Topic: [ANN] BTCJam - Peer to Peer Bitcoin Lending - page 77. (Read 204975 times)
I wonder if we can get maybe a private loan, so it wouldn't be public, only people with the unique url could view it and fund it, so if I had people I know that would like to loan me coins I could create a private give it to them and they could use it to fund, and maybe even have the private loan be able to setup so if the loan was for 100 coins, and I could put a limit of 25 coins per person.
I have to add my voice to those showing doubt on the platform.
I do find the idea very good, and the execution (site-wise) well thought out and built.
But after all is said and done, this site is about exactly one thing, loans. A lender will only invest his money if there is some form of guarantee that he will make money, not lose them. I hope your US contact manages to find a good solution quickly, because the website is in its current state nothing more than a good idea that does not really work.
Many investors are loosing rather than gaining, and this is already alienating many of us, from the smaller to the larger, to simply cut our losses.
I hope the site manages to overcome this hurdle, which I appreciate is by no means an easy feat... but at the going rate of failure to repay, we would need to start demanding interest of 30, 40% minimum just to cover for our losses, let alone turn a profit... this would doubtlessly kill the platform outright.
As far as private loans go, I agree there is really no point in implementing such a feature. The great strength of BTCJam is its social nature and the transparency that can be built into it. Private loans are probably best managed... well, in private amongst all interested parties.
I do find the idea very good, and the execution (site-wise) well thought out and built.
But after all is said and done, this site is about exactly one thing, loans. A lender will only invest his money if there is some form of guarantee that he will make money, not lose them. I hope your US contact manages to find a good solution quickly, because the website is in its current state nothing more than a good idea that does not really work.
Many investors are loosing rather than gaining, and this is already alienating many of us, from the smaller to the larger, to simply cut our losses.
I hope the site manages to overcome this hurdle, which I appreciate is by no means an easy feat... but at the going rate of failure to repay, we would need to start demanding interest of 30, 40% minimum just to cover for our losses, let alone turn a profit... this would doubtlessly kill the platform outright.
As far as private loans go, I agree there is really no point in implementing such a feature. The great strength of BTCJam is its social nature and the transparency that can be built into it. Private loans are probably best managed... well, in private amongst all interested parties.
I've gathered some site statistics:
25 repaid loans
42 active loans with no late payments
16 loans with late payments
Of this 16 late loans, 9 are from 3 users.
So we have 19% late loans and 12% late users.
We don't like those numbers either, although they are much lower than the initial default rate of similar sites (proper had a 40% default rate at the beginning).
Even some very suspicious listings got funded, from users with no reputation, little verified info, unbelievable rates and multiple active loans, some with the same title!
As much as we don't want to interfere on loans and let the users build their reputation and investors invest where they want we are going to a much more strict listing policy, protect the investors is our top priority right now.
We are also implementing some nice features that will greatly help investors (group loans is one). We aim to achieve 98% repayment rate, I cant disclose all the measures now, but they will be available soon.
We are confident that the site is a great platform for loans but they are loans after all, so precautions must be taken by the investors.
I have to add my voice to those showing doubt on the platform.
I do find the idea very good, and the execution (site-wise) well thought out and built.
But after all is said and done, this site is about exactly one thing, loans. A lender will only invest his money if there is some form of guarantee that he will make money, not lose them. I hope your US contact manages to find a good solution quickly, because the website is in its current state nothing more than a good idea that does not really work.
Many investors are loosing rather than gaining, and this is already alienating many of us, from the smaller to the larger, to simply cut our losses.
I hope the site manages to overcome this hurdle, which I appreciate is by no means an easy feat... but at the going rate of failure to repay, we would need to start demanding interest of 30, 40% minimum just to cover for our losses, let alone turn a profit... this would doubtlessly kill the platform outright.
As far as private loans go, I agree there is really no point in implementing such a feature. The great strength of BTCJam is its social nature and the transparency that can be built into it. Private loans are probably best managed... well, in private amongst all interested parties.
I do find the idea very good, and the execution (site-wise) well thought out and built.
But after all is said and done, this site is about exactly one thing, loans. A lender will only invest his money if there is some form of guarantee that he will make money, not lose them. I hope your US contact manages to find a good solution quickly, because the website is in its current state nothing more than a good idea that does not really work.
Many investors are loosing rather than gaining, and this is already alienating many of us, from the smaller to the larger, to simply cut our losses.
I hope the site manages to overcome this hurdle, which I appreciate is by no means an easy feat... but at the going rate of failure to repay, we would need to start demanding interest of 30, 40% minimum just to cover for our losses, let alone turn a profit... this would doubtlessly kill the platform outright.
As far as private loans go, I agree there is really no point in implementing such a feature. The great strength of BTCJam is its social nature and the transparency that can be built into it. Private loans are probably best managed... well, in private amongst all interested parties.
I wonder if we can get maybe a private loan, so it wouldn't be public, only people with the unique url could view it and fund it, so if I had people I know that would like to loan me coins I could create a private give it to them and they could use it to fund, and maybe even have the private loan be able to setup so if the loan was for 100 coins, and I could put a limit of 25 coins per person.
I don't see the utility of private loan: if you know someone that want to lend you money just ask them to do it
I love the website. I know lendingclub pretty well, and having something similar in bitcoin is a great idea.
Especially when you can request a loan at a lower rate without predetermined by the system at a high %.
Not sure how it sounds, but I thought about what if people who paid their loan got badges.
Then based on how many times they repaid they would earn certain type of badges.
Paid 10 times, got 10+ badges 50 times - 50+, etc.
Especially when you can request a loan at a lower rate without predetermined by the system at a high %.
Not sure how it sounds, but I thought about what if people who paid their loan got badges.
Then based on how many times they repaid they would earn certain type of badges.
Paid 10 times, got 10+ badges 50 times - 50+, etc.
I have lost too much now, so until there is some enforcement going on I am refraining to invest.
My fault too, I guess I got carried away on this good idea.
My fault too, I guess I got carried away on this good idea.
3 of the people that have to pay a loan to me are late (payment is for yesterday 10/16): how can I/we enforce the settlement?
+1 on this, Do you get in contact or anything? How is it going with your "enforcement" plan?
Not ready yet, we have one person in the US right now taking care of this, hope we have news soon.
The platform is really interesting both as oppurtunity for an investment and as mean to obtain some funds, but unless you can assure some better form of protection from scam it become easily unusable at all: at the moment I've 15 investment done, of which 6 had to be partially repaid at the date: only 3 investors have paid back them. A 50% of loan not repayed is really too high to sustain. And for what I can see other investors are in the same situation too
3 of the people that have to pay a loan to me are late (payment is for yesterday 10/16): how can I/we enforce the settlement?
+1 on this, Do you get in contact or anything? How is it going with your "enforcement" plan?
Not ready yet, we have one person in the US right now taking care of this, hope we have news soon.
Another suggestion to improve the usability of the site: is possible to make clearly evident in the listing that a user is not respecting payments? Maybe using a red flag or changing name color...
Only rating is not sufficient: for example user https://btcjam.com/users/185 has a reputation of 10% but 2 overdue payments...
Only rating is not sufficient: for example user https://btcjam.com/users/185 has a reputation of 10% but 2 overdue payments...
Any user who has late payments automatically gets a credit rating of zero, you think a tag on the listing page is necessary too?
Does your credit rating drop if you dont make a payment Before its due?
I have a loan out, payment due today (10/18). Received an email at 8:30pm telling me my payment was late. and now my credit score has dropped from a 5 to a 4???
I have a loan out, payment due today (10/18). Received an email at 8:30pm telling me my payment was late. and now my credit score has dropped from a 5 to a 4???
No, the drop reflects your current ratio of open versus repaid balance.
About the email, i'm sorry, its a time zone issue, will be fixed on the next release.
Does your credit rating drop if you dont make a payment Before its due?
I have a loan out, payment due today (10/18). Received an email at 8:30pm telling me my payment was late. and now my credit score has dropped from a 5 to a 4???
I have a loan out, payment due today (10/18). Received an email at 8:30pm telling me my payment was late. and now my credit score has dropped from a 5 to a 4???
Another suggestion to improve the usability of the site: is possible to make clearly evident in the listing that a user is not respecting payments? Maybe using a red flag or changing name color...
Only rating is not sufficient: for example user https://btcjam.com/users/185 has a reputation of 10% but 2 overdue payments...
Only rating is not sufficient: for example user https://btcjam.com/users/185 has a reputation of 10% but 2 overdue payments...
3 of the people that have to pay a loan to me are late (payment is for yesterday 10/16): how can I/we enforce the settlement?
+1 on this, Do you get in contact or anything? How is it going with your "enforcement" plan?
I see now that in the Reputation is possible to rate a borrower even if he has not repayed a btc. I think that it'll be better if Reputation vote can be issued only after at least 1 payment (or better after closing of the loan).
Good point, will think a little more about that and get back to you.
3 of the people that have to pay a loan to me are late (payment is for yesterday 10/16): how can I/we enforce the settlement?
I second the request... I (so far) have one delinquent borrower who has skipped three payment terms (and will probably face more as time goes on), and I was wondering what communication and service you intend to provide on the matter.
I am aware that you are looking into debt collection agencies and rules, but for the time being, what are your plans on the matter of non-payers?
I think what we need is a BTC pawn shop. Send your item to me and I'll give you a loan in BTC. Pay me back with interest and I'll send your item back. We have users in probably every major city, so if a network could be built, we'd be in business.
Too difficult to build up at the moment: if no one in my city need a loan the shipment cost of the object will easily cost more than the interest (specially if the loan is of few BTC). Aside of that you've to trust the lender that he don't stole your object.
3 of the people that have to pay a loan to me are late (payment is for yesterday 10/16): how can I/we enforce the settlement?
I second the request... I (so far) have one delinquent borrower who has skipped three payment terms (and will probably face more as time goes on), and I was wondering what communication and service you intend to provide on the matter.
I am aware that you are looking into debt collection agencies and rules, but for the time being, what are your plans on the matter of non-payers?
I think what we need is a BTC pawn shop. Send your item to me and I'll give you a loan in BTC. Pay me back with interest and I'll send your item back. We have users in probably every major city, so if a network could be built, we'd be in business.
3 of the people that have to pay a loan to me are late (payment is for yesterday 10/16): how can I/we enforce the settlement?
I second the request... I (so far) have one delinquent borrower who has skipped three payment terms (and will probably face more as time goes on), and I was wondering what communication and service you intend to provide on the matter.
I am aware that you are looking into debt collection agencies and rules, but for the time being, what are your plans on the matter of non-payers?
I see now that in the Reputation is possible to rate a borrower even if he has not repayed a btc. I think that it'll be better if Reputation vote can be issued only after at least 1 payment (or better after closing of the loan).
3 of the people that have to pay a loan to me are late (payment is for yesterday 10/16): how can I/we enforce the settlement?
Does your system automatically report overdue accounts to you? Or where are we supposed to go report them?
This user has two loans which are now overdue on payments.
https://btcjam.com/users/25
This user has two loans which are now overdue on payments.
https://btcjam.com/users/25
.. Tulkas, I still await your response. As operator of the site are you going to actively push delinquent account holders to square up loans? Or is it up to the lenders themselves to try and enforce settlement? I can't find any information on the site for contingency when loans default.
I'm sorry, since this was already answered two times on this thread i forgot to answer.
One response here:
https://bitcointalksearch.org/topic/m.1223097
We are working right now in order to establish legal means to report this debit to collection agencies but for now and as our service policy states, the verification process intends to prevent scammers to setup multiple high scored accounts. We will notify all the lenders when we have updates. I can assure you this is our top priority right now.
I know you said you would let us know when you have updates... but... any updates?
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