Topic: [ANN] BTCJam - Peer to Peer Bitcoin Lending - page 6. (Read 204973 times)

Lol. Crickets... don't expect a substantive answer from Tulkas anytime soon. The Dhami Law Firm, what a joke. That answer you received is complete horseshit. It's becoming apparent that there is no Dhami Law Firm. (877) 638-8250 as provided by the BBB is not operational. And yes, no web site.

Tulkas, if this is not the case, provide us with a point of contact.

FEB 13, 2016  |  02:38PM PST
Original message
Kanati wrote:

Hi Support

I have a question regarding notes on defaulted loans -

I noticed that the amount of funds owed to me is written on my arbitration
awards, but how would I be able to document how much is owed to me if I bought
a note from someone else on a loan that was already in default?

Is there some way to transfer title to the arbitration award?

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FEB 17, 2016  |  06:06PM PST
John replied:

Thank you for contacting us and sorry it took longer to reply due to yesterday’s holiday (President s day). It is to my understanding that the transactions record is a good proof to whom the loan must be paid and that the bought notes give directly that right to the transactions report to the buyer. In any case, i am happy to verify further and get back to you about it. Thank you for ebing a member of the BTCjam community!

Best,
BTCjam Support Team

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FEB 17, 2016  |  10:56PM PST
Kanati replied:

Hi John, thanks for your reply

The transaction log only shows is that you paid for a note (the transaction
record does not even indicate which one).

I need a document that would stand up in court that shows exactly how much of
the debt I own. Ideally I should be able to download the arbitration awards
for the notes I buy on defaulted loans, and they should show beyond any
reasonable doubt that title has transferred to me.

Is this or something similar possible?

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FEB 19, 2016  |  06:06PM PST
John replied:

Thanks again for contacting us. Our legal department told me that they are looking into producing some sort of document (it may be that it has also some transaction records), but nothing will be done before the end of next week. Please get back to me about it. Thanks again for being a loyal member of the BTCjam community!

Best,
BTCjam Support Team

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FEB 28, 2016  |  11:46PM PST
Kanati replied:

Hello John

Is there any news?

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MAR 08, 2016  |  01:29PM PST
John replied:

I have not heard any news yet. You can always send an email to [email protected] for further information. Thank you so much for your interest in the BTCjam platform!

Best,
BTCjam Support Team

Kanati,

Regarding enforcemyarbitration we advise you not to work with them, they are using our user database without authorization (they got it from NET-ARB from when we used their service) and working with net-arb to enforce the loans, this is a violation of arbitration laws (the arbitror cannot work with the lawyer that is enforcing the award).

I'm verifying with Dhami what this authentication means. They are a separate arbitration firm and we are not allowed to interfere with the process since the loans are made inside our platform (arbitration needs come from an uninvolved third party).

Best,

Whether our coins are 100% lost or not remains to be seen - the only way you lose for sure is to quit trying.

In any case our probability of recovery would increase if BTCjam provided us with AUTHENTICATED arbitration awards. This is also the VERY LEAST they could do considering how they've otherwise stacked the rules against us investors -

    Jam collects their fees up front when investors finance the loan, which means they have no actual alignment with investor interests if the loan is not repaid.
    Jam does not post statistics about the percentage of borrower defaults on their website, which is a huge risk disclosure omission for any prospective investor (https://btcjam.com/stats).
    Jam suddenly changed the rules by announcing they no longer will issue loans to American borrowers. This of course is causing a wave of defaults on existing American loans, since it removes incentive for these borrowers to repay if they no longer have a future on the platform. So far no help or compensation for investors who got screwed when BTCjam decided to pull the carpet out from under them.
    Jam suddenly dumped* net-arb.com as their independent arbitration provider, ostensibly "to protect members from spam". The new provider, Dhami Law Firm, has no functioning website, telephone, or e-mail, leaving investors no way to independently confirm the validity of Dhami Law Firm or the arbitration awards issued by them.
    *Net-arb is still listed as Jams arbitration provider under bullet 5 of https://btcjam.com/terms-of-use
    Jam is still not providing arbitration awards on defaulted loans for investors who bought notes.
    Jam even threatens investors against getting help with collecting delinquent loans!..
    Quote
    "As a reminder, BTCjam’s Terms of Use prohibit your from posting, uploading, publishing, displaying, transmitting, sharing, storing or otherwise making or attempting to make publicly available any personally identifiable information of a borrower. Accordingly, the content of this arbitration award may not be shared via any blog, forum, medium or other communication of any kind."
    Basically anyone who sends or shares an arbitration award with other investors, a lawyer, or a collection service is in violation of Jams' terms of service  Huh(

Potential investors should stay away from BTCjam until they up their game (a lot!). Current investors need to light a fire under BTCjams a** and make them move on these problems.

And why can not I make a withdrawal? always  error when requesting a withdrawal
I contacted the support but did not get an answer I do not have an active loan so please check
thank you

Why do you think I am a scammer, owlcatz?

We are a platform that connects borrowers and lenders, we are not the ones taking the loans. We never stated that we are responsible or endorse any of the loans in the platform. When someone in this forum pulls a scam does it make the forum owner a scammer?

We do everything in our power to prevent and we also try to recover defaulted loans. We offer arbitration awards free of charge (we pay the arbitration firm to issue them), we call the borrowers before the loan goes into the platform and we also contact late ones.

slowly but surely

Why do you think I am a scammer, owlcatz?

We are a platform that connects borrowers and lenders, we are not the ones taking the loans. We never stated that we are responsible or endorse any of the loans in the platform. When someone in this forum pulls a scam does it make the forum owner a scammer?

We do everything in our power to prevent and we also try to recover defaulted loans. We offer arbitration awards free of charge (we pay the arbitration firm to issue them), we call the borrowers before the loan goes into the platform and we also contact late ones.

We don't answer questions on the forums because there are many forums out there and they do not offer proper tools to manage all the messages. We do have a support email and answer all the messages we receive in a timely manner.

Kanati,

Regarding enforcemyarbitration we advise you not to work with them, they are using our user database without authorization (they got it from NET-ARB from when we used their service) and working with net-arb to enforce the loans, this is a violation of arbitration laws (the arbitror cannot work with the lawyer that is enforcing the award).

I'm verifying with Dhami what this authentication means. They are a separate arbitration firm and we are not allowed to interfere with the process since the loans are made inside our platform (arbitration needs come from an uninvolved third party).

Best,
Tulkas the Scammer

Wow, people are finally waking up and realizing this site is just a scam? 

about the dhami thing...YES they must do better then that but i see this  coins as lost. maby i try to enforce but not worth to do so for 5 cents per loan..but anyway...i hate reading this standard answer from btcjam "they should be available after bla bla"...just no help or support at all. they just earn fees and silence members that try to connect with other members etc....


anyway.....


@btiandy
kraken is no lending site so the one i trust is me only...if i speculate on some profit from "investing" in ether or doa or other currencies then its in my control...well at least i dont have to hope for members to pay back, just hope for price changes that please my speculations.
if i make a wrong move i can only blame myself and try better next time. im not sure if i will register at pop anymore/at all. its just another site i have to trust (thinking of hashocean) and then people i have to trust. the chain is just too long even tho it is fun as a hobby.

and yes im also collection all payments moving them over to kraken and buy some ether at low price....HOPE it rises to 14 dollars or something like that and im happy

Just hodl your coins right now. The halvening is coming, and there is no telling what is going to happen, so you may lose more than you gain because the loans are based on btc price at time of lending, so whatever earnings you get or don't get are based on that set price at the time. bad idea, imo, not now anyhow. Plus, they selectively ignore customers with problems. Good luck.

If this topic, read someone from representatives of BTC jam, please pay attention to any number of defaults on borrowing.
You need to implement the arbitration within the project.

I have not tried out kraken yet, been pretty satisfied on BTC Pop...still trying to get the rest of my coin out of Jam without too much of a loss!