Author Topic: Fairer Solutions to Excess Investor Demand  (Read 82592 times)

Rob L

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Re: Fairer Solutions to Excess Investor Demand
« Reply #30 on: August 19, 2013, 06:20:50 PM »
Here is little more evidence of the problem as I see it (as a small retail investor).
The following loans were fully funded within 30-45 seconds of being posted at the 2pm upload today:
https://www.lendingclub.com/browse/loanDetail.action?loan_id=6818233
https://www.lendingclub.com/browse/loanDetail.action?loan_id=6838231
https://www.lendingclub.com/browse/loanDetail.action?loan_id=6875185
https://www.lendingclub.com/browse/loanDetail.action?loan_id=6818368
https://www.lendingclub.com/browse/loanDetail.action?loan_id=6817600
https://www.lendingclub.com/browse/loanDetail.action?loan_id=6808229
https://www.lendingclub.com/browse/loanDetail.action?loan_id=6818411
https://www.lendingclub.com/browse/loanDetail.action?loan_id=6837992
In summary 152 new loans were posted and 23 were gone within the first 5 minutes. 12 were gone within the first minute.
I really wish SarahV were here to comment on the quality of these. The last time I did this she nailed every one. If she's really gone gone I will miss her. I hope she reconsiders.
I don't know how many were other loans were put up and fully funded before I had a chance to look. You have to be moderate in your bandwidth demands on the LC web site or they will throttle you back. That said however, they are providing amazingly transparent access to their data and should be roundly applauded for it!

And I see Core just added a post while I was pontificating. I make it a point in my life NEVER to use the word fair. It conveys no meaning. By definition people using the word fundamentally disagree. Fair is in the eyes of the beholder.

Meanwhile I repeat; my view is that the 75% rule isn't working and I would like LC to fix it. If they don't agree nothing will be done. I'm not asking for different or more, just what they said they would do in the first place.

core

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Re: Fairer Solutions to Excess Investor Demand
« Reply #31 on: August 19, 2013, 06:25:57 PM »
I make it a point in my life NEVER to use the word fair. It conveys no meaning. By definition people using the word fundamentally disagree. Fair is in the eyes of the beholder.

Good point.  I probably shouldn't have used the word either except as part of a quote.  It is, however, right there in the subject of this thread.

You have to be moderate in your bandwidth demands on the LC web site or they will throttle you back.

This I was not aware of, at least not "throttling".  Can you explain this in a bit more detail?  Are we talking API or web site?  I make it a point to never use the word "moderate", it conveys no meaning.  Moderate is in the eye of the beholder.  :)  Everything is relative.  Are we talking about a human checking the site too often, or automation running at 20 times a second?

rawraw

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Re: Fairer Solutions to Excess Investor Demand
« Reply #32 on: August 19, 2013, 06:31:45 PM »
Quote
I really wish SarahV were here to comment on the quality of these. The last time I did this she nailed every one. If she's really gone gone I will miss her. I hope she reconsiders.
I reached out to her after she left the forum.  She seems like she is really gone gone -- which is very sad :( 

brycemason

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Re: Fairer Solutions to Excess Investor Demand
« Reply #33 on: August 19, 2013, 08:13:42 PM »
By "fair," I mean to the extent LC cares about their retail investors, they should have more equal access to notes of all qualities.

Rob L

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Re: Fairer Solutions to Excess Investor Demand
« Reply #34 on: August 19, 2013, 08:39:56 PM »
Sorry to flame about the "F" word; just a very personal thing (stuff in my life). Obviously I have no hang-ups with the word moderate (verb or adverb) and there isn't any difference.

Like a lot of other things I remember reading this but can't recall exactly where. I'm talking about automation banging on the website more than once every 15 seconds becomes less than moderate. This is for the website itself, not the API, and probably depends what you are doing and the demands that places on LC's servers. For data collection purposes I only look every 20 seconds just to be sure I don't incur the wrath of LC. Actually that's much slower than I could do it manually so I don't think it is particularly burdensome. If they are throttling my requests that's fine; just slows the collection intervals a bit. With 20 second intervals I can get a pretty good idea what's what, but I will miss things that come and go more quickly than that. I've been collecting release data for months now with no complaints from LC so I guess I've been compliant with the rules of the road.

As for the API my understanding is that there is also a limit beyond which you will be throttled. However, that limit is "TBD" so I don't know where the boundaries are there.

Rawraw if you can reach out to SarahV after a bit of time has passed maybe she will reconsider. She has earned the respect and admiration of a lot of us here and is missed.

kitono

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Re: Fairer Solutions to Excess Investor Demand
« Reply #35 on: August 19, 2013, 09:49:47 PM »
Thanks for the responses to my post. Here's a question. If LC caters so heavily in favor to institutions, doesn't that disqualify it from calling itself P2P? isn't the whole point for average joe to lend to average joe? That's what brought me in at first.

core

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Re: Fairer Solutions to Excess Investor Demand
« Reply #36 on: August 19, 2013, 10:00:59 PM »
If LC caters so heavily in favor to institutions, doesn't that disqualify it from calling itself P2P?

It most certainly does disqualify it.  That's why LC has been shying away from calling itself that lately, and in at least one interview has said flat out that they are not P2P lending.  In the lead-up to the IPO though, they are going to say whatever they think people want to hear, whatever will drive the stock higher.  In the coming months I suspect we'll hear how they were sent down from heaven by the almighty Himself to conquer big bank corruption.
« Last Edit: August 19, 2013, 10:02:45 PM by core »

berniemadeoff

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Re: Fairer Solutions to Excess Investor Demand
« Reply #37 on: August 19, 2013, 10:58:23 PM »
If LC caters so heavily in favor to institutions, doesn't that disqualify it from calling itself P2P?

It most certainly does disqualify it.  That's why LC has been shying away from calling itself that lately, and in at least one interview has said flat out that they are not P2P lending.  In the lead-up to the IPO though, they are going to say whatever they think people want to hear, whatever will drive the stock higher.  In the coming months I suspect we'll hear how they were sent down from heaven by the almighty Himself to conquer big bank corruption.

I love it!   ;D

wiseclerk_com

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Re: Fairer Solutions to Excess Investor Demand
« Reply #38 on: August 20, 2013, 12:47:06 PM »
Found it.

Zopa is using the "queue system" too:
http://talk.zopa.com/topic/8749-the-order-of-lending-under-safeguard/
I publish the http://www.p2p-banking.com blog

RollWave

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Re: Fairer Solutions to Excess Investor Demand
« Reply #39 on: August 20, 2013, 02:34:40 PM »
how did my quote change the meaning of danb's sentence at all?  because i removed the possibility that he was lying?  and removed the possibility of LC setting aside loans for him.  Why would you give any credence to those suggestions? 

its completely reasonable that when a poster suggests 3 alternatives, to accept the most likely and respond to by calling him correct.
« Last Edit: August 20, 2013, 02:37:07 PM by RollWave »

Peter

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Fairer Solutions to Excess Investor Demand
« Reply #40 on: August 20, 2013, 06:44:21 PM »
Really interesting post. Thanks for starting this thread Bryce.

First, Rollwave, it is standard practice on this and pretty much all forums when using the Quote function to leave the quote untouched. If you don't feel like doing that then don't use that function.

There are some great ideas here and I will certainly bring this thread to the attention of LC although they are probably already aware.

One point that has not yet been mentioned on this thread is that institutional investors are also complaining about the lack of supply. They face the same problems we face just on a larger scale.

I had a long conversation with Scott Sanborn (their COO) last week about the investor problem among other things.

In my discussion with Scott we talked about several ideas about how to help all investors. A couple of the ideas mentioned here were part of the discussion although I can't disclose which ones.

I don't expect change to come quickly here but at least they are thinking about solutions.
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RollWave

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Re: Fairer Solutions to Excess Investor Demand
« Reply #41 on: August 20, 2013, 07:23:59 PM »
First, Rollwave, it is standard practice on this and pretty much all forums when using the Quote function to leave the quote untouched. If you don't feel like doing that then don't use that function.

I'm sure you would agree and Zach already conceded via pm that when quoting, cutting down the length of a post is acceptable. The forum would be unreadable if people were quoting 5 paragraph essays left and right untouched.  And that is exactly what i did.  Danb is just trolling you guys with the complaint.  I did not change his words or meanings.  My quote didn't put words in his mouth.  All i did was cut down the length of a long post so that I could agree with a specific point he made.

That last part seems like an important point.  That I was agreeing with him.  It's not like I cut out relevant material to misrepresent him and make him look wrong.  I removed unrelated material from his post in order to respond to a single point that I felt was correct and important.
« Last Edit: August 20, 2013, 07:27:19 PM by RollWave »

Fred

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Re: Fairer Solutions to Excess Investor Demand
« Reply #42 on: August 20, 2013, 07:35:28 PM »
Really interesting post. Thanks for starting this thread Bryce.

First, Rollwave, it is standard practice on this and pretty much all forums when using the Quote function to leave the quote untouched. If you don't feel like doing that then don't use that function.

There are some great ideas here and I will certainly bring this thread to the attention of LC although they are probably already aware.

One point that has not yet been mentioned on this thread is that institutional investors are also complaining about the lack of supply. They face the same problems we face just on a larger scale.

I had a long conversation with Scott Sanborn (their COO) last week about the investor problem among other things.

In my discussion with Scott we talked about several ideas about how to help all investors. A couple of the ideas mentioned here were part of the discussion although I can't disclose which ones.

I don't expect change to come quickly here but at least they are thinking about solutions.

Peter,

Thanks for sharing.  However, in my world, what Scott shared with you may be considered an MNPI (Material Non-Public Information). 

The rule about MNPI is: SEC regulation FD ("Fair Disclosure") requires that if a company intentionally discloses material non-public information to one person, it must simultaneously disclose that information to the public at large. In the case of an unintentional disclosure of material non-public information to one person, the company must make a public disclosure "promptly."  (http://en.wikipedia.org/wiki/Insider_trading#SEC_regulations)

Fortunately, LC is not a public company yet.  Once it becomes public, it must be wary of selective disclosures of MNPI.

DanB

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Re: Fairer Solutions to Excess Investor Demand
« Reply #43 on: August 20, 2013, 08:30:30 PM »
Rollwave...........But you did not just "shorten" the quote, you deleted within the part that you quoted.

Your version of what I said was..............So if one were to accept the flow of the conversation here, I must be getting totally crap loan choices.

What I actually said was...............So if one were to accept the flow of the conversation here, I must either be lying or getting totally crap loan choices. Or.....etc etc.

You don't get to change what someone else says & still try to pass it off as their "quote". And if you think that the actual quote & your version mean exactly the same thing then I respectfully suggest you revisit English 101.

brycemason

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Re: Fairer Solutions to Excess Investor Demand
« Reply #44 on: August 20, 2013, 09:41:23 PM »
Move this thread crapping to a different thread. I posted my rules up front--off topic posts get deleted!