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Topic: [ANN] BTCJam - Peer to Peer Bitcoin Lending - page 18. (Read 204979 times)

legendary
Activity: 1652
Merit: 1001
Don't look at my signature!
Loving the experience as an investor on BTCJam...took me a while to take the plunge, but I'm glad I did Smiley
I hope the financial rewards will match the philosophical ones! Wink
sr. member
Activity: 434
Merit: 250
why i can't withdraw my btc on my account on btcjam...its always said withdraw error...i have been try for many many time to withdraw but it is always go to error withdraw axplanation on that btcjam site...please i need my btc back to my wallet
legendary
Activity: 3570
Merit: 1959
I think BTCJam is really cool and I generally love P2P lending. So I did a simple experiment. I collected historical data from BTCjam and other Bitcoin P2P lending sites. Then I ran a simple simulation, where I invested into each loan on the platform and observed the outcome. Needless to say, I ended up with a huge loss.


How does that make any sense? You think it's cool... But, you ended up with a huge loss?

What did you do, invest in btcjam on like 3 shitty loans and they all defaulted?

 Tongue

If you're quoting me, at least learn the read. I said I ran a simulation. I did not invest into any loans personally, I just gathered data and a simulated investing and calculated how much I would have earned if had invested. You can do this, because for historical loans, you already know the outcome, that is whether the borrower ended up repaying or he defaulted.

Basically, when you run a simulation and invest into all historical loans, you must end up with a positive return. This validates the fact that BTC Jam does credit scoring properly, because the interest rates compensate for the probability of default. The fact that my simulation ended up with a huge loss means that BTC credit scoring does not work.

In addition, I think the idea is cool, but the implementation does not work. Is it clearer now?

Ah, I apologize, I was obviously not reading it that way, I was pretty tired, sorry!  Tongue
newbie
Activity: 32
Merit: 0
I think BTCJam is really cool and I generally love P2P lending. So I did a simple experiment. I collected historical data from BTCjam and other Bitcoin P2P lending sites. Then I ran a simple simulation, where I invested into each loan on the platform and observed the outcome. Needless to say, I ended up with a huge loss.


How does that make any sense? You think it's cool... But, you ended up with a huge loss?

What did you do, invest in btcjam on like 3 shitty loans and they all defaulted?

 Tongue

If you're quoting me, at least learn the read. I said I ran a simulation. I did not invest into any loans personally, I just gathered data and a simulated investing and calculated how much I would have earned if had invested. You can do this, because for historical loans, you already know the outcome, that is whether the borrower ended up repaying or he defaulted.

Basically, when you run a simulation and invest into all historical loans, you must end up with a positive return. This validates the fact that BTC Jam does credit scoring properly, because the interest rates compensate for the probability of default. The fact that my simulation ended up with a huge loss means that BTC credit scoring does not work.

In addition, I think the idea is cool, but the implementation does not work. Is it clearer now?
legendary
Activity: 1288
Merit: 1043
:^)
I think BTCJam is really cool and I generally love P2P lending. So I did a simple experiment. I collected historical data from BTCjam and other Bitcoin P2P lending sites. Then I ran a simple simulation, where I invested into each loan on the platform and observed the outcome. Needless to say, I ended up with a huge loss.


How does that make any sense? You think it's cool... But, you ended up with a huge loss?

What did you do, invest in btcjam on like 3 shitty loans and they all defaulted?

 Tongue

probably invested in some shady looking "trading loans" that promised "large profits" with "skills," or one of those that invested into "cloud mining," way too many of those obviously fishy loans from what I see on there, along with tons of fake references from fake accounts.
legendary
Activity: 3570
Merit: 1959
I think BTCJam is really cool and I generally love P2P lending. So I did a simple experiment. I collected historical data from BTCjam and other Bitcoin P2P lending sites. Then I ran a simple simulation, where I invested into each loan on the platform and observed the outcome. Needless to say, I ended up with a huge loss.


How does that make any sense? You think it's cool... But, you ended up with a huge loss?

What did you do, invest in btcjam on like 3 shitty loans and they all defaulted?

 Tongue
newbie
Activity: 32
Merit: 0
I think BTCJam is really cool and I generally love P2P lending. So I did a simple experiment. I collected historical data from BTCjam and other Bitcoin P2P lending sites. Then I ran a simple simulation, where I invested into each loan on the platform and observed the outcome. Needless to say, I ended up with a huge loss.

Now this is interesting because all these P2P Bitcoin lending sites have a feature, called AutoInvest, which basically invests equally into all loans. That gives an expected net return in the range of 14% according to the sites. I really wonder how they came up with this number, given that investing into the all historical loans gives huge negative returns.

There's two explanations, either I did the analysis wrong, which is possible, or these sites are outright lying about their rates, their credit scores based on PayPal, Ebay etc are completely meaningless, and effectively they're just a massive scam fest. I contacted each site, including BTCJam, but received no reply.
legendary
Activity: 1357
Merit: 1004
Service disgusting.
I tried five times to create a loan for the purchase and installation of Bitcoin ATM in Almaty, Kazakhstan. However, these loans have been removed without notice.
On the fifth time, they told me that the Bitcoin ATMs in Kazakhstan do not need! I do not ask them whether Bitcoin ATMs in Kazakhstan I want to get the money in loans from other users of the service.
Also, I noticed that prior to this event I had a rating of B rating after my conversion was suddenly C.
I recommend that you never use this service. I went to a place.
Sorry for my English.
https://www.reddit.com/r/Bitcoin/comments/3blf71/btcjamcom_is_disgusting_service/
http://forum.bitlendingclub.com/index.php?threads/why-i-am-here-btcjam-is-disgusting-service.1549/
thy
hero member
Activity: 685
Merit: 500
Seems like Tulkas connected today , It would be nice to answer us man .
In case you missed my message before "@OP or any other staff members around here , Does the documents like ID or Passport needs to be in English language ? because some people simply aren't from USA , or United Kingdom or any other country that don't use english as main language "
The documents should be translated to English(or possibly other languages the staff members understand) i think i read somewhere in the past if they arent in English from the start so btcjam can understand them.
hero member
Activity: 686
Merit: 500
Seems like Tulkas connected today , It would be nice to answer us man .
In case you missed my message before "@OP or any other staff members around here , Does the documents like ID or Passport needs to be in English language ? because some people simply aren't from USA , or United Kingdom or any other country that don't use english as main language "
thy
hero member
Activity: 685
Merit: 500
Can you put some statistics about overdue / default loans on btcjam....
so lenders can know how much lending is risky? Thanks
The all time fully repayed loans for the site is increasing gradually, last stat was about 76.94% of all loans that has been taken out have been fully repayed and then there is some loans that is partially repayed and some of them is still active but not overdue so the total repayed on individual payment level is probably in the 85-90% level.
Its always recommended to diversify the investments to some degree, calculations from the fiat P2P lending world showed that one needed to make 146+ investments(but for example 500 was better) if investing equal amount in each investment to be garanteed to have +ROI on lending club, as the default rates is slightly higher and the interest rates is higher in the BTC P2P world its likely that the diversification needs to be larger so in the region of 500-1000-2000 investments will probably be needed to give a equally stable result. If one dont invest blindly in just any loans but choose wisely, then ones investments should be able to outperform the sites avg result a lot.
copper member
Activity: 289
Merit: 254
Does any one earned any interest from this site after lending money? Please comment with proof...

I had some loans paid but a thief wiped out my profits.

I would say avoid the site overall - they don't do anything to scammers, and will even prevent you from posting anything too negative on their site about someone who scammed you.
full member
Activity: 192
Merit: 100
Should I invest here? Or is it better to refrain from such actions?

Your giving out a loan so there is always the chance that someone will default. You could try at Bitlendingclub but there will be the same problems. If your looking for a safe bet toss your investment in a CD or stack some 5k netspend, mangos and collect the interest.
legendary
Activity: 1610
Merit: 1008
Should I invest here? Or is it better to refrain from such actions?
hero member
Activity: 686
Merit: 500
Does any one earned any interest from this site after lending money? Please comment with proof...

I lent some btc but in return I get almost nothing. I don't recommend this site for investment purposes.

What do you recommend then?

I personally only hear good reviews about BTCJam and I think it's the best on the business they are doing . Maybe Lituation simply didn't spend enough money to get a lot in return that's obvious , the more you invest , the more you get . That's how interest works .

@OP or any other s taff members around here , Does the documents needs to be in English language ? because some people simply aren't from USA , or United Kingdom or any other country that don't use english as main language
hero member
Activity: 519
Merit: 500
Does any one earned any interest from this site after lending money? Please comment with proof...

I lent some btc but in return I get almost nothing. I don't recommend this site for investment purposes.

What do you recommend then?
hero member
Activity: 698
Merit: 500
Free Speech is the most important thing.
Does any one earned any interest from this site after lending money? Please comment with proof...

I lent some btc but in return I get almost nothing. I don't recommend this site for investment purposes.
full member
Activity: 146
Merit: 100
The scammers are a big problem also people who default are bringing the reputation down of btcjam of some good borrowers. I do think they need to improve their rating system and ask for better income verification and maybe use services like ardeva.com (or alternatives).

~ Luc
legendary
Activity: 3570
Merit: 1959
Can you put some statistics about overdue / default loans on btcjam....
so lenders can know how much lending is risky? Thanks

Speaking as someone who's lost about 1.5 BTC there lately, i'd say it's pretty high.

And i didn't invest stupidly either, mostly good people who had repaid before.

SO - Is there a thread "wall of shame thread" to post the dox off all these defaulters who end up in net-arb? I have about 2 so far - Both in faraway countries, no reply via email , facebook page gone or abandoned etc...

This site should be renamed BTC-SCAM IMO. Even the support sucks shit, they never even reply back for like 2 days if you are lucky.

/end rant.   Sad
legendary
Activity: 1223
Merit: 1002
Can you put some statistics about overdue / default loans on btcjam....
so lenders can know how much lending is risky? Thanks
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