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Messages - neals384

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Investors - P / Re: Cannot have two accounts with the same SSN
« on: August 24, 2014, 09:29:33 PM »
I have two P accounts with the same SSN, but one is an IRA.  That's allowed.

In Peter's quarterly results posts, he lists two after tax Prosper accounts, so perhaps this was allowed at one time (or he used someone else's SSN for one of the accounts ;)

Pretty surprised to see Texas on the list.  Texas has a booming economy and a good overall P2P track record, at least on Prosper.   Surprised not to see Pennsylvania on the list for the opposite reasons.

General Prosper Discussion / Re: VB.NET Prosper API
« on: August 14, 2014, 10:37:37 AM »
For sure this is too obvious...somewhere you have set the values for
                txtSettingsUsername.Text and txtSettingsPassword.Text
equal to your username & pw, right?

Investors - LC / Re: Taxes - a sanity check
« on: July 05, 2014, 11:04:36 AM »
From the same IRS publication 1212:

"Including OID in income.   Generally, you include OID in income as it accrues each year, whether or not you receive any payments from the debt instrument issuer.

Exceptions.   The rules for including OID in income as it accrues generally do not apply to the following debt instruments.

    U.S. savings bonds.

    Tax-exempt obligations. (However, see Tax-Exempt Bonds and Coupons, later.)

    Obligations issued by individuals before March 2, 1984.

    Loans of $10,000 or less between individuals who are not in the business of lending money. (The dollar limit includes outstanding prior loans by the lender to the borrower.) This exception does not apply if a principal purpose of the loan is to avoid any federal tax."

Why doesn't the bold exception cover all we little guys?

Your notes are not loans to individuals.  Legally, they are notes issued by LC.

"Crowd Lending"

Even if some loans are in a whole loan pool, the collection of all loans on a platform are funded by a Crowd.

Investors - LC / Re: Call from Lending Club
« on: June 14, 2014, 12:01:02 PM »
Poor James, still working at 67.  He musta been a Prosper 1.0 investor.

Off Topic / Re: Favorite Beer
« on: May 24, 2014, 01:47:39 PM »
"Hey Mabel!  Black Label!"

General P2P Lending Discussion / Re: state requirement
« on: May 24, 2014, 01:16:53 PM »

Before you do this, think about the state income tax implications.  LC will be reporting your income to the State of Missouri as if you were a resident there.

Investors - P / Re: Prosper advises users to change their passwords
« on: April 24, 2014, 01:59:51 PM »
Well I'm not changing my Prosper password... I'm fond of my existing password since it's my cat's name.  Since they sent out this email, and I disregarded it, does that mean I am suddenly responsible for all my losses if some crook hacks my account and does nasty things with my notes?  I can't see how such a gently worded email does anything in the CYA department.

Gosh, Core, now all of your friends who know your cat's name can hack your LC account.  Oh, wait.

Investors - P / Re: Prosper advises users to change their passwords
« on: April 24, 2014, 01:57:54 PM »
heartbleed is the reason for most recent password change warnings.  I'm changing all of mine.

FolioFN - Prosper / Re: First
« on: March 11, 2014, 11:02:17 PM »
At least one sane lender uses Prosper because he lives in a no-LC state.

Investing - General (not P2P) / Re: Lending Club's IPO
« on: March 09, 2014, 01:07:10 PM »
IMHO, any public company that makes its money predominantly from fees has a very limited upside.  Unlike the big banks , Goldman Sachs, etc., LC has no skin in the game, and, therefore no ability to make the big bucks.  They are also vulnerable to competition which would impact any long-term projections.

If they change management after the offering and manage their day-to-day operations more efficiently, they should be able to perform well over the long-term.  However, if any real money is to be made on their stock it will be at the IPO, and if you are unable to participate at that point then I would suggest to steer clear of the after-market and wait a few quarters to see what shakes out.

Like Rob L, I wish them luck, but I currently plan on skipping this one for the reasons I give above.

Well, here's another thought.  When your business is producing stuff, say a fast food chain or an oil company, ongoing growth requires continuous capital investment.  A significant portion of profits is plowed back into new restaurants or oil wells.  When your business is money, especially online, comparatively little capital is required for growth. 

Last year, XOM made $32 B profit and reinvested $33 B in capital expenditures.  MCD made $5.6 B and has capex of $2.8B.  BAC made $11.4 B and had $0.5 capex.   INTU made $0.8 B profit and only $0.13 B capex.

Seems like a natural fit.  After all, P2P is grass roots funding.

Investors - LC / Re: Lending Club is a Sub Prime Lender?
« on: March 07, 2014, 05:42:53 PM »

Investors - LC / Re: In LendingClub's Defense
« on: March 02, 2014, 09:12:08 AM »
For all the griping, moaning, trash-talking, bugs-not-getting-fixed, and all that other crap that we post about here in the forums, I want to say that LendingClub is still an excellent service that provides substantial returns. So for as much as I complain about XYZ happening, I want to make it known that I am still very satisfied with the company overall. Not only has it provided income for myself, but it has also provided a thought-provoking and productive environment that makes me a better trader/investor. These forums are especially useful, giving me ideas that I might never have thought of on my own.

When the company IPO's later this year, I will be first in line to buy some shares.

Wait!  Peter promised the assistant cheerleader position to me!

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