Topic: [ANN] BTCJam - Peer to Peer Bitcoin Lending - page 31. (Read 204974 times)

I have the same problem.

same question.

Hi BTCJam.
There are several overdue loan listings where I've invested funds.
It was more than 6 months ago and I want to know what was done to make borrowers return my money.
Now it looks like that you simply wrote several e-mails with "BTCJAM Loan Arbitration Award" and that is all.
When I can expect any result? Never?

if you dont pay it back we will send the bincoin balifis round to cease goods

I can't withdraw my account balance on BTCJAM. Whenever I've tried for a month I've just received 'Error Executing Transaction.'

What is going on BTCJAm...

Is this the catch all BTCJam thread here or are there others I should be aware
of? I have only confirmed my forum name but if there was another thread
to introduce yourself to other users I'd like to do that as well

When I sell a debt at a discount let's say it is 1 BTC and the buyer pays 1 BTC it appears I get less than 1 BTC.  So, BTCJam must take a cut.  What is their cut when brokering the sale of a debt?

BTCJam support has now answered me in an e-mail. They are working with/waiting for btctc to resolve the problem.

/AlexC

I have still not got any feedback from BTCJam on this issue.

/AlexC

Ironically, any offer of help sent to them takes about 2 weeks to 2 months to hear back from, too. With the follow-up questions taking another 2 months to acknowledge, it's rather difficult to be hired by them, too 

Hey, I just need a quick favor. I need a Screenshot of the page where you are making the loan, with the value of it, the date its set to expire, where you turn on Mt.GoxUSD etc. If someone could get me a SS of this page that would be very much helpful.

At this point, this service has me feeling a bit scammed....

I say a bit because they actually do provide you with the BTC you put in/invested, and they don't just take it and disappear. But, short of that, they seem to just take your money and stay silent about it.

Main Issues:

1) MtGoxUSD Based Loans: If I had known that these loans would be backed against USD and I would be getting screwed on the BTC price increases, I would have NEVER invested in the loan. This was not made clear when investing in the listing. The only way I found out was checking the dashboard to see how much BTC I was still owed on some current loans, and seeing that price rapidly drop with the latest BTC increases. They have a brief talking point about this type of loan, but you'd think they would highlight it more prominently.

2) Support Emails: I sent an email to their support box over 2 weeks ago now AND have yet to receive a response. So much for 24 hr turnaround times. This one alone is enough to make me wary of ANY company, let alone a BTC lending company.

3) Defaulted Loans: It looks like one of the borrowers on their site will be defaulting on a loan that I invested in. I suppose this risk comes with the territory, but you'd hope that the company would put their money where their mouth is and would do something in the way of recourse for defaulted loans.

All in all, I think I'll be staying away from this type of business until someone can button it up and make it a bit more lender friendly.

@ BTCJAM

Love the website/service, but have a couple features I would like to see added

• MTGoxUSD Loans using 5+ Day Moving Average - alot of lenders are getting burned by rapid BTC/USD changes, the borrower can choose both when to activate the loan and when to pay it back giving them flexibility to cash in on rapidly changing exchange rates. Commonly borrowers pay back loans only after a couple days, leaving the lender with no currency risk protection and a loss of bitcoins. Another way to deal with this would be to not allow early payments, but that isn't ideal.
• Remove Loan Payment Dates - This just seems antiquated from the backing system. It ends up causing some 30 day loans to be 59 days. There is no reason loans can't be simply due 7/30/60/180 days after origination instead of on the first of the month ect.
• 2-Factor Authentication
• Locked Withdrawal Addresses
• Email Response Confirmations

Two questions:

1) What is this all about? If I (and everyone) agrees. They will be repaid their loaned BTC but with a 55% haircut? If so....man cmon, seriously lame. Cant even withdraw that amount due to the 0.0025BTC transaction reserve.


2) What happen to the BTC that was on my account. Granted it was only a small ammount (0.007 approx) but back when i was using btcjam, 0.007BTC was worth .21 cents. Now its worth 3.70. Almost a year later, have yet to receive a response e-mail of a couple of inquiries including this one.

//edit: added image

Hi,
I have also sent several e-mails to [email protected] regarding this, but I have never gotten any answer on this. Are you actual getting my e-mails?

Thanks
  AlexC

Thanks! Good to know Celso is still on top of things.

I got a response from [email protected] the other day within 24hrs of emailing them. I was asking what, if anything, will done about the massive default of Ziggap (Ryan Schreiber and Stormy Schreiber). They said they are going to talk with their legal department about if they can do anything about releasing information to the lenders, the defaulted amount is about 1000BTC / $350,000 which is a rather hefty sum of money.

Has anyone gotten any response to anything sent to BTCJam in the last month? Is this project still going, or is basically all running automatically, but is otherwise abandoned?

And here I was thinking I could give a try to this after the CoinLenders debacle.   The idea of distributing risk when lending to people was interesting, I hope someone comes up with a better implementation of it.