[ANN] BTCJam - Peer to Peer Bitcoin Lending - page 47.

gweedo

legendary

Activity: 1498

Merit: 1000

Quote from: boonies4u on February 18, 2013, 12:07:47 AM

Quote from: gweedo on February 18, 2013, 12:05:26 AM

Quote from: boonies4u on February 18, 2013, 12:03:02 AM

Quote from: gweedo on February 17, 2013, 10:08:39 PM

Quote from: boonies4u on February 17, 2013, 09:59:01 PM

Quote from: gweedo on February 17, 2013, 08:05:46 PM

The site is already exploding with some great loans, and it isn't their job to recover your funds for your mistakes

Then they're obstructing people from recovering their funds from their mistakes. If Tulkas has no plans to start collections, then him refusing to let other people collect will be bad for business.

Seriously are you going to file a lawsuit on people that default? No one has given a hard answer to this when I asked it before. Also what judge will rule with bitcoins?

"File a lawsuit" is a bit of a strong way to put it. Paying 15-150$ in small claims court fees seems appropriate, getting them to show is another story.

What do you mean by rule with bitcoins? Do you mean that the judge will award them defendent/plaintiff bitcoins? Certainly they won't do that as USD are appropriate for all debts public and private.

Hopefully the judge would take into consideration the currently traded values of bitcoins or the value of the bitcoins at the time the loan was established.

Seeking restitution in the courts and "Debt Collection" aren't the exact same thing though...

LMAO small claims yea cause someone who scammed 100's of btcs would show up. Also you know that there has never been a victory with bitcoins in court so yeah how would over come that?

How many losses with bitcoins in court are you aware of? http://idioms.thefreedictionary.com/set+a+precedent

One that involved loaning

Snipes777

full member

Activity: 132

Merit: 100

Quote from: Newar on March 18, 2013, 09:56:30 AM

(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.

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.

Newar

legendary

Activity: 1358

Merit: 1001

https://gliph.me/hUF

(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.

gweedo

legendary

Activity: 1498

Merit: 1000

Quote from: boonies4u on February 18, 2013, 12:03:02 AM

Quote from: gweedo on February 17, 2013, 10:08:39 PM

Quote from: boonies4u on February 17, 2013, 09:59:01 PM

Quote from: gweedo on February 17, 2013, 08:05:46 PM

The site is already exploding with some great loans, and it isn't their job to recover your funds for your mistakes

Then they're obstructing people from recovering their funds from their mistakes. If Tulkas has no plans to start collections, then him refusing to let other people collect will be bad for business.

Seriously are you going to file a lawsuit on people that default? No one has given a hard answer to this when I asked it before. Also what judge will rule with bitcoins?

"File a lawsuit" is a bit of a strong way to put it. Paying 15-150$ in small claims court fees seems appropriate, getting them to show is another story.

What do you mean by rule with bitcoins? Do you mean that the judge will award them defendent/plaintiff bitcoins? Certainly they won't do that as USD are appropriate for all debts public and private.

Hopefully the judge would take into consideration the currently traded values of bitcoins or the value of the bitcoins at the time the loan was established.

Seeking restitution in the courts and "Debt Collection" aren't the exact same thing though...

LMAO small claims yea cause someone who scammed 100's of btcs would show up. Also you know that there has never been a victory with bitcoins in court so yeah how would over come that?

Newar

legendary

Activity: 1358

Merit: 1001

https://gliph.me/hUF

I have not read the whole thread, so sorry if this was asked before:

On the "user" page is it possible to have BTCtalk nicks, OTC and ebay nicks clickable to their respective profile / ratings page?

gappie

member

Activity: 65

Merit: 121

Is it possible to see the number of outstanding payments on a loan?

gweedo

legendary

Activity: 1498

Merit: 1000

Quote from: boonies4u on February 17, 2013, 09:59:01 PM

Quote from: gweedo on February 17, 2013, 08:05:46 PM

The site is already exploding with some great loans, and it isn't their job to recover your funds for your mistakes

Then they're obstructing people from recovering their funds from their mistakes. If Tulkas has no plans to start collections, then him refusing to let other people collect will be bad for business.

Seriously are you going to file a lawsuit on people that default? No one has given a hard answer to this when I asked it before. Also what judge will rule with bitcoins?

LoweryCBS

sr. member

Activity: 364

Merit: 250

firstbits 1LoCBS

Tulkas: One nice feature would be the ability to browse just the listings I've followed.

Quote from: Tulkas on March 15, 2013, 07:34:30 AM

Quote from: RandomQ on March 11, 2013, 03:22:43 AM

Can you take a look at my credit rating, when I added my driver license my rating dropped 6 points instead of going up 2 points

Your credit rating also takes into account the current open credit lines and the repayments already made.

Tulkas

sr. member

Activity: 352

Merit: 250

Founder, BTCJAM

Quote from: RandomQ on March 11, 2013, 03:22:43 AM

Can you take a look at my credit rating, when I added my driver license my rating dropped 6 points instead of going up 2 points

Your credit rating also takes into account the current open credit lines and the repayments already made.

gweedo

legendary

Activity: 1498

Merit: 1000

Quote from: BurtW on February 17, 2013, 07:59:30 PM

Having said that, the day you are able to recover funds from one of the many deadbeats is the day business on this site will explode!

Yes one day if they create a machine that steals back deadbeats bitcoins LMAO, you people aren't that dumb come on... The site is already exploding with some great loans, and it isn't their job to recover your funds for your mistakes

RandomQ

hero member

Activity: 826

Merit: 500

Can you take a look at my credit rating, when I added my driver license my rating dropped 6 points instead of going up 2 points

pandalion98

sr. member

Activity: 504

Merit: 250

Any one could help accuse hi for his default an have him paid us bakc.
158AjGBzinRVpgoZw27fWBdRRom8JsoTu8

@specopkirbs UK- match, image-match https://t.co/hJUHA0dWZ2 , do poker- https://t.co/4rWHtuW0Or -yes

He have been owin for long

whathe12

newbie

Activity: 51

Merit: 0

Small bug - I keep on trying to log in with my PayPal account but it always makes my page go back to the dashboard even after I log in with the account and verify to use it and when I try to make a loan it always says I still haven't verified my PayPal account even when I just did.

Tulkas

sr. member

Activity: 352

Merit: 250

Founder, BTCJAM

Quote from: RandomQ on March 07, 2013, 10:18:25 AM

It would be nice to see the USD amount a MtGoxUSD loan is pegged at

Because I'm unsure when the loan is pegged to withdraw of BTC from account or acceptance of loan

And to what MtGoxUSD its pegged 24HR Average or Last?

It appears to be working correctly on the Payment amount Grin

Last (updated every 7 minutes).

RandomQ

hero member

Activity: 826

Merit: 500

It would be nice to see the USD amount a MtGoxUSD loan is pegged at

Because I'm unsure when the loan is pegged to withdraw of BTC from account or acceptance of loan

And to what MtGoxUSD its pegged 24HR Average or Last?

It appears to be working correctly on the Payment amount Grin

Tulkas

sr. member

Activity: 352

Merit: 250

Founder, BTCJAM

Quote from: zx9r on March 03, 2013, 06:39:20 PM

Quote from: gweedo on March 03, 2013, 06:18:42 PM

Quote from: zx9r on March 03, 2013, 06:14:27 PM

I can see in the btcjam loan listings the amount, the interest rate and the days to make the payment back. But what I cant see is for how long is the interest rate. I mean, if the interest rate is 1%, is it a 1% weekly, monthly, yearly... ? I've searched hole the web but didn't find nothing.

You look at when they make the payments back so if the payments are every 7 days, then you know it is a weekly interest rate, if they make it every 1st of the month then it is monthly and so on...

I dont get how to do the math.

Lets take a real example:

Amount Rate Payment Term
฿30.00000 2.0% ฿5.35577 every 1st of the month 180 days

So... here it is a 2.0% monthly:

2% of ฿30 = ฿0.6 monthly
Total interest to pay = ฿0.6 * 6 months (180 days) = ฿3.6
Total amount to return = ฿30 +฿3.6 = ฿33.6

But if ฿5.35577 are paid each month: ฿5.35577 * 6 = ฿32.13462

Where is the difference between ฿33.6 and ฿32.13462 ?

The interest is not calculated that way. The outstanding amount is used to calculate the interest.
You can play with the loan calculator here: https://btcjam.com/listings/new

There is also a wikipedia link with the formula used.

The fees are here: https://btcjam.com/borrow/rates_and_fees

FAQ is underway.

zx9r

full member

Activity: 153

Merit: 100

I thought it might be a btcjam fee but I was also unable to find such info in the btcjam site. I suggest to include a FAQ or something with that kind of details.

zx9r

full member

Activity: 153

Merit: 100

Quote from: gweedo on March 03, 2013, 06:18:42 PM

Quote from: zx9r on March 03, 2013, 06:14:27 PM

I can see in the btcjam loan listings the amount, the interest rate and the days to make the payment back. But what I cant see is for how long is the interest rate. I mean, if the interest rate is 1%, is it a 1% weekly, monthly, yearly... ? I've searched hole the web but didn't find nothing.

You look at when they make the payments back so if the payments are every 7 days, then you know it is a weekly interest rate, if they make it every 1st of the month then it is monthly and so on...

I dont get how to do the math.

Lets take a real example:

Amount Rate Payment Term
฿30.00000 2.0% ฿5.35577 every 1st of the month 180 days

So... here it is a 2.0% monthly:

2% of ฿30 = ฿0.6 monthly
Total interest to pay = ฿0.6 * 6 months (180 days) = ฿3.6
Total amount to return = ฿30 +฿3.6 = ฿33.6

But if ฿5.35577 are paid each month: ฿5.35577 * 6 = ฿32.13462

Where is the difference between ฿33.6 and ฿32.13462 ?

zx9r

full member

Activity: 153

Merit: 100

I can see in the btcjam loan listings the amount, the interest rate and the days to make the payment back. But what I cant see is for how long is the interest rate. I mean, if the interest rate is 1%, is it a 1% weekly, monthly, yearly... ? I've searched hole the web but didn't find nothing.

Monster Tent

full member

Activity: 238

Merit: 100

You should start offering margin lending.

Topic: [ANN] BTCJam - Peer to Peer Bitcoin Lending - page 47. (Read 204975 times)