I think that's the first time anyone has called me "level-headed". I take it as a compliment.
It was meant as one. Earned. Now I do understand that someone doesn't generally come to a new forum and start spouting off UN-level-headed stuff (even if they're thinking it). I mean when I had just 23 posts I probably sounded pretty level-headed too. Well except for that LC conspiracy about the fake building. And the moon landings. And maybe a few other things. Ok after further thought, I take it all back. But yes you've thus far been pretty level-headed even though you've fallen for "their" tricks.
It's all on the cloud, housed in Folio's servers.
Dear Lordie, not "the cloud". Please tell me you're not a salesperson. My brother is a salesperson. He talks just like you do. I implement stuff; I write code. He talks to people and pretends like he knows what he's selling. I asked him what the h3ll the cloud can be when it's in the same room as all the other stuff. I guess now a cloud can be anything composed of 2 devices spaced 1cm apart. Hey I guess my personal machine is a cloud since I have external USB storage. Salesperson told me that doesn't count. Ok great. Everything settled.
Folio's core software is then customized by LendingClub and is then magically linked up to LC's database. That "magic link" is one of the reasons why there are a lot of problems, or technical inefficiencies, in the market.
My suspicion is that many of the observed technical inefficiencies are caused by either a load-balancing reverse proxy or a slaved database setup. I could be wrong. This explanation does have the advantage in that it does not rely on magic.
This could explain why trades take a full business day to settle.
The trades take a full business day to settle to give them time to screw us. And so they can cancel anything that they can pre-determine is going to make us money. Also I am sure that there are legal reasons. Same as why T+3 exists for stocks, or even for options it's still T+1. The difference is, for options and stocks, the 'settlement' date really has no bearing on anything. You can trade right out of it minutes later for a profit even though you won't receive the shares until 3 days later. (Assuming you're not free-riding on a cash account.) Note trading should be the same. It can be.
Also explains why pending trades don't show up in LC's main site and why the two platforms look -and feel- so different.
You can talk about "-feel-". I'm going to talk about code. And it's exactly the same. Even an outsider can get a good sample of the programmer(s) tendencies just by getting into it. You begin to write code for a site, and even before going to the next page on the site you can anticipate exactly what they did, exactly what small mistakes they made. And when you move over to a "whole different site" (/foliofn) then when you see the same rounding errors and same obscure approaches were used, well it doesn't take too many smarts to realize what's really going on.
