Prospers.ORG Prosper Forum

Advanced search  

News:

Welcome to Prospers.ORG!   Login here

Pages: [1]   Go Down

Author Topic: Hello from another newbie  (Read 12374 times)

VBinvestor

  • Newbie
  • *
  • Karma: +0/-0
  • Posts: 6
    • View Profile
Hello from another newbie
« on: July 15, 2011, 12:39:24 pm »

Just wanted to stop in and say "Hi".  I've been lending on Prosper since January and lurking here for a couple of weeks.  I appreciate all of the info (good and bad).  It has opened my eyes a bit, and I will proceed more cautiously. 

A few general questions about the forum and Prosper:

1.  What do you guys mean when you say "nominate for Lobby"?  You just want the conversation to be available to the public?
2.  Can someone give me a quick rundown on what you mean by Prosper 1.0, 2.0 etc.  I have a general overview, but a brief timeline with a few facts would be useful to me.

Thanks!

--Natalie
Logged

ira01

  • Hero Member
  • *****
  • Karma: +144/-10420
  • Posts: 48230
    • View Profile
Re: Hello from another newbie
« Reply #1 on: July 15, 2011, 01:03:57 pm »

Just wanted to stop in and say "Hi". 

Welcome!

Quote
A few general questions about the forum and Prosper:

1.  What do you guys mean when you say "nominate for Lobby"?  You just want the conversation to be available to the public?

Yes.  Only the Lobby and Introductions are open to non-registered visitors and crawled by the search engines.

Quote
2.  Can someone give me a quick rundown on what you mean by Prosper 1.0, 2.0 etc.  I have a general overview, but a brief timeline with a few facts would be useful to me.

Prosper 1.0 was the original Prosper, from the end of 2005 through the SEC shut-down (which was around late-middle 2008 IIRC).  It is important to note that Prosper made numerous changes over that time period, so you can't really compare late 1.0 and early 1.0 performance.  For example, in the earliest days their was very little credit data available.  That got added in dribs and drabs over time, and the credit scores were constantly tweaked too (the credit scores corresponding to a particular grade were repeatedly raised over time, and the lowest scores were eliminated altogether).  Prosper also made less and less other information available to lenders over time, including scrubbing listings of "PII" (personally identifiable information), hiding the borrowers' location by default, preventing lenders from discussing information about borrowers, first encouraging then requiring screen names randomly assigned by Prosper, limiting then eliminating photos, etc,.

Prosper 2.0 is usually used to refer to Prosper's short-lived and unsuccessful attempt to give the middle-finger to the SEC, by re-opening for business for about a week under CA law -- until the SEC gave Prosper the big FU and Prosper shut down again, repurchasing all the 2.0 loans.

Prosper 3.0 is usually used to refer to Prosper's post-SEC registration operations, which were from about fall 2009 to the present IIRC.  Of course, Prosper has made numerous changes in that time period as well, also making comparisons of early 3.0 and late 3.0 risky.  For example, the elimination of bidding on interest rates.
Logged
If you're not outraged, you're not paying attention.

no-whammies

  • Hero Member
  • *****
  • Karma: +3/-0
  • Posts: 987
  • I'm not your buddy, guy.
    • View Profile
Re: Hello from another newbie
« Reply #2 on: July 15, 2011, 01:05:51 pm »

2.  Can someone give me a quick rundown on what you mean by Prosper 1.0, 2.0 etc.  I have a general overview, but a brief timeline with a few facts would be useful to me.

Indeed it is all a bit confusing, and even many lenders can't agree on the versioning of Prosper. 
This topic was discussed here: http://www.prospers.org/forum/empty-t23120.0.html
Logged

Urbi_et_Orbi

  • Hero Member
  • *****
  • Karma: +195/-116
  • Posts: 9355
  • "Lock Him Up" - Suspended Since 9/3/2009
    • View Profile
Re: Hello from another newbie
« Reply #3 on: July 15, 2011, 04:30:08 pm »

Welcome.

As an example of the ambiguity in versioning, I personally think we're currently in Prosper 4.0 - as of the date Prosper dropped the auction model and adopted the fixed-rate model.

Otherwise, I think Ira offered you a really great explanation.
Logged
Mothandrust: "Why's he off the ballot in Colorado but it's OK for the other 48 states and Hawaii to vote for him"
https://www.prospers.org/forum/index.php?topic=37264.msg807090#msg807090

DontDefault

  • Newbie
  • *
  • Karma: +0/-0
  • Posts: 45
    • View Profile
Re: Hello from another newbie
« Reply #4 on: July 15, 2011, 05:53:04 pm »

Welcome Natalie  :).  I started lending on Prosper in February and have been happy so far. I think we discovered Prosper at the perfect time.  From reading a lot of the past posts, we didn't have to go through all of the horrible experiences that the early lenders went through.  I've been putting more money into Lending Club than into Prosper lately because they seem to be the more stable of the two companies.  I've done well with both so far though.   
Logged

triad

  • Full Member
  • ***
  • Karma: +0/-0
  • Posts: 177
    • View Profile
Re: Hello from another newbie
« Reply #5 on: July 15, 2011, 06:12:30 pm »

And just to add my 2 cents for an old pet peeve.

Propser brags about the returns and default rates on AA, A and B loans.  They like to frame this in the best possible light, but one way they did this was to reclassify old loans that had been AA, A or B at the time I bid on them to lower grades including HR.  That way they could claim an AA loan is likely to default at x% even though the actual rate was much higher. 
Logged

Beerbud1

  • Guest
Re: Hello from another newbie
« Reply #6 on: July 15, 2011, 06:31:53 pm »

VBinvestor-Welcome!  ;D

Please spend some time in the Lobby reading the many threads. Its an education I wished I had gotten.

Good Luck!
Logged

VBinvestor

  • Newbie
  • *
  • Karma: +0/-0
  • Posts: 6
    • View Profile
Re: Hello from another newbie
« Reply #7 on: July 16, 2011, 09:37:41 am »

Thanks everyone!

--Natalie
Logged
Pages: [1]   Go Up