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Author Topic: Prosper Removes List of Bids/Lenders From Loan Request Page  (Read 13841 times)

Xenon481

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Prosper Removes List of Bids/Lenders From Loan Request Page
« on: March 06, 2013, 01:46:18 pm »

Prosper removed the list of bids/lenders/amounts/times/etc from the Borrower's Loan Request Listing page.

They didn't just remove this information from the new listings pages, but also from all historical listing pages as well.

Now we can no longer see which loans Anton is bidding on.

Supposedly, Prosper did this "due to privacy concerns".

http://www.lendacademy.com/forum/index.php?topic=790.0
Quote from: euro-eagle1
Just spoke with somebody on the main Prosper customer service line. They said that they have indeed eliminated the feature "due to privacy concerns" and that it was a combination of outside pressure as well as an internal decision. They also stated that the feature will likely be removed from the API soon as well, rendering Prosper-Stats largely useless to myself and many other investors.

I don't know about you guys but I think Prosper just shot themselves in the foot. This was one of their primary competitive advantages over Lending Club in my eyes...

Also this doesn't make sense to me because a full listing of all registered owners of a stock (i.e. those who do not own a stock "in street name" through a brokerage) are made public through data sources such as the Bloomberg Terminal... I would expect that the regulations should be similar for peer-to-peer.

Urbi_et_Orbi

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Re: Prosper Removes List of Bids/Lenders From Loan Request Page
« Reply #1 on: March 06, 2013, 02:14:03 pm »

That's interesting. Thanks for posting.

DCS

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Re: Prosper Removes List of Bids/Lenders From Loan Request Page
« Reply #2 on: March 06, 2013, 03:00:04 pm »

Social lending is now less social.  Peer-to-peer?  Just trust us, your peers are bidding on your loan, no need to see who...
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Xenon481

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Re: Prosper Removes List of Bids/Lenders From Loan Request Page
« Reply #3 on: March 06, 2013, 04:30:03 pm »

Once this information is removed from the API (and presumably also the data download file), we will no longer be able to see statistics like how much a certain lender has invested or what their actual returns are.

ira01

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Re: Prosper Removes List of Bids/Lenders From Loan Request Page
« Reply #4 on: March 06, 2013, 06:13:35 pm »

Once this information is removed from the API (and presumably also the data download file), we will no longer be able to see statistics like how much a certain lender has invested or what their actual returns are.

Can't imagine why Prosper would want to hide that.   ::)
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Staneslav

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Re: Prosper Removes List of Bids/Lenders From Loan Request Page
« Reply #5 on: March 07, 2013, 08:01:28 am »

a
« Last Edit: November 24, 2017, 02:31:40 pm by Staneslav »
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Xenon481

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Re: Prosper Removes List of Bids/Lenders From Loan Request Page
« Reply #6 on: March 07, 2013, 08:09:09 am »

The guy that runs Prosper-Stats.com says that Prosper kept telling him that no decision had been made on whether or not (or how) to do this all the way up until they actually implemented it without telling anybody.

emphasis mine.

Quote from: rocco.g
[...] I got in contact with Prosper about this potential change months ago because of the impact it would have on my site (www.prosper-stats.com).  It upsets me to say that Prosper continued to tell me they were discussing internally on what to do about bid data/privacy and that no plans had been made right up until the day bid data stopped appearing in the data export.  Even then I assumed this was a glitch until I was finally told by someone at Prosper that the bid data was intentionally pulled.

I have asked that they turn this data back on temporarily until their new API is made publicly available which would at least allow for alternate means of portfolio management on a per-user basis (such as finding previously late notes), but since I haven't heard anything, and bids still aren't appearing, I am going to assume it isn't going to happen.

During my initial conversation with Prosper an alternate proposal was suggested to allow people to "opt-out" of having their bid data published instead of just dropping all bid data.  I was hoping that this or something similar to it would allow those who didn't want to have their bid data published a way to protect their privacy, while at the same time allowing data analysis on the rest of the data.  I was planning to put a message about this up on my site in the next couple weeks to get people's feedback on this suggestion and to ask them to put in a request with Prosper to implement an "opt-out" model instead of blocking all the data.  My current thought is that [there is significant demand for this type of data  since over 75% of my site usage is tied to bid data.

Also, the thread on the other forum is turning pretty negative quickly.

yankeefan

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Re: Prosper Removes List of Bids/Lenders From Loan Request Page
« Reply #7 on: March 07, 2013, 11:52:39 am »

So we can no longer tell which fictitious personna is bidding on which bogus lender due to privacu concerns? 

I'm so glad the new management if bringing better business practices to Prosper.
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bamalucky

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Re: Prosper Removes List of Bids/Lenders From Loan Request Page
« Reply #8 on: March 07, 2013, 03:42:57 pm »

What's the other forum?  I like to witness prosper dreams crushed
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Urbi_et_Orbi

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Re: Prosper Removes List of Bids/Lenders From Loan Request Page
« Reply #9 on: March 07, 2013, 03:53:40 pm »

Lobby?

Xenon481

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Re: Prosper Removes List of Bids/Lenders From Loan Request Page
« Reply #10 on: March 07, 2013, 04:03:22 pm »

What's the other forum?  I like to witness prosper dreams crushed

I linked to it in the original post.

bamalucky

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Re: Prosper Removes List of Bids/Lenders From Loan Request Page
« Reply #11 on: March 07, 2013, 04:13:16 pm »

Social lending is gone
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havastat

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Re: Prosper Removes List of Bids/Lenders From Loan Request Page
« Reply #13 on: March 07, 2013, 08:21:15 pm »

I suppose it's inevitable. Institutional investors are rather secretive -- very different personality from internet social types. The culture changes to reflect the folks they're courting. After all, LendingClub doesn't publish this stuff and has done OK, so it's not like the market is banging down the doors demanding this or else.

It may not be unreasonable, given the results, for Prosper to think that maybe the things differentiating it from LendingClub are competitive disadvantages and maybe things will get better if it cuts them.

Besides, maintaining the data feed software costs and money is tight these days.
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Mtnchick

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Re: Prosper Removes List of Bids/Lenders From Loan Request Page
« Reply #14 on: March 07, 2013, 08:22:47 pm »


Also, the thread on the other forum is turning pretty negative quickly.

Impossible - .org is the only place where Prosper isn't praised!
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