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Author Topic: Article: You Are Unlikely to Prosper  (Read 131212 times)

yankeefan

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Re: Article: You Are Unlikely to Prosper
« Reply #15 on: January 19, 2010, 08:04:24 am »
Quote from: 112233 on January 19, 2010, 07:38:53 am
I didnt catch the big splash on the home page the first time. lol. very nice



Boorrowing from "this man" is not the problem-  it's the lending to him, don'tcha know. 
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112233

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Re: Article: You Are Unlikely to Prosper
« Reply #16 on: January 19, 2010, 08:07:53 am »
Quote from: yankeefan on January 19, 2010, 08:04:24 am
Quote from: 112233 on January 19, 2010, 07:38:53 am
I didnt catch the big splash on the home page the first time. lol. very nice



Boorrowing from "this man" is not the problem-  it's the lending to him, don'tcha know. 
true. the phrasing could be more precise.
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Xenon481

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Re: Article: You Are Unlikely to Prosper
« Reply #17 on: January 19, 2010, 08:19:53 am »
Amazingly accurate and well written article!  :D
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cubbiesnextyr

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Re: Article: You Are Unlikely to Prosper
« Reply #18 on: January 19, 2010, 09:01:12 am »
Pioneer11 is quoted!

The author has to be registered here in order to have gotten the pioneer11 quote as well as the other thread linked since neither are in the lobby.  I wonder what his login is?
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yankeefan

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Re: Article: You Are Unlikely to Prosper
« Reply #19 on: January 19, 2010, 09:05:41 am »
Quote from: cubbiesnextyr on January 19, 2010, 09:01:12 am
Pioneer11 is quoted!

The author has to be registered here in order to have gotten the pioneer11 quote as well as the other thread linked since neither are in the lobby.  I wonder what his login is?

Markgimein
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NewHorizon

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Re: Article: You Are Unlikely to Prosper
« Reply #20 on: January 19, 2010, 09:39:25 am »
From the excellent article...
Quote
“Every American,” Larsen said, “can be their own banker. I can back other entrepreneurs, I can back people in my community ...

Can't be done.
Borrowers don't want to tell us - as per Prosper's advice, IIRC - which community they live in.

Well anyway, I've come to realize it doesn't matter.  Just cuz someone lives close to me doesn't mean they can pay their bills.  And we've already seen one lender (group leader, actually) go knocking on the door of a nearby non-paying borrower but to no avail.
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yankeefan

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Re: Article: You Are Unlikely to Prosper
« Reply #21 on: January 19, 2010, 09:43:55 am »
Quote from: NewHorizon on January 19, 2010, 09:39:25 am
From the excellent article...
Quote
“Every American,” Larsen said, “can be their own banker. I can back other entrepreneurs, I can back people in my community ...

Can't be done.
Borrowers don't want to tell us - as per Prosper's advice, IIRC - which community they live in.

Well anyway, I've come to realize it doesn't matter.  Just cuz someone lives close to me doesn't mean they can pay their bills.  And we've already seen one lender (group leader, actually) go knocking on the door of a nearby non-paying borrower but to no avail.

Like the shop around the corner from Prosper's world headquarters that they couldn't find to collect from....
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God-Father

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Re: Article: You Are Unlikely to Prosper
« Reply #22 on: January 19, 2010, 10:46:33 am »
http://twitter.com/markgimein

Quote
The hype about Prosper.com: an "empowering" solution to the credit crisis. The reality: misery for lenders
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Senator

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Re: Article: You Are Unlikely to Prosper
« Reply #23 on: January 19, 2010, 11:15:33 am »
*poof*
« Last Edit: January 19, 2010, 06:45:13 pm by Senator »
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Successful loans are made to persons who are on a clear path to financial stability. -Mjerryfirst May 18th, 2008.

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Senator

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Re: Article: You Are Unlikely to Prosper
« Reply #24 on: January 19, 2010, 11:17:40 am »
Mark Gimein,

You have a typo here
Quote
Prosper's data now shows that now shows that close to 36% of the loans made before Nov. 27, 2007—the date of the AP story—have ended in default, roughly thirteen times what a casual reader would have thought from Larsen's comments.

ETA: Good work!
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Stats as of 12/29/2010:
Total withdrawals: $3,488.87 minus (-) Total deposits: $3,600.00 = ($111.13)
Cash balance: $0
Principal value of active notes:  $0
Total active notes: 0 of 70.

Successful loans are made to persons who are on a clear path to financial stability. -Mjerryfirst May 18th, 2008.

I know that when I make my 10% those "unbelievers" will call it luck cause that will be the easiest way to excuse their mistakes. -Researchpro May 5th, 2009.

It's a great time to be poor and irresponsible in America. -PPT May 2009

ira01

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Re: Article: You Are Unlikely to Prosper
« Reply #25 on: January 19, 2010, 11:48:36 am »
Quote
To look at the results of Prosper's loan marketplace, though, is to see not a solution to the credit crisis, but a microcosm of it. Loans to unqualified borrowers; reliance on mathematical models that turn out to be a lot less useful than they seemed;

He forgot to credit ResearchPro for this one! 
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Staneslav

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Re: Article: You Are Unlikely to Prosper
« Reply #26 on: January 19, 2010, 11:55:11 am »
a
« Last Edit: December 04, 2017, 12:56:03 pm by Staneslav »
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ira01

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Re: Article: You Are Unlikely to Prosper
« Reply #27 on: January 19, 2010, 11:59:43 am »
Quote from: Staneslav on January 19, 2010, 11:55:11 am
A well done article. It is nice to see that the goals of several people on this forum are finally being realized and that their efforts are paying off.

+1.  Very nicely done (although, as the article itself notes, several years too late).

I see that Prosper has already scrubbed all references to the article off its FaceBook page (it's still on the Just Fans page, which Prosper seems to not know about).
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Urbi_et_Orbi

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Re: Article: You Are Unlikely to Prosper
« Reply #28 on: January 19, 2010, 12:14:15 pm »
This is the most popular story on their site right now.
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bamalucky

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Re: Article: You Are Unlikely to Prosper
« Reply #29 on: January 19, 2010, 12:31:59 pm »
It's really nice to see a reporter actually dig down & get the facts.
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