[ANN] BTCJam - Peer to Peer Bitcoin Lending - page 75.

Tulkas

sr. member

Activity: 352

Merit: 250

Founder, BTCJAM

Quote from: SgtSpike on October 24, 2012, 06:08:29 PM

I haven't read through this entire thread, so forgive me if these questions have already been answered, but:
- If someone misses payments and/or defaults on their loan, do you report such activities to the proper credit agencies?
- Is there any reason it wouldn't be legal to sue those who do not repay? Anything that does not make these loans legally binding?

Hello, yes this questions were answered already but i will sum it up for you:

The idea behind the service is to create an ecosystem where trust is built and scammers got tagged and are left aside.
The verification process purpose is to prevent users from creating multiple high scored accounts.

That being said we are working already with collection/credit agencies but this process takes time given the peculiar nature of bitcoin. We do not have a working agreement right now apart from credit verification (not reporting).

SgtSpike

legendary

Activity: 1400

Merit: 1005

I haven't read through this entire thread, so forgive me if these questions have already been answered, but:
- If someone misses payments and/or defaults on their loan, do you report such activities to the proper credit agencies?
- Is there any reason it wouldn't be legal to sue those who do not repay? Anything that does not make these loans legally binding?

KB5988

member

Activity: 84

Merit: 10

I got pointed here to ask about this issue. I transferred some coins from my Mt.Gox account to BTCJam over two transactions over the last two days, neither of which have shown up so far and don't show as unconfirmed.

I looked up the address and firstbit information on blockchain.info and they aren't showing up there yet at all. I have verified that the address withdrawn to from Mt.Gox is the same as the deposit address from BTCJam as well, so I'm fairly certain that it wasn't an error at that part. Is there any other way I can try and keep tabs on the transactions, or what I can do if they don't show up?

Tulkas

sr. member

Activity: 352

Merit: 250

Founder, BTCJAM

Quote from: RandomQ on October 23, 2012, 09:56:10 PM

I just wanted to give some feedback on BTCJam from my personal use.

It would be nice to have an option to make your payment on a loan automatically when you have BTC in your account.
Because if you like me, you deposited it into your account on BTCJam and then forgot to make the payment...lol

The other thing I noticed, was when you have a late payment I wasn't sure what Time zone the site was based on, I'm assuming GMT.
I looked around to see if they had the time listed anywhere or the date listed lol...
Because I had a payment that was late based on the sites time and not late based on my time zone Grin

Other than my feedback, its a great site and makes things really easy.

I'm glad you liked our service!

As for the automatic payments, we will add this option soon, i've added this request on our uservoice widget so you can follow the development process.

Thanks for the feedback!

Tulkas

sr. member

Activity: 352

Merit: 250

Founder, BTCJAM

Quote from: creativex on October 24, 2012, 02:14:29 PM

I had trouble with both phone verification(not sure it worked) and with updating basic info. That spit out this error:

Phone checks is too long (maximum is 3 characters)

...so presumably that parts error was due to the phone error. I sent you a PM, I'd appreciate whatever assistance you can provide. TIA. Love the concept, great work!

Thanks!

Sent you a PM.

creativex

sr. member

Activity: 434

Merit: 250

I had trouble with both phone verification(not sure it worked) and with updating basic info. That spit out this error:

Phone checks is too long (maximum is 3 characters)

...so presumably that parts error was due to the phone error. I sent you a PM, I'd appreciate whatever assistance you can provide. TIA. Love the concept, great work!

ercolinux

legendary

Activity: 938

Merit: 1000

Quote from: Tulkas on October 24, 2012, 01:20:22 PM

Quote from: ercolinux on October 24, 2012, 09:48:30 AM

Quote from: Digigami on October 24, 2012, 09:02:55 AM

I'm opting to stop lending here until such policies are outlined and shown to work well.. still waiting for the first two loans I lent out on to be repaid as well.

I'm totally with you, and is a pity because it would be a great thing if it worked a bit better, but with this loan failure is really too dangerous to invest here Undecided

A small suggestion to Tulkas: to reduce the fraud and the damage to lender you can keep a warranty from the borrowed amount, proportional to the credit rating. I mean something like: (15-(credit ratining))%, so if you have a 0C.R. you have 15% of loan as warranty, if you've 8 point you have 7% and if you've 10 you leave 5%. You can also ask a small amount to subscribe as lender (0,5-1BTC) to reduce the risk of sockpuppet accounts and to create a small fund (in wich you can keeping a 0.5/1% of every loan as warranty too) to cover unpayed loans.

At the end of the loan payment you can unlock the money minus your % and the warranty fund.
In the event the loan will not be repayed you can use the kept BTCs plus a part of the warranty fund to cover a part of the debt (losing a 75-80% is better than 100%), meanwhile we really hope that you can enforce in someway the loan payments.

Yes, we are working towards enforcement, etc.

I would also like to note that the service today is far from perfect, but we believe it represents a major improvement on the rater manual procedures used on this forum, good payers are building good reputation profiles already.

One good thing that is already happening is the scammers are being casted out too, we had two cases of scammers trying to get other accounts verified with no luck.

Takes time to build an ecosystem, but it is being built.

We have several good payers and the majority of loans are being paid on time, that being said we think perhaps we should add more moderation on users and listings instead of just let the "system" regulate itself.

Glad to hear, the idea of a moderator is nice too even if not so easy to implement
I really like the idea behind btcjam and I really hope that the ecosystem of user become every day more "secure". I'm not blaming you for the scammers obviously, and I know that especially at the beginning is really difficult to recognize them and to keep a clean user base. I only suggest a way to reduce the risks for lenders and to improve the platform.
Maybe adding the statistics of payed loans/total and the list of bad payers in a section accessible by registered user will help in increase confidence in lender.

Tulkas

sr. member

Activity: 352

Merit: 250

Founder, BTCJAM

Quote from: ercolinux on October 24, 2012, 09:48:30 AM

Quote from: Digigami on October 24, 2012, 09:02:55 AM

I'm opting to stop lending here until such policies are outlined and shown to work well.. still waiting for the first two loans I lent out on to be repaid as well.

I'm totally with you, and is a pity because it would be a great thing if it worked a bit better, but with this loan failure is really too dangerous to invest here Undecided

A small suggestion to Tulkas: to reduce the fraud and the damage to lender you can keep a warranty from the borrowed amount, proportional to the credit rating. I mean something like: (15-(credit ratining))%, so if you have a 0C.R. you have 15% of loan as warranty, if you've 8 point you have 7% and if you've 10 you leave 5%. You can also ask a small amount to subscribe as lender (0,5-1BTC) to reduce the risk of sockpuppet accounts and to create a small fund (in wich you can keeping a 0.5/1% of every loan as warranty too) to cover unpayed loans.

At the end of the loan payment you can unlock the money minus your % and the warranty fund.
In the event the loan will not be repayed you can use the kept BTCs plus a part of the warranty fund to cover a part of the debt (losing a 75-80% is better than 100%), meanwhile we really hope that you can enforce in someway the loan payments.

Yes, we are working towards enforcement, etc.

I would also like to note that the service today is far from perfect, but we believe it represents a major improvement on the rater manual procedures used on this forum, good payers are building good reputation profiles already.

One good thing that is already happening is the scammers are being casted out too, we had two cases of scammers trying to get other accounts verified with no luck.

Takes time to build an ecosystem, but it is being built.

We have several good payers and the majority of loans are being paid on time, that being said we think perhaps we should add more moderation on users and listings instead of just let the "system" regulate itself.

tgmarks

donator

Activity: 490

Merit: 500

I have a had a few small defaults on loans I have made also. Love the concept, but you need to fix this.

ercolinux

legendary

Activity: 938

Merit: 1000

Quote from: Digigami on October 24, 2012, 09:02:55 AM

I'm opting to stop lending here until such policies are outlined and shown to work well.. still waiting for the first two loans I lent out on to be repaid as well.

I'm totally with you, and is a pity because it would be a great thing if it worked a bit better, but with this loan failure is really too dangerous to invest here Undecided

A small suggestion to Tulkas: to reduce the fraud and the damage to lender you can keep a warranty from the borrowed amount, proportional to the credit rating. I mean something like: (15-(credit ratining))%, so if you have a 0C.R. you have 15% of loan as warranty, if you've 8 point you have 7% and if you've 10 you leave 5%. You can also ask a small amount to subscribe as lender (0,5-1BTC) to reduce the risk of sockpuppet accounts and to create a small fund (in wich you can keeping a 0.5/1% of every loan as warranty too) to cover unpayed loans.

At the end of the loan payment you can unlock the money minus your % and the warranty fund.
In the event the loan will not be repayed you can use the kept BTCs plus a part of the warranty fund to cover a part of the debt (losing a 75-80% is better than 100%), meanwhile we really hope that you can enforce in someway the loan payments.

Digigami

sr. member

Activity: 462

Merit: 250

I'm opting to stop lending here until such policies are outlined and shown to work well.. still waiting for the first two loans I lent out on to be repaid as well.

ercolinux

legendary

Activity: 938

Merit: 1000

Do you have news on enforcements of loans? Now I've 5 people overdue loans (of which 3 have 8/10 of credit rating) and only 4 that have repayed them.

RandomQ

hero member

Activity: 826

Merit: 500

I just wanted to give some feedback on BTCJam from my personal use.

It would be nice to have an option to make your payment on a loan automatically when you have BTC in your account.
Because if you like me, you deposited it into your account on BTCJam and then forgot to make the payment...lol

The other thing I noticed, was when you have a late payment I wasn't sure what Time zone the site was based on, I'm assuming GMT.
I looked around to see if they had the time listed anywhere or the date listed lol...
Because I had a payment that was late based on the sites time and not late based on my time zone Grin

Other than my feedback, its a great site and makes things really easy.

Shermo

sr. member

Activity: 272

Merit: 250

OK, that makes sense

I think usually in such a case you have 11 equal instalments and the first payment is slightly higher. Obviously 365 days is a whole year, not 12.16 months.

Tulkas

sr. member

Activity: 352

Merit: 250

Founder, BTCJAM

The term is 365 days or 12.16 months, this yields to 13 payments. Your calculation is probably taking into account 12 payments.

Shermo

sr. member

Activity: 272

Merit: 250

Can you tell me how you are working out your repayments as they just don't make any sense to me.

For example:
https://btcjam.com/listings/264

500BTC @ 2% over 1 year...
You calculate 44.05918 per month, total = 528.71016
I calculate 42.05 per month, total = 504.60 (assuming 2% per year)
I calculate 46.40 per month, total = 556.80 (assuming 24% per year, 2% per month?)

My calculations done in GnuCash. Also every loan repayment calculator you can easily find online matches (or is very close) to the numbers I calculated.

CaptChadd

hero member

Activity: 924

Merit: 1005

Product Marketing & Promotion / Software Developer

Everytime I try to upload my Address verification scan or Credit scan I get this error:

"Please review the problems below:"

But it does not tell me what the problem is.

I am uploading 1200 DPI scans and they are in .jpg format.

Can you help?

ercolinux

legendary

Activity: 938

Merit: 1000

Quote from: ercolinux on October 22, 2012, 07:16:37 AM

Quote from: emuLOAD on October 22, 2012, 07:02:30 AM

Trying to log-in through google authentication, but all I get is this error

Quote

Error: redirect_uri_mismatch

The redirect URI in the request: https://www.btcjam.com/users/auth/google_oauth2/callback did not match a registered redirect URI

anybody else having the same problem?

Yes: both from google and facebook. I've already seen this error in the past days but on a second attempt of login it has worked, so I've thinked of a temporary network problem. Today is not working even after 4 or 5 attempts.

Now seems to work again

ercolinux

legendary

Activity: 938

Merit: 1000

Quote from: emuLOAD on October 22, 2012, 07:02:30 AM

Trying to log-in through google authentication, but all I get is this error

Quote

Error: redirect_uri_mismatch

The redirect URI in the request: https://www.btcjam.com/users/auth/google_oauth2/callback did not match a registered redirect URI

anybody else having the same problem?

Yes: both from google and facebook. I've already seen this error in the past days but on a second attempt of login it has worked, so I've thinked of a temporary network problem. Today is not working even after 4 or 5 attempts.

emuLOAD

sr. member

Activity: 328

Merit: 252

Trying to log-in through google authentication, but all I get is this error

Quote

Error: redirect_uri_mismatch

The redirect URI in the request: https://www.btcjam.com/users/auth/google_oauth2/callback did not match a registered redirect URI

anybody else having the same problem?

Topic: [ANN] BTCJam - Peer to Peer Bitcoin Lending - page 75. (Read 204975 times)