I know I've been a slacker about some of these updates and its my bad.
I'm trying to jump back on the horse here and will update my Bitcoin AutoInvest results.
First, let's see the actual chart from my BitLendingClub calendar.
Did you notice that Loanbase and BitLendingClub split off from each other?
Loanbase is now a business lending platform to businesses in Latin America while its Bitcoin lending operations are back at BitLendingClub.
Now that we know where to go to find our info, Click Here To Continue
As retail investors we often have fewer options than accredited or institutional and professional investors when it comes to p2p lending.
And sometimes it really sucks.
However, the amendment to SEC Regulation A, known as Reg A+ means there are additional investing options for us little guys (and gals). Reg A+ eased the crowdfunding rules allowing more investors into early stage investments in companies and some marketplace platforms are taking advantage of it in some cool and interesting ways.
Today Click Here To Continue
The best lending platforms have a win/win or win/win/win scenario built into them from the beginning. Prosper lets borrowers consolidate credit card debt. Instead of paying 16% to these credit card issuers they pay 7 or 8% to us. Prosper wins by originating the loan. Borrower wins by saving 800 basis points interest. Us lenders win by earning the 7-8% in interest. This type of win/win/win guides the best platforms.
More platforms are coming online and more are available for retail investors Click Here To Continue
Marketplace lenders (MPL) are compared to banks cause they issue and service loans like banks do. Some in and out of banking refer to our sector as 'Shadow Banking', a term I hate cause it implies there's something shady, not fully legal or compliant or just not right about what our sector does when none of those things are true.
Not only are peer lenders not shadow bankers, they are far more transparent with their practices and data than any bank I have ever seen anywhere.
The bankers who Click Here To Continue
There is no denying it anymore. Peer to Peer Lending has changed my life. In ways I can easily measure and ways that are tougher to measure too.
I remember it vividly as I was at my favorite neighborhood coffeeshop in Atlanta, a place where I've written a number of these posts over the 3.5 years (so far) that I have operated this blog. It was a cold day (for Atlanta) in late January 2013.
My friend, who is an investment adviser, called me over to his table and pulled out his MacBook Air Click Here To Continue
Yesterday Lending Club reported its earnings for the 2nd quarter ended in June. The company lost $81 million, or 9 cents/share in the quarter which is worse than the $4 million loss for the same period last year.
Most of the loss is attributed to additional expenses for a combination of additional professional fees (read: legal) on the LaPlanche loan mess and DOJ investigation as well as compensation and severance packages for laid off employees.
Loan originations were $1.96 Click Here To Continue
I wish I had a quarter for everytime I've heard that Marketplace Lending/Peer to Peer Lending specifically, and FinTech generally are a revolution to the world of finance.
Revolutions need leaders.
Who would Martin Luther King have been able to look up to for examples of peaceful, effective, non-violent civil disobedience if there was no Gandhi? How would MLK have been able to use this example to advance the Civil Rights movement here in America if he hadn't seen it in action already?
MLK Click Here To Continue
Bitcoin exchange and lending platform Bitfinex has been hacked and reports say up to $70-72 million worth of Bitcoin was stolen.
Their own reporting of it is in a post on their blog right here.
Any attempt to login to the platform shows this message regardless of if you have any BTC there or not:
I happen to not have any BTC there at the moment although I do have USD there. My dollars are there although I have no open loan positions.
Updates are given at their Status Click Here To Continue
Madden v Midland Funding
Some of you may have heard about this case and that it may/might/could/is already affecting marketplace lenders.
Miss Madden had a Bank of America credit card and defaulted on her payments. Midland Funding is a debt buyer and collection agency based in San Diego. Midland bought the debt of Miss Madden, who is a NY resident, and added additional interest costs to her debt balance and tried to collect the total. Madden thought this was wrong and filed suit.
In Click Here To Continue