It's only possible to rate a user once? Even I had several investments with him?
You can delete your rating and create a new one to reflect the newer investments you have had.
Topic: [ANN] BTCJam - Peer to Peer Bitcoin Lending - page 40. (Read 204974 times)
You can delete your rating and create a new one to reflect the newer investments you have had.
Well the last borrower I had that was still paying has gone missing. I have one payment remaining on my own loan and then I'm wiping all traces of btcjam from my systems, this has been an expensive lesson in currency volatility and still people seem to be funding unsecured loans. 
Stop with your FUD, I only fund unsecured loans cause I can assume risk, and I interview and actually talk to the people and research. So goodbye little kid, and let the big boys make make there money.
You must be dumb as a rock. The site admin just acknowledged a HUGE problem when he demonstrated a global drop in repayments of 1.4% over less than two weeks. Who's spreading FUD?
There are posters on several threads that acknowledge they've defaulted because they cannot afford to buy the coins to repay. Please follow these simple directions.
1) Think
2) Speak
When you reverse these steps stupid stuff comes out.
So Yeah I am clearly the dumb one, yet I don't have an expensive loan cause I thought bitcoin didn't have any volatility. Plus I didn't spread FUD, 1.4% of unpaid loans in a small community doesn't mean anything. Stop with your armchair lending and let the big whales take over for now
About the 0.0045 left on the account, its yours, we will not touch it, we do not allow zero fee transactions because they can take a long time to be processed and we think miners deserve the fee.
The fee processing code will be updated soon to handle full withdraw. I'm sorry for your inconvenience, if you need the 0.0045 right now please PM me and i will send it to you.
Any new information on that update to let users withdraw all of their bitcoins from BTCJAM?
Just FYI, I work at a lender and have worked with many others, and this is how it's typically done:
If an early payment or an extra payment is made, next payment amount doesn't change. What changes is the outstanding balance, which gets recalculated at the time the payment is received. The end result is just that the loan gets paid off earlier. That automatic outstanding balance recalculation shouldn't be too difficult to add in software, and since only the payoff date changes, lenders should still have time to look for other loans.
On rare occasions some loans do have scheduled interest instead of simple interest, in which case you can prepay early, but the interest schedule doesn't change. Typically those loans specify that exactly when you sign up for the loan, however, those loans are extremely uncommon now. The last time I saw one was in 2002, and it was an old loan that we were refinancing for someone.
If an early payment or an extra payment is made, next payment amount doesn't change. What changes is the outstanding balance, which gets recalculated at the time the payment is received. The end result is just that the loan gets paid off earlier. That automatic outstanding balance recalculation shouldn't be too difficult to add in software, and since only the payoff date changes, lenders should still have time to look for other loans.
On rare occasions some loans do have scheduled interest instead of simple interest, in which case you can prepay early, but the interest schedule doesn't change. Typically those loans specify that exactly when you sign up for the loan, however, those loans are extremely uncommon now. The last time I saw one was in 2002, and it was an old loan that we were refinancing for someone.
+1
Well the last borrower I had that was still paying has gone missing. I have one payment remaining on my own loan and then I'm wiping all traces of btcjam from my systems, this has been an expensive lesson in currency volatility and still people seem to be funding unsecured loans.
Stop with your FUD, I only fund unsecured loans cause I can assume risk, and I interview and actually talk to the people and research. So goodbye little kid, and let the big boys make make there money.
It's only possible to rate a user once? Even I had several investments with him?
Just FYI, I work at a lender and have worked with many others, and this is how it's typically done:
If an early payment or an extra payment is made, next payment amount doesn't change. What changes is the outstanding balance, which gets recalculated at the time the payment is received. The end result is just that the loan gets paid off easily. That automatic outstanding balance recalculation shouldn't be too difficult to add in software, and since only the payoff date changes, lenders should still have time to look for other loans.
On rare occasions some loans do have scheduled interest instead of simple interest, in which case you can prepay early, but the interest schedule doesn't change. Typically those loans specify that exactly when you sign up for the loan, however, those loans are extremely uncommon now. The last time I saw one was in 2002, and it was an old loan that we were refinancing for someone.
If an early payment or an extra payment is made, next payment amount doesn't change. What changes is the outstanding balance, which gets recalculated at the time the payment is received. The end result is just that the loan gets paid off easily. That automatic outstanding balance recalculation shouldn't be too difficult to add in software, and since only the payoff date changes, lenders should still have time to look for other loans.
On rare occasions some loans do have scheduled interest instead of simple interest, in which case you can prepay early, but the interest schedule doesn't change. Typically those loans specify that exactly when you sign up for the loan, however, those loans are extremely uncommon now. The last time I saw one was in 2002, and it was an old loan that we were refinancing for someone.
Yes, this is a great solution since the lender can look for other opportunities, sounds it's the way to go.
Well ok 0.5 btc late fee per payment, that is not enough, what do I get from that! Nothing?
Phil
On the contrary, the late fee goes 100% to investors.
Just FYI, I work at a lender and have worked with many others, and this is how it's typically done:
If an early payment or an extra payment is made, next payment amount doesn't change. What changes is the outstanding balance, which gets recalculated at the time the payment is received. The end result is just that the loan gets paid off earlier. That automatic outstanding balance recalculation shouldn't be too difficult to add in software, and since only the payoff date changes, lenders should still have time to look for other loans.
On rare occasions some loans do have scheduled interest instead of simple interest, in which case you can prepay early, but the interest schedule doesn't change. Typically those loans specify that exactly when you sign up for the loan, however, those loans are extremely uncommon now. The last time I saw one was in 2002, and it was an old loan that we were refinancing for someone.
If an early payment or an extra payment is made, next payment amount doesn't change. What changes is the outstanding balance, which gets recalculated at the time the payment is received. The end result is just that the loan gets paid off earlier. That automatic outstanding balance recalculation shouldn't be too difficult to add in software, and since only the payoff date changes, lenders should still have time to look for other loans.
On rare occasions some loans do have scheduled interest instead of simple interest, in which case you can prepay early, but the interest schedule doesn't change. Typically those loans specify that exactly when you sign up for the loan, however, those loans are extremely uncommon now. The last time I saw one was in 2002, and it was an old loan that we were refinancing for someone.
BTCJam, needs to change the way it works I think.
Firstly, it needs to not accept fee's on the loan being made. And should take fee's from the interest being paid. this means that the would be more interested in people paying back the loans and would help enforce things more.
Secondly, people who are late in paying, must have penalty fees and interest appplied to their loans. They cannot just default because the $$$ rate to BTC is too high and then wait until it is low to pay back.
I'm now sitting with 5 out of 5 loans on BTCJam, of which all are bad. All people had a good rep as far as BTCJam considered (14+). Out of all these loans, not a single payment has been made. So missing about 14 or 15 payments.
Phil
Firstly, it needs to not accept fee's on the loan being made. And should take fee's from the interest being paid. this means that the would be more interested in people paying back the loans and would help enforce things more.
Secondly, people who are late in paying, must have penalty fees and interest appplied to their loans. They cannot just default because the $$$ rate to BTC is too high and then wait until it is low to pay back.
I'm now sitting with 5 out of 5 loans on BTCJam, of which all are bad. All people had a good rep as far as BTCJam considered (14+). Out of all these loans, not a single payment has been made. So missing about 14 or 15 payments.
Phil
There is a late fee of 0.5 BTC per payment. The credit rating system shows the level of verified information, not reputation.
Well ok 0.5 btc late fee per payment, that is not enough, what do I get from that! Nothing?
Phil
2. this is easier since the payment already have this info on it. i will add the info on the payment list.
Also, let me see when each payment was made on my outstanding loan so I can make sure I am correctly accounting for the total payments + interest.
The loan terms are very clear, you can see on the heading: N payments of X BTC.
My mortgage, car loan, etc all say this. However, they also say x% interest. If I pay early on those, later payments are adjusted for the decrease interest. So your terms are not clear at all - especially since it also says right next to it "Amount @ Rate", which conflicts.
Point is - if you had to go to court over someone who paid early and based on their calculations the loans were paid in fully, you'd have an issue. Do away with the issue to increase your credibility.
And I have provided you actual calculations based on the true loan terms as I set-up my loan and interest rates in spreadsheet form that show that the abstract payment calculations that you are using on the site are clearly incorrect. I use the calculations that you referred to, so either there is a rounding error or something else is occurring.
At this point, prepayment is something to brag about especially since there are constant reports (like the one above), that loans just weren't being repaid. In fact, I also only have one loan outstanding where I am the lender, and that one isn't being repaid either.
But my point on that is the terms of the loans DO NOT make it clear that prepayments DO NOT have an impact on the calculation of interest. So, by default, people who prepay are overpaying if you are not adjusting the total amount they pay.
That being said, I think at the very least the following items need to be done just for your own potential risk management (and the risk management of every lender):
1. Either clearly state that prepayment is not allowed and don't functionally allow early payments or adjust the interest calculations accordingly.
2. A clear transcript and running balance showing the amount of each payment going to principal and each payment going to interest.
At this point, prepayment is something to brag about especially since there are constant reports (like the one above), that loans just weren't being repaid. In fact, I also only have one loan outstanding where I am the lender, and that one isn't being repaid either.
But my point on that is the terms of the loans DO NOT make it clear that prepayments DO NOT have an impact on the calculation of interest. So, by default, people who prepay are overpaying if you are not adjusting the total amount they pay.
That being said, I think at the very least the following items need to be done just for your own potential risk management (and the risk management of every lender):
1. Either clearly state that prepayment is not allowed and don't functionally allow early payments or adjust the interest calculations accordingly.
2. A clear transcript and running balance showing the amount of each payment going to principal and each payment going to interest.
If you think being honest is something to brag about this is up to you.
People who experience defaults are generally much more vocal than others. The loan terms are very clear, you can see on the heading: N payments of X BTC.
1. Then again, your point is valid and we will probably change or provide an option at the listing creation.
2. this is easier since the payment already have this info on it. i will add the info on the payment list.
And I have provided you actual calculations based on the true loan terms as I set-up my loan and interest rates in spreadsheet form that show that the abstract payment calculations that you are using on the site are clearly incorrect. I use the calculations that you referred to, so either there is a rounding error or something else is occurring.
At this point, prepayment is something to brag about especially since there are constant reports (like the one above), that loans just weren't being repaid. In fact, I also only have one loan outstanding where I am the lender, and that one isn't being repaid either.
But my point on that is the terms of the loans DO NOT make it clear that prepayments DO NOT have an impact on the calculation of interest. So, by default, people who prepay are overpaying if you are not adjusting the total amount they pay.
That being said, I think at the very least the following items need to be done just for your own potential risk management (and the risk management of every lender):
1. Either clearly state that prepayment is not allowed and don't functionally allow early payments or adjust the interest calculations accordingly.
2. A clear transcript and running balance showing the amount of each payment going to principal and each payment going to interest.
At this point, prepayment is something to brag about especially since there are constant reports (like the one above), that loans just weren't being repaid. In fact, I also only have one loan outstanding where I am the lender, and that one isn't being repaid either.
But my point on that is the terms of the loans DO NOT make it clear that prepayments DO NOT have an impact on the calculation of interest. So, by default, people who prepay are overpaying if you are not adjusting the total amount they pay.
That being said, I think at the very least the following items need to be done just for your own potential risk management (and the risk management of every lender):
1. Either clearly state that prepayment is not allowed and don't functionally allow early payments or adjust the interest calculations accordingly.
2. A clear transcript and running balance showing the amount of each payment going to principal and each payment going to interest.
BTCJam, needs to change the way it works I think.
Firstly, it needs to not accept fee's on the loan being made. And should take fee's from the interest being paid. this means that the would be more interested in people paying back the loans and would help enforce things more.
Secondly, people who are late in paying, must have penalty fees and interest appplied to their loans. They cannot just default because the $$$ rate to BTC is too high and then wait until it is low to pay back.
I'm now sitting with 5 out of 5 loans on BTCJam, of which all are bad. All people had a good rep as far as BTCJam considered (14+). Out of all these loans, not a single payment has been made. So missing about 14 or 15 payments.
Phil
Firstly, it needs to not accept fee's on the loan being made. And should take fee's from the interest being paid. this means that the would be more interested in people paying back the loans and would help enforce things more.
Secondly, people who are late in paying, must have penalty fees and interest appplied to their loans. They cannot just default because the $$$ rate to BTC is too high and then wait until it is low to pay back.
I'm now sitting with 5 out of 5 loans on BTCJam, of which all are bad. All people had a good rep as far as BTCJam considered (14+). Out of all these loans, not a single payment has been made. So missing about 14 or 15 payments.
Phil
There is a late fee of 0.5 BTC per payment. The credit rating system shows the level of verified information, not reputation.
Although I have raised issues about the interest calcs being wrong, as well as what appear to be overstated amortizations on my loans, I have continued to pay the one loan I have (even made payments early) during this period of price swings. I wish the other issues would be looked at (especially since my calcs show the weekly payments to be incorrect and it looks like I am overpaying at least 1 BTC), but I will continue to pay and just never use BTCJam again until the issues are resolved.
I've pointed you to other two pages (not owned by BTCJam) where the calculation matches exactly.
The only issue, if you wish to state it that way, is that early payments are not freed from interest.
So, you want to be able to pay early on a loan and not pay the interest relative to the early payments, is that right? This is a valid point and we are considering this. As any other constructive suggestion we have always listened to our users and implemented anytime it was possible.
Honoring your payments it's nothing to brag about.
Although I have raised issues about the interest calcs being wrong, as well as what appear to be overstated amortizations on my loans, I have continued to pay the one loan I have (even made payments early) during this period of price swings. I wish the other issues would be looked at (especially since my calcs show the weekly payments to be incorrect and it looks like I am overpaying at least 1 BTC), but I will continue to pay and just never use BTCJam again until the issues are resolved.
+1
Although I have raised issues about the interest calcs being wrong, as well as what appear to be overstated amortizations on my loans, I have continued to pay the one loan I have (even made payments early) during this period of price swings. I wish the other issues would be looked at (especially since my calcs show the weekly payments to be incorrect and it looks like I am overpaying at least 1 BTC), but I will continue to pay and just never use BTCJam again until the issues are resolved.
BTCJam, needs to change the way it works I think.
Firstly, it needs to not accept fee's on the loan being made. And should take fee's from the interest being paid. this means that the would be more interested in people paying back the loans and would help enforce things more.
Secondly, people who are late in paying, must have penalty fees and interest appplied to their loans. They cannot just default because the $$$ rate to BTC is too high and then wait until it is low to pay back.
I'm now sitting with 5 out of 5 loans on BTCJam, of which all are bad. All people had a good rep as far as BTCJam considered (14+). Out of all these loans, not a single payment has been made. So missing about 14 or 15 payments.
Phil
Firstly, it needs to not accept fee's on the loan being made. And should take fee's from the interest being paid. this means that the would be more interested in people paying back the loans and would help enforce things more.
Secondly, people who are late in paying, must have penalty fees and interest appplied to their loans. They cannot just default because the $$$ rate to BTC is too high and then wait until it is low to pay back.
I'm now sitting with 5 out of 5 loans on BTCJam, of which all are bad. All people had a good rep as far as BTCJam considered (14+). Out of all these loans, not a single payment has been made. So missing about 14 or 15 payments.
Phil
Glad to hear that you're working on new features. Would there be a system in place that would keep someone from buying notes on their own loan? with a sock account?
Can you elaborate more what is the problem in that case?
Also, I've just sent you a PM about your loan.
I was just asking if there are measures to keep someone from buying notes on a loan that they received.
-replied
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