My NET ANNUALIZED RETURN is now even lower, -11.5%
That's really frustrating. It's like throwing money to the wind.
Yep...mine is creeping down in that direction also...all thanks to the US Users who are now defaulting en masse! Thanks BTCJam!!
When I found out that BTCjam was starting to block all U.S. clients, I remember telling someone that U.S. borrowers would use that as a "get out jail free" card, and not worry about paying back their loans. In other words, if they could never borrow again, they would have zero incentive to pay back, keep their credit in good standing.
Jam should have had a contingency plan in place knowing full well that was a major possibility. Instead, their contingency plan was "Lets not tell anyone we are going to start blocking U.S. clients, and keep it a secret until we are called out on it". They probably decided to cancel all U.S. clients, afraid of potential lawsuits, and heat from the U.S. govt, but ironically, they probably just made matters much worse for themselves when investors start looking for who's responsible for the "US Users who are now defaulting en masse!" Glad I stopped investing in people on Jam a while ago. I will stick with pop, LB, and bond.
BTCJam is going to have to find a solution to this problem and at some point talk with its investors...I see that the OP Tulkas is still checking in here but as of yet has not had the guts to add any commentary...I guess if they cannot provide updates on their own Facebook page or website maybe absurd to believe they would do anything here.
We all knew the risk lending money on a P2P site like Jam, however what we did not know is that Jam would change the rules of that investment so dramatically after the fact. Lawsuits-a-comin!!
I suspect that they are already being sued by Net-Arb and/or Kevin Pally for falsification of arbitration awards, which might also explain the radio silence, and why support doesn't answer. For me it's more a question if they die quickly by lawsuit, or slowly by bleeding to death because investors are pulling out of the information vacuum.
Interesting, what is the situation with Kevin Pally? I am familiar with the net-arb matter but am not familiar with the latter issue you mentioned. This past weekend I calculated the investments I have on Jam and since last week every US User has not paid their loan...out of 14 US loans-14 late payments/defaults...and this is over all ranges of risk (A- to D+ borrowers)
Nevermind, I found the stuff on Kevin Palley. Looks like he is the attorney that started working with net-arb and is not liked by our friend Tulkas and BTCJam.
Yep, I think it might be something like - JAM refers bad loans to
www.net-arb.com for arbitration, then net-arb issues an award and plugs Kevin Palley /
www.enforcemyarbitrationaward.com to do your debt collections for you for a fee (Palley could well have paid net-arb for this service). JAM for whatever reason (officially for spamming JAM members..) fires net-arb and makes other arrangements for arbitration. Palley loses his client referrals, and Net-arb accuses JAM of counterfeiting arbitration awards after 1. February.
One or more of them is obviously lying, but in any case the fact is that PDF arbitration awards from before AND after 1. February are about as useful as Monopoly Money since they are not digitally signed. Investors have therefore no objective proof of who originally issued them, and they probably would not even hold up in court on their own merit.
there were experiencing the same thing ?
-- I made a withdraw on April 15. 
...thought I would head that comment off first before it hits...