Woud like to hear from others on this topic...from what I have heard it appears that BTC Jam is withdrawing from the US market...not accepting any new loans from US users though they claim that all existing loans will continue to be serviced. How is this possible? Do they still intend to enforce these US loans or is this now free money for existing US debtors who are no longer allowed to participate fuly in the BTC Jam community? Really shocking...
Do you have a source for that (like a legit source, MSM, something that you can link)?
Oh, btw, they don't enforce US loans or any loans as is. They do nothing to protect any investor on that site. What they will do, on occasion and when it suits them, is scoop up notes on deep discounts on defaults or late loans, through their BTCJam Debt Collection service. The mechanics of which would amount to something very similar to insider trading on debt instruments. If what they did through BTCJam Debt Collections was based on ownership interest, i.e. equity..., well, the information is out there.
I'm not surprised that they would eventually cease US operations out of fear of a lawsuit. They run a shit organization that has no interest in preventing fraudulent loans because it would harm their profit, being that they receive their fee on loan funding, not on maturity.
Nothing official (other than this article:
http://www.newsbtc.com/2016/03/11/bitcoin-lending-platform-btcjam-exits-us-market/); on the site it is happening every day: when U.S. users attempt to invest or create new loans they get the message that they are no longer welcome on BTCJam. Message they receive is pretty vague, something about it being a painful decision to have to withdraw from the U.S. market but in the end Jam wants to return to their goals of lending to emerging market countries only. This reason does not explain why U.S. based investors can also no longer invest, but oh well...no official word from BTCJam that I have seen.
I agree with you that BTC Jam is operating in a pretty shady fashion with their Debt Collections account...if I had known that before I invested I would have reconsidered.
If it is a lawsuit they were trying to avoid it is probably too late...in the last week U.S. users are defaulting on their loans en masse as they know they can't borrow anymore in future... this is going to make a lot of people very angry and rightfully look for compensation...this is not a risk issue anymore, BTCJam would have known their decision would cause this effect...this is why I assume they have been officially quiet about it.