Oh well, as long as the overall default rate only rose .5%. That makes me feel a lot better about my first four defaulters all within the last month.
People cannot or will not repay at these exchange rates. If you don't believe me we can PM Ian Bakewell and request his input...
Topic: [ANN] BTCJam - Peer to Peer Bitcoin Lending - page 46. (Read 204975 times)
Seems like the soaring exchange rate has encouraged many to "forget" to make payments. I'm done with unsecured loans.
Those are our current global numbers:
loans: 1016
total payments: 3833
payments late: 862
fully repaid loans: 584
We have a repayment rate of 77.51%
Despite the 4x price increase the repayment rate decreased only 0.5%.
Remember that many of the borrowers are also miners or work directly with BTC so the exchange price will not affect them.
Also, you always can invest on mtgoxusd/eur referenced loans.
Seems like the soaring exchange rate has encouraged many to "forget" to make payments. I'm done with unsecured loans.
This may be a stupid question, but I'm not always very good at understanding things when I read them, so I apologize if this is stupid.
What is the purpose of having a linked paypal account? Is it simply another way for lenders to see who is reliable and such? Or will late payments be made using paypal? I have never used paypal so I am not sure how it works and such...
Again, sorry if this is a stupid question, but it would be great if someone could clear up my confusion for me!! Thank you!
What is the purpose of having a linked paypal account? Is it simply another way for lenders to see who is reliable and such? Or will late payments be made using paypal? I have never used paypal so I am not sure how it works and such...
Again, sorry if this is a stupid question, but it would be great if someone could clear up my confusion for me!! Thank you!
https://www.paypal.com/us/webapps/mpp/security/verification-faq
BTCJam only accept verified paypal which is that paypal has done the hard work of making sure they say who they are.
Right, I understand this. But it does not mean that BTCJam will take money from paypal in order to pay overdue loans, correct? I understand that borrowers who have verified paypal are likely to be much more reliable, but things happen (people forget to pay on time, etc) and I am just wondering if paypal is being used as a back-up money supply for overdue payments on BTCJam.
Nope
When creating a loan linked to MtGoxUSD, what rate is used to determine the equivalent USD value of the loan when it is activated and then the equivalent amount of BTC when it is repaid?
Is it the last price on the MtGox website or some weighted average for an hour, 6 hours, a day? Where can I see the exact rate that is used? I need to know at what rate I am working with.
Is it the last price on the MtGox website or some weighted average for an hour, 6 hours, a day? Where can I see the exact rate that is used? I need to know at what rate I am working with.
Last MtGox sell value at loan activation. Updated every 7 minutes.
Is anyone seeing server error in BTCJAM? I got it a few times.
This may be a stupid question, but I'm not always very good at understanding things when I read them, so I apologize if this is stupid.
What is the purpose of having a linked paypal account? Is it simply another way for lenders to see who is reliable and such? Or will late payments be made using paypal? I have never used paypal so I am not sure how it works and such...
Again, sorry if this is a stupid question, but it would be great if someone could clear up my confusion for me!! Thank you!
What is the purpose of having a linked paypal account? Is it simply another way for lenders to see who is reliable and such? Or will late payments be made using paypal? I have never used paypal so I am not sure how it works and such...
Again, sorry if this is a stupid question, but it would be great if someone could clear up my confusion for me!! Thank you!
https://www.paypal.com/us/webapps/mpp/security/verification-faq
BTCJam only accept verified paypal which is that paypal has done the hard work of making sure they say who they are.
When creating a loan linked to MtGoxUSD, what rate is used to determine the equivalent USD value of the loan when it is activated and then the equivalent amount of BTC when it is repaid?
Is it the last price on the MtGox website or some weighted average for an hour, 6 hours, a day? Where can I see the exact rate that is used? I need to know at what rate I am working with.
Is it the last price on the MtGox website or some weighted average for an hour, 6 hours, a day? Where can I see the exact rate that is used? I need to know at what rate I am working with.
right, so the question is how late constitutes a default? right now it isn't set up as it cant go into collection yet, so its seemingly endless in case they do pay back, but I would ask that it maybe be considered default, but still left open after a long period of lateness.
We consider a payment late for more than 120 days a default.
It isn't a big deal because I didn't lose a lot of money, but I put 2btc(they were $20 at the time no big deal) into btcjam and I wanted to try out the system.
This user: Bemtje
He had a good rating when I loaned him money. His rating 'evaporated' when I came to check on it this month(take a look at the user page, his rating is 0/17, yet his identity is verified as well as his credit score. Wtf!?). I no longer trust the rating system on btcjam and I will be removing the small amount of funds I have left.
I would not feel comfortable putting large amounts of funds into btcjam and I won't be using it again unless they reform their website and answer the questions I put on this thread MONTHS ago.
I cannot message this user, I cannot rate him and warn others about his lack of payments, and I only see a broken system which allows users to abuse trust. Too bad, btcjam seemed so cool...
I really wanted to like btcjam, sorry.
Edit: I can't even withdraw the last .0045btc
I was going to put it in my bitcointipbot on reddit...
This user: Bemtje
He had a good rating when I loaned him money. His rating 'evaporated' when I came to check on it this month(take a look at the user page, his rating is 0/17, yet his identity is verified as well as his credit score. Wtf!?). I no longer trust the rating system on btcjam and I will be removing the small amount of funds I have left.
I would not feel comfortable putting large amounts of funds into btcjam and I won't be using it again unless they reform their website and answer the questions I put on this thread MONTHS ago.
I cannot message this user, I cannot rate him and warn others about his lack of payments, and I only see a broken system which allows users to abuse trust. Too bad, btcjam seemed so cool...
I really wanted to like btcjam, sorry.
Edit: I can't even withdraw the last .0045btc
I was going to put it in my bitcointipbot on reddit...In every credit rating system you have a good rating if you pays back your loans. If you have a good fico score and start to make late payments or simply do not pay then at all your rating will decrease. This is normal and expected.
You can rate a user if you are a verified member, anonymous users cannot rate others, I'm sorry for that but we can't allow users with low verified information to rate others because this will allow malicious users to use puppet accounts to get high reputation.
About the messages, you can communicate with the borrower through the loan messaging system. The user to user messaging system is underway.
It isn't a big deal because I didn't lose a lot of money, but I put 2btc(they were $20 at the time no big deal) into btcjam and I wanted to try out the system.
This user: Bemtje
He had a good rating when I loaned him money. His rating 'evaporated' when I came to check on it this month(take a look at the user page, his rating is 0/17, yet his identity is verified as well as his credit score. Wtf!?). I no longer trust the rating system on btcjam and I will be removing the small amount of funds I have left.
I would not feel comfortable putting large amounts of funds into btcjam and I won't be using it again unless they reform their website and answer the questions I put on this thread MONTHS ago.
I cannot message this user, I cannot rate him and warn others about his lack of payments, and I only see a broken system which allows users to abuse trust. Too bad, btcjam seemed so cool...
I really wanted to like btcjam, sorry.
Edit: I can't even withdraw the last .0045btc I was going to put it in my bitcointipbot on reddit...
This user: Bemtje
He had a good rating when I loaned him money. His rating 'evaporated' when I came to check on it this month(take a look at the user page, his rating is 0/17, yet his identity is verified as well as his credit score. Wtf!?). I no longer trust the rating system on btcjam and I will be removing the small amount of funds I have left.
I would not feel comfortable putting large amounts of funds into btcjam and I won't be using it again unless they reform their website and answer the questions I put on this thread MONTHS ago.
I cannot message this user, I cannot rate him and warn others about his lack of payments, and I only see a broken system which allows users to abuse trust. Too bad, btcjam seemed so cool...
I really wanted to like btcjam, sorry.
Edit: I can't even withdraw the last .0045btc
I was going to put it in my bitcointipbot on reddit... 
right, so the question is how late constitutes a default? right now it isn't set up as it cant go into collection yet, so its seemingly endless in case they do pay back, but I would ask that it maybe be considered default, but still left open after a long period of lateness.
Was the point of registering a bitcointalk name so that people could get scammer tags for being late? How late do they need to be to earn a scammer tag?
I don't think being late on a loan makes you a scammer in and of itself.
Being late means nothing, if they default on payments, then they should get a scammer tag, but you have to take that up with theymos
Was the point of registering a bitcointalk name so that people could get scammer tags for being late? How late do they need to be to earn a scammer tag?
I don't think being late on a loan makes you a scammer in and of itself.
Was the point of registering a bitcointalk name so that people could get scammer tags for being late? How late do they need to be to earn a scammer tag?
ok, thanks for the clarification, I always wondered if that was the case. I'm not bothered about ratings as I don't ever plan to borrow on there, but am happy to throw a few loose coins around to help others 
Something I have been wondering is why not all of the people I have interactions with are showing up to rate. There are people who are late (through fault of the payment scheduling system, not of their fault) who I am waiting to rate and people who paid back, but were late so I opted to not rate. Why are all the people who I have interacted with not showing up? There are new loans I have had with people who I want to be able to rate, but I cannot as they do not appear in my list of options.
Snap. I also see the same. It does seem to be people that I've lent out a few satoshis though. Larger amounts seem to be ok, so I guess there may be a threshold for the ratings?
Yes, people were investing satoshis just to beg for ratings later.
Something I have been wondering is why not all of the people I have interactions with are showing up to rate. There are people who are late (through fault of the payment scheduling system, not of their fault) who I am waiting to rate and people who paid back, but were late so I opted to not rate. Why are all the people who I have interacted with not showing up? There are new loans I have had with people who I want to be able to rate, but I cannot as they do not appear in my list of options.
Snap. I also see the same. It does seem to be people that I've lent out a few satoshis though. Larger amounts seem to be ok, so I guess there may be a threshold for the ratings?
Something I have been wondering is why not all of the people I have interactions with are showing up to rate. There are people who are late (through fault of the payment scheduling system, not of their fault) who I am waiting to rate and people who paid back, but were late so I opted to not rate. Why are all the people who I have interacted with not showing up? There are new loans I have had with people who I want to be able to rate, but I cannot as they do not appear in my list of options.
(How) Can I retract my investment during the funding period, if something suddenly smells fishy?
Why does everyone rate +/-10? An approach similar to the BTC-OTC system would be more sensible methinks: http://wiki.bitcoin-otc.com/wiki/OTC_Rating_System#Rating_guidelines
Maybe this could be forced, as in: If I have invested / borrowed one loan with a user, I get to vote +/- 1. Once I have invested / borrowed with a user twice, I get to vote +/-2. Etc.
Why does everyone rate +/-10? An approach similar to the BTC-OTC system would be more sensible methinks: http://wiki.bitcoin-otc.com/wiki/OTC_Rating_System#Rating_guidelines
Maybe this could be forced, as in: If I have invested / borrowed one loan with a user, I get to vote +/- 1. Once I have invested / borrowed with a user twice, I get to vote +/-2. Etc.
I do agree that many people appear to use the rating system who donnot understand it. However, I would not force a limit. If I do 10 deals for .01BTC each, then I trust them far less that 1 deal for 1000BTC.
There also are people on the site who I personally know and would trust with my life, even if I only have loaned money once or twice- even for small amounts.
I think there just needs to be a description of how the rating system works within the rating page. Something like:
-10 - Scammer
-1 - Seems Shady to me
+1 - One good transaction
+3 - Couple good transactions
+5 - Very trustworthy
+10 - Would bet life on them repaying
Obviously I exaggerated, but if this "chart" was on the rating page, people will tend to rate where they think the person fits on the chart, rather than just giving +10 in the hope of getting +10 in return.
-- Smoov
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