If you click the Loan button today, you will start paying an interest fee of 0.05% per day on your entire outstanding loan balance.
So if you have 10,000 mana of loans outstanding, you would pay 5 mana per day. That adds up quickly -- over a year you would pay more than 1000 mana on this fee.
Before you take that loan, please consider this.
See the post here for more details:
https://manifold.markets/post/interest-of-5-on-all-positions-loan
The above is true as of the time this poll was made, maybe things will get updated later. I think it's important for you to know before you click.
1,000@SG People (myself included) might be fearful, uncertain, and doubting, but I think that is at least plausibly justified! I don't think the use of the term FUD is appropriate here. This poll post might have served its purpose and no longer be current, but I wouldn't call it FUD.
@EvanDaniel this poll was an excellent idea and many people are glad you made it, even if manatarily it turns out to be completely unnecessary
@SG This saved a lot of people from leaking money unintentionally. Your methodology of "screw with everyone overnight because I think it's funny" caused this. It's not FUD.
@ChurlishGambit it’s very understandable to strongly criticize the change and even the dev pattern behind it. It’s wrong and bad faith to characterize SG as doing this maliciously for the lulz. Please stop
@DavidHiggs He does seem to do it for the lulz, given his "are you not entertained?" comment last night
@DavidHiggs I don't have any reason to think he doesn't find his choice of a high-friction style of developing & communicating, personally amusing. There's not much other good reason to conduct himself nor the site this way.
@ChurlishGambit That's a far more reasonable critique than the first comment. Please try to keep things more like the latter than the former.
Once upon a time, the "mad scientist governance" was an explicit thing done because they thought it made better, faster progress. "Move fast and break things" turned up a notch. You might think it's wrong or disagree or not like the results, and that's fine (and I'd probably agree with you, at least a bit, especially in this context). But I think it's just not true that there exist no other plausible good reasons.
@EvanDaniel "Move fast & break things" also upset a lot of people—& broke a lot of laws, churned out a lot of fraud, resulted in a lot of bad products. It is the attitude of arrogant, moneyed oligarchs (many of whom, now, are suffering from all kinds of delusions, c.f. Peter Thiel's obsession with the anti-Christ). It was never a good way to do things. It was just the way rich people in SV did them.
@EvanDaniel thank you, I was writing a reply along similar lines but it was much worse in every way (I guess ChGa annoys me) so I deleted it XD
@ChurlishGambit That's an assessment of the outcome, not of whether a reason exists! Maybe people are doing it for the lulz, maybe they disagree with you and think "move fast and break things" is in fact productive. It's hard to tell motivation, and usually better to just judge results and behavior anyway, IMO.
@EvanDaniel Again, he was commenting in such a way last night that he clearly found it amusing. I don't appreciate you pretending I'm coming at this from nowhere.
Also—I spent 15 years in SV, at "move fast & break things" companies. It was always, ALWAYS, a product of the arrogance of the C-suite. We had reams of data showing how inefficient it was, how much personnel churn it caused, the various tangible & intangible costs. And every single time, at every company, the C-suite stuck with it, because they found it fun.
@ChurlishGambit I don't think you're coming at this from nowhere; I do think you're inferring somewhat more than is well supported.
@Mrdudeguy SG said yesterday that he plans to implement a way for you to pay it off. Don't panic, I think there will be changes.
@bens and we're also now earning 5% interest on all open positions? So there's now:
5% interest on all outstanding positions... including loans?
~18% annual fee on all loans if you click the button
2% daily loans on all outstanding positions (subject to individual market maximums)
@bens tl;dr: Don't panic. SG says he's gonna add an ability to pay off your loans easier. Also the 'deal' is gonna change within a few days. And if you really want to pay back loans right now you would need to sell your positions and rebuy them. I think two users who both had positions on the same market could try to coordinate in many cases (not all).
@Eliza oh I'm not panicking, worst case I'm paying like 80k in unused mana over the course of the year that doesn't count towards profit lol
@Tomoffer my loan total is approximately equal to my net worth, which seems extremely high? I'm generally somewhat in profit
@Tomoffer my loan is greater than my net worth, but fortunately I did not take my daily loan XD
Fortunately it’s getting changed again, not sure to what but hopefully you will be fine soon