Two Millionaires Why Do You Make Community Payments? (Part 2) | P2P Lending, Peer to Peer Lending, People to People Lending

Permission is granted to anyone to publish this message about the Two Millionaires groups on unchanged, in it’s entirety. It is a response to an inquiry from Kevin at
The question is: “Do you care to respond to the allegations (in the Prosper Forums) that your technique (community payments) is a ponzi scheme and can’t succeed monetarily as a long term strategy? As a mega group it will be very difficult to maintain your 5 star rating indefinitely in the onslaught of HR defaults.”
Response from a Two Millionaires Group Leader:
There is a very small gang of people who dominate the Prosper forums with their own dated lender-oriented point of view by posting thousands of messages, many of them or the signature lines promoting their own and their friend’s self-proclaimed “good” groups.
For several months they have tried to damage my, my wife’s, and our groups’ reputation, resorting even to falsely labeling me mentally deranged and a fraud and criminal. I have taken certain steps to defend myself against libel, but your question refers to another of their attempts in the effectively unmoderated forums to accuse me (and in this case Prosper Corporate) of a criminal offense.
Here is the Wiki definition of a Ponzi scheme:
“A Ponzi scheme is a fraudulent investment operation that involves paying abnormally high returns (“profits”) to investors out of the money paid in by subsequent investors, rather than from net revenues generated by any real business.”

Community Payments, a program instituted by Prosper Corporate and available for anyone to use, does not in any manner fit the definition of a Ponzi scheme.

The reference on the forums is just another unsuccessful attempt, in my opinion, to try to drive people away from the Two Millionaires groups, and I suppose towards the “good” groups as defined and promoted by the little forum gang and their devotees. Followers apparently believe what the leaders say about Two Millionaires, and hop on to what they perceive to be a popular bandwagon, to attack the Two Millionaires group leaders and harm or poach the members of their groups.

The vicious month’s long attacks have resulted in some lenders shunning the Two Millionaires groups and thus being deprived of many investment choices. The Two Millionaires groups consistently run more than 200 listings, many of them from high credit grade borrowers. Many of those listings are quickly filled by the thousands of lenders who have not been influenced to their harm by the forum gang.

So, a Ponzi scheme? Definitely not! Prosper would be shut down if it created fraudulent programs and encouraged criminal offences.

But in the long run, community payments if made only by the group leader are unsustainable in a megagroup that services HR and E borrowers. Unless the star system is changed (as it likely will be this summer) the stars will eventually fall for the Two Millionaires mega group of almost 8,000 people, and they will be buried uselessly beneath groups that have maybe 10 members, zero listings, five or fewer loans, and no sign of an active group leader who is capable of or willing to respond to hundreds of messages each day, and effectively serve thousands of people in the Prosper community.

However, the other Two Millionaires group, also five stars, is now third from the top!

So decide for yourself how this is likely to play out, in spite of the forum gang’s relentless rants…

More information is available at http://www.2mils.orgTwo Millionaires Website
Two Millionaires on March 26, 2007

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