are using one of the 3rd party tools to do auto investing, and in some cases even auto selling.  I'm not saying that's unwise, I'm just offering this for the sake of discussion:

Have you all thought through the possible consequences and decided in advance how you'd handle the worst case?  Or at least made peace with the fact that you could simply be out of a lot of money?

As I see it there are two nasty possibilities:

1. Site gets hacked

Sites do get hacked even if reasonable steps are taken to ensure security.  Happens all the time to notable companies.  The problem is even worse here, because the plaintext password must be retrievable.  Most of the developers of these tools do not have the resources of Crapital One or Wells Fargo, yet they are handling higher average dollar amounts (I'd imagine), so they are already good targets.

If I was a crook and had your hacked account I'd log in at 4am and carefully sell all the notes to myself via FolioFN at serious discounts.  Using a chain of fake receiver accounts, of course.  Your account is vaporized overnight.

2. 3rd party autosell goes haywire

Screwing up just one line of code could cause all of your notes to be sold for 1/100th of their value.  It's easy for a developer to make a mistake once in a while.  I know I've pulled some boners.    It's also remotely possible that a site update could cause the same effect through no real fault of the programmer.   All of your notes are sold at pennies on the dollar, and once again your account is totally vaporized overnight.

So my question is:  If this happens, what are you going to do, and what do you realistically expect will happen?  The more interesting case is the software-gone-wrong scenario.  Are you going to call up LendingClub and tell them it's not your fault and they should unwind all the trades?  After settlement I think this would be extremely unlikely if not impossible.  If you caught it before settlement you might have a chance, but it's still dicey.   I doubt LC would even listen to you unless you had inside contacts.  Would you consider suing the 3rd party site?  Do you expect it to have much in the way of assets?

Seems quite scary to me.  If I lost a sizable portfolio in this manner with no recourse I think I would be more than a little upset.  It's not like a bank or investment account where there are ways to handle such things.  This is a totally different animal and you are quite up the creek.

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