[ANN] BTCJam - Peer to Peer Bitcoin Lending - page 42.

Tulkas

sr. member

Activity: 352

Merit: 250

Founder, BTCJAM

Quote from: squall1066 on April 13, 2013, 07:31:38 AM

@ BTCjam, I have lost all future payment in my account overview and I am not owed anything more from anyone, It says I have no outstanding debt, Or any markers on the calender past 20th April, I hope this is a bug, Please write back to me A.S.A.P. Thank you.

PM sent.

squall1066

copper member

Activity: 2310

Merit: 1032

@ BTCjam, I have lost all future payment in my account overview and I am not owed anything more from anyone, It says I have no outstanding debt, Or any markers on the calender past 20th April, I hope this is a bug, Please write back to me A.S.A.P. Thank you.

sal002

hero member

Activity: 490

Merit: 500

I suspect BTCJam will have a collectability issue if it keeps referring to interest, unless it states there is a pre-payment penalty or that interest is really a fee and not interest. I believe on other Peer loan platforms, early payments decreases the actual interest that accrues (as it should since less principle is outstanding over time).

filharvey

hero member

Activity: 866

Merit: 1001

Quote from: sal002 on April 12, 2013, 08:42:40 AM

Quote from: filharvey on April 12, 2013, 07:31:40 AM

and paid back the first installment early

Did it impact your payments at all and interest rate calcs) by paying it back early? I may have missed an option on my loan set-up, but my loan calcs interest the same regardless of when the payments are made.

Nope payments are still the same for all the other dates.

Phil

sal002

hero member

Activity: 490

Merit: 500

Quote from: filharvey on April 12, 2013, 07:31:40 AM

and paid back the first installment early

Did it impact your payments at all and interest rate calcs) by paying it back early? I may have missed an option on my loan set-up, but my loan calcs interest the same regardless of when the payments are made.

BurtW

legendary

Activity: 2646

Merit: 1137

All paid signature campaigns should be banned.

Quote from: filharvey on April 12, 2013, 07:31:40 AM

Well from all the loans I've funded, it is now upto 13 missed payments on loans from 14 possible. This is just getting worse. I have a loan on btcjam, and paid back the first installment early and will do on all the rest, but kind of makes me pissed, that I'm the only one who is trying to pay back a loan.

Phil

Yes, even all the "good" loans have all gone "bad", there are no good loans anymore. However, some of these folks that are late did themselves a big favor by being late and can now repay at a much better price so I expect some of the late payments should start coming in. I hope.

creativex

sr. member

Activity: 434

Merit: 250

Quote from: filharvey on April 12, 2013, 07:31:40 AM

Well from all the loans I've funded, it is now upto 13 missed payments on loans from 14 possible. This is just getting worse. I have a loan on btcjam, and paid back the first installment early and will do on all the rest, but kind of makes me pissed, that I'm the only one who is trying to pay back a loan.

Phil

Kinda hoping that now that Bitcoin has been hit with Gox2 The Redux we'll see some of the defaulters buying coins and repaying their defaulted loans. That'd put a thin sugar coating on the sh1t sandwich the Goxtards have served everyone.

filharvey

hero member

Activity: 866

Merit: 1001

Well from all the loans I've funded, it is now upto 13 missed payments on loans from 14 possible. This is just getting worse. I have a loan on btcjam, and paid back the first installment early and will do on all the rest, but kind of makes me pissed, that I'm the only one who is trying to pay back a loan.

Phil

creativex

sr. member

Activity: 434

Merit: 250

Quote from: gweedo on April 11, 2013, 10:11:37 PM

Quote from: creativex on April 11, 2013, 10:02:00 PM

Quote from: gweedo on April 11, 2013, 09:09:28 PM

Quote from: creativex on April 11, 2013, 09:02:03 PM

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. Roll Eyes

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? Roll Eyes

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 Wink

All yours sir egomaniac.

You can have the entire site.

There are some dietary supplements that can help with that whale problem btw.

creativex

sr. member

Activity: 434

Merit: 250

Quote from: gweedo on April 11, 2013, 09:09:28 PM

Quote from: creativex on April 11, 2013, 09:02:03 PM

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. Roll Eyes

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? Roll Eyes

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.

sal002

hero member

Activity: 490

Merit: 500

Quote from: creativex on April 11, 2013, 09:02:03 PM

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. Roll Eyes

You might also want to verify your payments were calced correctly. Mine were overcalced.

creativex

sr. member

Activity: 434

Merit: 250

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. Roll Eyes

Tulkas

sr. member

Activity: 352

Merit: 250

Founder, BTCJAM

Quote from: yellowdog213 on April 10, 2013, 09:33:53 PM

I'm not the most knowledgable when it comes to bitcoins and BTCJAM, or really anything having to do with money, so I am a little confused about what this new "notes" thing is. Could someone please explain it to like as though I am five years old?

We will announce it properly with a FAQ page very soon, but we have really great news and the final preparations are taking up our time.

With the note marketplace you can sell the receivables you have from other people. It's basically selling debt, in practice the remaining payments for the loan will be sent to the buyer of the note, not the original investor.

This can be useful in several cases, for example, if you made an investment but need the money back because you had some unexpected expense. Or the borrower is late and you wan't to transfer the risk to someone else.

sal002

hero member

Activity: 490

Merit: 500

Gotcha. I misunderstood your question. To me BTCJam is a black box anyways as it lacks a lot of transparency on details (interest rate calcs, payments, principal balances). One may never know what goes on there.

yellowdog213

newbie

Activity: 32

Merit: 0

Quote from: sal002 on April 11, 2013, 09:39:47 AM

Quote from: yellowdog213 on April 11, 2013, 09:30:17 AM

Quote from: 🏰 TradeFortress 🏰 on April 11, 2013, 12:02:14 AM

It's basically selling debt.

Quote from: sal002 on April 11, 2013, 05:12:19 AM

Or at least something like debt. It is a fixed payment, quasi interest barring debt (actually not interest but fixed cost).

Neither of these explain it to me like I am five years old. Could someone please be very explicit about it? I'm sorry that I don't understand; I am just so naive about anything related to money.
What would it mean if I were to click one of the buttons that says BUY on the Open Sell Orders? What would happen?

Quite honestly if you are five years old, you shouldn't be using BTCJam. It is basically a way to get a loan from your peers, or a way to offer a loan to your peers.

I fully understand how BTCJam works, as I have invested quite wisely and made a good chunk of change with my investments while it seems like a lot of people have invested poorly and lost a lot. However, this new feature really confuses me and I would like some kind soul to please explain it thoroughly to me. I do not think that is too much to ask.

sal002

hero member

Activity: 490

Merit: 500

Quote from: yellowdog213 on April 11, 2013, 09:30:17 AM

Quote from: 🏰 TradeFortress 🏰 on April 11, 2013, 12:02:14 AM

It's basically selling debt.

Quote from: sal002 on April 11, 2013, 05:12:19 AM

Or at least something like debt. It is a fixed payment, quasi interest barring debt (actually not interest but fixed cost).

Neither of these explain it to me like I am five years old. Could someone please be very explicit about it? I'm sorry that I don't understand; I am just so naive about anything related to money.
What would it mean if I were to click one of the buttons that says BUY on the Open Sell Orders? What would happen?

Quite honestly if you are five years old, you shouldn't be using BTCJam. It is basically a way to get a loan from your peers, or a way to offer a loan to your peers.

yellowdog213

newbie

Activity: 32

Merit: 0

Quote from: 🏰 TradeFortress 🏰 on April 11, 2013, 12:02:14 AM

It's basically selling debt.

Quote from: sal002 on April 11, 2013, 05:12:19 AM

Or at least something like debt. It is a fixed payment, quasi interest barring debt (actually not interest but fixed cost).

Neither of these explain it to me like I am five years old. Could someone please be very explicit about it? I'm sorry that I don't understand; I am just so naive about anything related to money.
What would it mean if I were to click one of the buttons that says BUY on the Open Sell Orders? What would happen?

sal002

hero member

Activity: 490

Merit: 500

Or at least something like debt. It is a fixed payment, quasi interest barring debt (actually not interest but fixed cost).

🏰 TradeFortress 🏰

vip

Activity: 1316

Merit: 1043

👻

It's basically selling debt.

yellowdog213

newbie

Activity: 32

Merit: 0

I'm not the most knowledgable when it comes to bitcoins and BTCJAM, or really anything having to do with money, so I am a little confused about what this new "notes" thing is. Could someone please explain it to like as though I am five years old?

Topic: [ANN] BTCJam - Peer to Peer Bitcoin Lending - page 42. (Read 204975 times)