Wow ! This comment is amazing! You should write more about P2P on your blog :) I actually invest in Lending club right now. I don't know as much as you do. But It's nice to get some returns on my money that would otherwise be sitting! But I've also noticed that the amount I get isn't that big, Unless I get incredibly risky loans, Which I tend to avoid.
I wasn't around for the bidding you are talking about. But I actually heard of it, And it sounds pretty amazing. Maybe the market will cause it to change again? Who knows. I love the ending, where you say that I shouldn't focus on the doors that are closed.
While I was really disappointed at first about the whole money thing, I actually realized that there is a lot of good in it too. While I get to take a "break" from one of my more time consuming weekly tasks. I still get money tricking in. I've actually been wanting to focus on my other 2 smaller businesses anyways. So this works out! By the time I'm making good money with my other 2 businesses. I might be able to go back on that site and start making a killing again. With my other 2 businesses making good money, I can afford to hire people to manage a lot of it. So in the end, This might work out really well!
@kaylinart I had the most rewarding time investing when I was deeply involved in P2P lending through prosper. I helped form a a pod of Dolphin lenders which would all assess and fund loans together. We focused on small businesses and debt consolidation. The most satisfying part of it was that WE the P2P lenders were providing capital to the mom and pop small businesses the banks were refusing. I felt like I was making a real change while making some good returns. In total, I think I had a grand total of $500 of loans go bad on a portfolio of easily close to 60 times that.
In the world of today, I stay away from P2P lending because the economic climate (in my perspective) so closely mirrors both 1929 and 2007. I don't think one can effectively manage risk in the current economic environment enough to safely profit from P2P lending. Once the coming meltdown happens and the dust settles again, I will most likely move back into the space because the need for capital to rebuild business will have to come from non-conventional sources once again. Until that time, I think crypto will provide the only real safe haven for protecting net worth.
My $0.02 anyways.
I will need to look more into this, And see if it's a place I should be putting my investments. Thank you so much for your insight on this. You definitely know what you are doing more than I do