Prospers.ORG Prosper Forum

Advanced search  

News:

Welcome to Prospers.ORG!   Login here

Poll

I would consider using a bid sniping service to place bids on prosper.com

Yes
- 12 (24.5%)
No
- 32 (65.3%)
WGAF
- 5 (10.2%)

Total Members Voted: 48


Pages: 1 [2]   Go Down

Author Topic: Would you use a bid sniping service on prosper.com?  (Read 16497 times)

Spider5

  • Jr. Member
  • **
  • Karma: +0/-0
  • Posts: 61
    • View Profile
    • Prosper Lending Blog
Re: Would you use a bid sniping service on prosper.com?
« Reply #15 on: February 26, 2008, 04:51:19 pm »
Quote from: 112233 on February 26, 2008, 01:38:53 pm
security aside, I might use sniping to tie my money up less and bid on more loans rather than as a tool to get the highest rate. For example, If I had $50 in my account I could set up snipes for 10 loans, and the first loan that funds wins my $50.

This sounds like the wish-list HO mentioned which would be a more useful tool IMHO.



This seems like it would not really be effective.  If I wait a couple more days to snipe the loan I have to have the money ready to go in my Prosper account anyway.  It doesn't earn any interest tied up in there.  You could wait a couple days and transfer the money into your account perhaps but you have to do that manually anyway.  It doesn't seem to me that automating the bidding process to snipe the loan would really tie up less money.

Unless you want to avoid bidding on loans that aren't going to fund....but, of course, if everyone is doing that then loans that would otherwise fund aren't going to anymore.
Logged

Mtnchick

  • Hero Member
  • *****
  • Karma: +1981/-1078
  • Posts: 34374
    • View Profile
Re: Would you use a bid sniping service on prosper.com?
« Reply #16 on: February 26, 2008, 04:57:44 pm »
Quote from: Spider5 on February 26, 2008, 04:51:19 pm
Quote from: 112233 on February 26, 2008, 01:38:53 pm
security aside, I might use sniping to tie my money up less and bid on more loans rather than as a tool to get the highest rate. For example, If I had $50 in my account I could set up snipes for 10 loans, and the first loan that funds wins my $50.

This sounds like the wish-list HO mentioned which would be a more useful tool IMHO.



This seems like it would not really be effective.  If I wait a couple more days to snipe the loan I have to have the money ready to go in my Prosper account anyway.  It doesn't earn any interest tied up in there.  You could wait a couple days and transfer the money into your account perhaps but you have to do that manually anyway.  It doesn't seem to me that automating the bidding process to snipe the loan would really tie up less money.

Unless you want to avoid bidding on loans that aren't going to fund....but, of course, if everyone is doing that then loans that would otherwise fund aren't going to anymore.

Which brings up another issue - wouldn't you have to have the $$$ in your account to set up a snipe order? What if you have the money when you place the order, but pull it out before you're scheduled to snipe?

I dunno - this just seems like a bad environment for bid sniping.
Logged
Classic comment from Urbi to a poster who said they were leaving:

"Once again, we note that your threats are hollow and you come across like a sad, lonely blowhard.

I doubt anyone here gives a shit about you.  We pretty much all know that you are a vile and unethical parasite of a human being with an abnormal craving for attention."

nonattender

  • Hero Member
  • *****
  • Karma: +1/-1
  • Posts: 1348
    • View Profile
Re: Would you use a bid sniping service on prosper.com?
« Reply #17 on: February 26, 2008, 05:21:34 pm »
It is optimal from both an allocation and a price standpoint to place your bid at the last possible moment, discounting any concerns to momentum (whether a loan will fully fund)...

-t
Logged
Nothing that I ever say is "professional advice" - principally, because I suffer from an infinitely inescapable prinicipal/agent problem, in that I am, in principle, always acting as my own agent.

Peer-to-Peer Lending & Personal Loan Information

GLeaderAccountantsChoice

  • Hero Member
  • *****
  • Karma: +0/-0
  • Posts: 787
    • View Profile
Re: Would you use a bid sniping service on prosper.com?
« Reply #18 on: February 26, 2008, 06:24:58 pm »
No.  Although I'm no PMI Jedi, one still has to try and use the force.   ;)
Logged


*Warning - Lending stats subject to change

LoanChimp

  • Hero Member
  • *****
  • Karma: +2/-0
  • Posts: 3299
  • LC - Punk Monkey
    • View Profile
Re: Would you use a bid sniping service on prosper.com?
« Reply #19 on: February 27, 2008, 07:49:06 pm »
No.

I'm too cheap to pay for something I can do myself...
Logged

HollowOak

  • Hero Member
  • *****
  • Karma: +7/-6
  • Posts: 5155
    • View Profile
Re: Would you use a bid sniping service on prosper.com?
« Reply #20 on: February 27, 2008, 07:52:26 pm »
Quote from: LoanChimp on February 27, 2008, 07:49:06 pm
No.

I'm too cheap to pay for something I can do myself...

Who said anything about "pay?"
Logged
Old Stump
My blog

LoanChimp

  • Hero Member
  • *****
  • Karma: +2/-0
  • Posts: 3299
  • LC - Punk Monkey
    • View Profile
Re: Would you use a bid sniping service on prosper.com?
« Reply #21 on: February 27, 2008, 08:09:53 pm »
Quote from: HollowOak on February 27, 2008, 07:52:26 pm
Who said anything about "pay?"

Right. In this case, free is good...  :P
Logged

Soupy1

  • Newbie
  • *
  • Karma: +0/-0
  • Posts: 13
    • View Profile
Re: Would you use a bid sniping service on prosper.com?
« Reply #22 on: February 27, 2008, 08:25:39 pm »
Hi this is Mrs. Soupy, LC ( I think I know your real name  :) ).  " Free is Good" sounds like Mr. Soupy
Logged

LoanChimp

  • Hero Member
  • *****
  • Karma: +2/-0
  • Posts: 3299
  • LC - Punk Monkey
    • View Profile
Re: Would you use a bid sniping service on prosper.com?
« Reply #23 on: February 27, 2008, 08:30:21 pm »
Quote from: Soupy1 on February 27, 2008, 08:25:39 pm
Hi this is Mrs. Soupy, LC .  " Free is Good" sounds like Mr. Soupy

 :D It appears prosper lenders in general are quite the cheap and frugal group. (Except when on vacation)...

Quote
( I think I know your real name  :) )

*Enters stealth ninja mode...*  :ninja:
Logged

vsqueen

  • Sr. Member
  • ****
  • Karma: +0/-0
  • Posts: 379
    • View Profile
Re: Would you use a bid sniping service on prosper.com?
« Reply #24 on: February 27, 2008, 08:33:18 pm »
Quote from: Soupy1 on February 27, 2008, 08:25:39 pm
Hi this is Mrs. Soupy, LC ( I think I know your real name  :) ).  " Free is Good" sounds like Mr. Soupy

Hi Mrs. Soupy1!  Glad you found us.  I have a few PD08 pictures posted on this thread.  I am working on more, just thought you might recognize some of the people.  

http://www.prospers.org/forum/pd08_pics-t5926.0.html







Logged
A drunk girl's lips are a sober girl's desire.

Soupy1

  • Newbie
  • *
  • Karma: +0/-0
  • Posts: 13
    • View Profile
Re: Would you use a bid sniping service on prosper.com?
« Reply #25 on: February 27, 2008, 08:36:37 pm »
Very nice pics.  Good job none of me :)   I am in stealth mode till Dc meet  lol
Logged

RateLadder_com

  • Sr. Member
  • ****
  • Karma: +0/-0
  • Posts: 376
    • View Profile
    • RateLadder -- Prosper.com Lender Blog, Lending Strategy, Rate Analysis and Personal Finance
Re: Would you use a bid sniping service on prosper.com?
« Reply #26 on: February 28, 2008, 12:31:52 am »
sniping is only one aspect of automated bidding.  Momentum is another.  both can be accomplished with api bidding. 

I for one am going into snipe only mode in the very near term (I don't have enough money to care about momentum)...  I will release my code (loan chimp that == free if you can install and configure it yourself).

Although to be perfectly honest, my idea of sniping does not have a manual component so unless I just decide to build it for grins someone will have to add a manual override switch before chimp will use it.

Here is a link to the quick snipe code I demoed and bid with at Prosper Days: http://www.rateladder.com/2008/02/24/bidding-with-the-prosper-api-code-example-quicksnipejava/
« Last Edit: February 28, 2008, 12:33:29 am by RateLadder_com »
Logged
Pages: 1 [2]   Go Up
« previous next »