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Topic: BTCjam - Any Thoughts or Experiances - page 12. (Read 57536 times)

member
Activity: 93
Merit: 12
November 07, 2015, 07:41:45 AM
I think a lending website that works on the concept of trusting nobody except reputable escrows. The amount of borrowers of your website who are con artists is staggering. In addition, I think a social lending website should be able to develop a mechanism that enables the sale of ownership of debts. Any information would be provided and a good hacker/detective can probably recover a purchased debt. There is far too much leverage for borrowers on BTCJam.

Appreciate the feedback. We are working hard on getting great borrowers & I think over our growth we have made advancements here. Fraud rates are down which is good thing. As blockchain tools/services keep growing I think one day something you mentioned might be possible.

It would be more fair to us investors if a portion of the fees that BTCjam collects went to an insurance fund that would refund the principal on our investments in the event of borrower default. It would also likely improve motivation for borrower screening and debt collection if BTCjam assumes some risk by having skin in the game.

Having a marketplace as a business is having complete skin in the game.. If the marketplace isn't good, rates arent good, borrowers arent good 0 we lose - it is a very simple theory. It's out business, Im not sure we could have more skin in the game than that. Screening is something that we are working very hard on to delivery better practices and lower defaults across the board.

I will grant you that a good business reputation has value, but judging from the amount of negative feedback on this forum from burned lenders, I would say that BTCjam has at minimum a skin rash problem Shocked . Equating the dings and dents to your business reputation to what lenders are losing in cash to defaults is begging the question of how to prevent defaults in the first place. Basically all you are saying here is that BTCjam is working really really really hard to lower the amount of defaults, and by implication that we lenders should trust you because you are working really really really hard on this (would also be interested in seeing some statistics on the number of BTCjam defaults and how much debt has been lost and recovered b.t.w.).

As a lender I would personally feel more secure about investing if I knew that the company doing the screening is working transparently and has more than just its already damaged reputation at stake. 



We are working towards lowering defaults, that is part of the business in many ways. Being transparent about screening is tricky because we are then providing a lot of details about how we screen etc. Not sure that is the best idea at this time, but your comments are noted. We are trialling out some different collection methods/tools but aren't at a point to comment about that any more at this time. Thanks for sharing this.

Out of the 12 Brazilian loans I have made since September...
  • 5 are paying on time
  • 5 have not made the first payment
  • 2 remain to be seen (first payment not due yet)

Looks like we are headed for minimum 50% default rate on Brazilian loans  Huh

Adding insult to injury is the fact that investors in BTCjam fiat backed loans are now getting massacred by a 100% spike in Bitcoin rates since September (that's a 90% loss of principal for a 10% loan - BTCjam is able to rate the borrowers and determine "fair" loan interest for them risk free, since BTCjam collects their fees up front when investors fund the loan).

Is BTCjam some sort of stealth philanthropy project for Brazilian borrowers or WTF?!?
full member
Activity: 135
Merit: 100
Support for the global P2P lending platform:BTCJam
November 05, 2015, 03:06:39 PM
I am from Turkey,
and it is not possible to verify my credit card and my bank,
BtcJam should work on that, Not all the people live in USA or Brasil

the ridic fact about that is, we have to pay more % since we don't get B+ or A Rating because of Missing Credit Card Verification.

Yes, we know that hurts international guys and it's why we are looking at other options. We are thinking about this daily and are testing new services/connections daily to try to configure a process that would help intl borrowers. Tricky thing is that services that offer such an integration dont have a lot of international coverage to date. The ones that are best in the industry (that also pass our security tests) generally dont have the coverage in international countries that would really help our borrowers. Turkey for example, is a very tough country to cover with the above being said. I know it can be frustrating with the ratings on the side, that is one reason that we limited both the bank and CC to give you guys a fairer assessment.
legendary
Activity: 1456
Merit: 1014
October 31, 2015, 09:19:43 AM
I am from Turkey,
and it is not possible to verify my credit card and my bank,
BtcJam should work on that, Not all the people live in USA or Brasil

the ridic fact about that is, we have to pay more % since we don't get B+ or A Rating because of Missing Credit Card Verification.
legendary
Activity: 1456
Merit: 1014
October 31, 2015, 07:03:14 AM
I am from Turkey,
and it is not possible to verify my credit card and my bank,
BtcJam should work on that, Not all the people live in USA or Brasil

We are working on that daily. It is a complicated issue as getting international service for everyone is really difficult, we have to prioritize a bit in some ways here but we'll try to get more options up for you guys soon. Thanks for the feedback.

as far as i can see, NOTHING has been done here during the last 12 Month. Can you outline how the Roadmap look like for the Major non US Countrys?
full member
Activity: 135
Merit: 100
Support for the global P2P lending platform:BTCJam
October 29, 2015, 12:50:04 PM

Please explain the new BTCJam Debt Collection.

Why is it buying partial in some loans and total debt in others?

At this moment I dont have much to say because we are currently testing a few different things with regards to collections. When we get a better idea and learn more about these early programs. Thanks for asking though, we do look forward to making some improvements in these areas.
full member
Activity: 135
Merit: 100
Support for the global P2P lending platform:BTCJam
October 29, 2015, 12:43:49 PM
I am from Turkey,
and it is not possible to verify my credit card and my bank,
BtcJam should work on that, Not all the people live in USA or Brasil

We are working on that daily. It is a complicated issue as getting international service for everyone is really difficult, we have to prioritize a bit in some ways here but we'll try to get more options up for you guys soon. Thanks for the feedback.
hero member
Activity: 519
Merit: 500
October 25, 2015, 04:13:21 PM

Please explain the new BTCJam Debt Collection.

Why is it buying partial in some loans and total debt in others?
full member
Activity: 135
Merit: 100
Support for the global P2P lending platform:BTCJam
October 20, 2015, 05:14:04 PM
I think a lending website that works on the concept of trusting nobody except reputable escrows. The amount of borrowers of your website who are con artists is staggering. In addition, I think a social lending website should be able to develop a mechanism that enables the sale of ownership of debts. Any information would be provided and a good hacker/detective can probably recover a purchased debt. There is far too much leverage for borrowers on BTCJam.

Appreciate the feedback. We are working hard on getting great borrowers & I think over our growth we have made advancements here. Fraud rates are down which is good thing. As blockchain tools/services keep growing I think one day something you mentioned might be possible.

It would be more fair to us investors if a portion of the fees that BTCjam collects went to an insurance fund that would refund the principal on our investments in the event of borrower default. It would also likely improve motivation for borrower screening and debt collection if BTCjam assumes some risk by having skin in the game.

Having a marketplace as a business is having complete skin in the game.. If the marketplace isn't good, rates arent good, borrowers arent good 0 we lose - it is a very simple theory. It's out business, Im not sure we could have more skin in the game than that. Screening is something that we are working very hard on to delivery better practices and lower defaults across the board.

I will grant you that a good business reputation has value, but judging from the amount of negative feedback on this forum from burned lenders, I would say that BTCjam has at minimum a skin rash problem Shocked . Equating the dings and dents to your business reputation to what lenders are losing in cash to defaults is begging the question of how to prevent defaults in the first place. Basically all you are saying here is that BTCjam is working really really really hard to lower the amount of defaults, and by implication that we lenders should trust you because you are working really really really hard on this (would also be interested in seeing some statistics on the number of BTCjam defaults and how much debt has been lost and recovered b.t.w.).

As a lender I would personally feel more secure about investing if I knew that the company doing the screening is working transparently and has more than just its already damaged reputation at stake. 



We are working towards lowering defaults, that is part of the business in many ways. Being transparent about screening is tricky because we are then providing a lot of details about how we screen etc. Not sure that is the best idea at this time, but your comments are noted. We are trialling out some different collection methods/tools but aren't at a point to comment about that any more at this time. Thanks for sharing this.
full member
Activity: 135
Merit: 100
Support for the global P2P lending platform:BTCJam
October 20, 2015, 05:09:47 PM
I think a lending website that works on the concept of trusting nobody except reputable escrows. The amount of borrowers of your website who are con artists is staggering. In addition, I think a social lending website should be able to develop a mechanism that enables the sale of ownership of debts. Any information would be provided and a good hacker/detective can probably recover a purchased debt. There is far too much leverage for borrowers on BTCJam.

Appreciate the feedback. We are working hard on getting great borrowers & I think over our growth we have made advancements here. Fraud rates are down which is good thing. As blockchain tools/services keep growing I think one day something you mentioned might be possible.

It would be more fair to us investors if a portion of the fees that BTCjam collects went to an insurance fund that would refund the principal on our investments in the event of borrower default. It would also likely improve motivation for borrower screening and debt collection if BTCjam assumes some risk by having skin in the game.

Late fees are split between Investors and Us for this reason. We do have skin in the game Smiley
hero member
Activity: 560
Merit: 500
October 12, 2015, 08:37:46 AM
Btcjam helps some hones people to make their projects live ,but there is scammers that only collect bitcoin and creat another account and ask again bitcoins,this is unlimited money income ,even the rate system wont protect anyone who lend there isnt an option safest as lending into exchanges as poloniex has a great program,the return is 0,03% usually but is 99.99% safe loan and you will get paid atleast even if not all a part of the lend.
member
Activity: 93
Merit: 12
October 07, 2015, 02:28:56 AM
I think a lending website that works on the concept of trusting nobody except reputable escrows. The amount of borrowers of your website who are con artists is staggering. In addition, I think a social lending website should be able to develop a mechanism that enables the sale of ownership of debts. Any information would be provided and a good hacker/detective can probably recover a purchased debt. There is far too much leverage for borrowers on BTCJam.

Appreciate the feedback. We are working hard on getting great borrowers & I think over our growth we have made advancements here. Fraud rates are down which is good thing. As blockchain tools/services keep growing I think one day something you mentioned might be possible.

It would be more fair to us investors if a portion of the fees that BTCjam collects went to an insurance fund that would refund the principal on our investments in the event of borrower default. It would also likely improve motivation for borrower screening and debt collection if BTCjam assumes some risk by having skin in the game.

Having a marketplace as a business is having complete skin in the game.. If the marketplace isn't good, rates arent good, borrowers arent good 0 we lose - it is a very simple theory. It's out business, Im not sure we could have more skin in the game than that. Screening is something that we are working very hard on to delivery better practices and lower defaults across the board.

I will grant you that a good business reputation has value, but judging from the amount of negative feedback on this forum from burned lenders, I would say that BTCjam has at minimum a skin rash problem Shocked . Equating the dings and dents to your business reputation to what lenders are losing in cash to defaults is begging the question of how to prevent defaults in the first place. Basically all you are saying here is that BTCjam is working really really really hard to lower the amount of defaults, and by implication that we lenders should trust you because you are working really really really hard on this (would also be interested in seeing some statistics on the number of BTCjam defaults and how much debt has been lost and recovered b.t.w.).

As a lender I would personally feel more secure about investing if I knew that the company doing the screening is working transparently and has more than just its already damaged reputation at stake. 

full member
Activity: 135
Merit: 100
Support for the global P2P lending platform:BTCJam
October 06, 2015, 05:30:15 PM
I think a lending website that works on the concept of trusting nobody except reputable escrows. The amount of borrowers of your website who are con artists is staggering. In addition, I think a social lending website should be able to develop a mechanism that enables the sale of ownership of debts. Any information would be provided and a good hacker/detective can probably recover a purchased debt. There is far too much leverage for borrowers on BTCJam.

Appreciate the feedback. We are working hard on getting great borrowers & I think over our growth we have made advancements here. Fraud rates are down which is good thing. As blockchain tools/services keep growing I think one day something you mentioned might be possible.

It would be more fair to us investors if a portion of the fees that BTCjam collects went to an insurance fund that would refund the principal on our investments in the event of borrower default. It would also likely improve motivation for borrower screening and debt collection if BTCjam assumes some risk by having skin in the game.

Having a marketplace as a business is having complete skin in the game.. If the marketplace isn't good, rates arent good, borrowers arent good 0 we lose - it is a very simple theory. It's out business, Im not sure we could have more skin in the game than that. Screening is something that we are working very hard on to delivery better practices and lower defaults across the board.
legendary
Activity: 3570
Merit: 1959
October 04, 2015, 03:47:01 PM
BTCScam.com?

If anyone here has been ripped off or scammed by loaning money there, and have gotten nowhere with net-arb, feel free to post their dox here:

https://bitcointalksearch.org/topic/m.12536615

member
Activity: 93
Merit: 12
October 04, 2015, 02:04:26 PM
I think a lending website that works on the concept of trusting nobody except reputable escrows. The amount of borrowers of your website who are con artists is staggering. In addition, I think a social lending website should be able to develop a mechanism that enables the sale of ownership of debts. Any information would be provided and a good hacker/detective can probably recover a purchased debt. There is far too much leverage for borrowers on BTCJam.

Appreciate the feedback. We are working hard on getting great borrowers & I think over our growth we have made advancements here. Fraud rates are down which is good thing. As blockchain tools/services keep growing I think one day something you mentioned might be possible.

It would be more fair to us investors if a portion of the fees that BTCjam collects went to an insurance fund that would refund the principal on our investments in the event of borrower default. It would also likely improve motivation for borrower screening and debt collection if BTCjam assumes some risk by having skin in the game.


Sure this would be one way to make all investors happy but ,when the user doenst pay the btc promised on the lending you would get a part of the btcjam funds to pay some of your loss ,pretty sure this wont happen they live for profit not to cover what scammers steal.

I'm pretty sure that they would make MORE profit if lenders feel more secure about lending! Also it would up their game when they are rating borrowers, so fewer defaults would also give them more profit (Win-Win  Grin).
hero member
Activity: 560
Merit: 500
October 04, 2015, 11:34:15 AM
I think a lending website that works on the concept of trusting nobody except reputable escrows. The amount of borrowers of your website who are con artists is staggering. In addition, I think a social lending website should be able to develop a mechanism that enables the sale of ownership of debts. Any information would be provided and a good hacker/detective can probably recover a purchased debt. There is far too much leverage for borrowers on BTCJam.

Appreciate the feedback. We are working hard on getting great borrowers & I think over our growth we have made advancements here. Fraud rates are down which is good thing. As blockchain tools/services keep growing I think one day something you mentioned might be possible.

It would be more fair to us investors if a portion of the fees that BTCjam collects went to an insurance fund that would refund the principal on our investments in the event of borrower default. It would also likely improve motivation for borrower screening and debt collection if BTCjam assumes some risk by having skin in the game.


Sure this would be one way to make all investors happy but ,when the user doenst pay the btc promised on the lending you would get a part of the btcjam funds to pay some of your loss ,pretty sure this wont happen they live for profit not to cover what scammers steal.
member
Activity: 93
Merit: 12
October 03, 2015, 02:27:41 PM
I think a lending website that works on the concept of trusting nobody except reputable escrows. The amount of borrowers of your website who are con artists is staggering. In addition, I think a social lending website should be able to develop a mechanism that enables the sale of ownership of debts. Any information would be provided and a good hacker/detective can probably recover a purchased debt. There is far too much leverage for borrowers on BTCJam.

Appreciate the feedback. We are working hard on getting great borrowers & I think over our growth we have made advancements here. Fraud rates are down which is good thing. As blockchain tools/services keep growing I think one day something you mentioned might be possible.

It would be more fair to us investors if a portion of the fees that BTCjam collects went to an insurance fund that would refund the principal on our investments in the event of borrower default. It would also likely improve motivation for borrower screening and debt collection if BTCjam assumes some risk by having skin in the game.
hero member
Activity: 672
Merit: 503
October 02, 2015, 07:05:07 PM
I think a lending website that works on the concept of trusting nobody except reputable escrows. The amount of borrowers of your website who are con artists is staggering. In addition, I think a social lending website should be able to develop a mechanism that enables the sale of ownership of debts. Any information would be provided and a good hacker/detective can probably recover a purchased debt. There is far too much leverage for borrowers on BTCJam.

Appreciate the feedback. We are working hard on getting great borrowers & I think over our growth we have made advancements here. Fraud rates are down which is good thing. As blockchain tools/services keep growing I think one day something you mentioned might be possible.
I'm actually developing my own website which operates on the concept of trusting no one. If I were on your dev team I would be looking into a way to crack down on scammers and require collateral to sell if lenders default. There should be consequences for defaulting.

I still don't understand why people is default after delivering all of their personal details on BTCJam... all that does is ruining your rep and as a side effect ruining any chances at getting any money in the future. I guess the people that default in BTCJam (which are A class) just can't pay for real? I don't see any other explaination. Is it true that there should be consequences, which is where collateral is useful.
I don't see how this process would be automated without trusting in a 3rd party tho (escrow that holds the collateral)
hero member
Activity: 560
Merit: 500
October 02, 2015, 03:40:03 PM
Well working with collateral will be the safe way but well should be above the interest lets say someone wanna 20 btc and offering a 10 % montly for 3 months the collateral should be something like 160% since the altcoin may loose value in 3 months,but well dont know till where someone would use those service with colateral as most people just play with bitcoin ,soo most of the loans wouldnt happen,but will work as works here at the forum.
sr. member
Activity: 448
Merit: 251
October 02, 2015, 01:27:03 PM
I think a lending website that works on the concept of trusting nobody except reputable escrows. The amount of borrowers of your website who are con artists is staggering. In addition, I think a social lending website should be able to develop a mechanism that enables the sale of ownership of debts. Any information would be provided and a good hacker/detective can probably recover a purchased debt. There is far too much leverage for borrowers on BTCJam.

Appreciate the feedback. We are working hard on getting great borrowers & I think over our growth we have made advancements here. Fraud rates are down which is good thing. As blockchain tools/services keep growing I think one day something you mentioned might be possible.
I'm actually developing my own website which operates on the concept of trusting no one. If I were on your dev team I would be looking into a way to crack down on scammers and require collateral to sell if lenders default. There should be consequences for defaulting.
full member
Activity: 135
Merit: 100
Support for the global P2P lending platform:BTCJam
October 02, 2015, 01:25:50 PM

Why is autoinvest slower than manual investors?

I have a plan for A rating loans and it failed to invest here: https://btcjam.com/listings/51807-trading-platform-test-funds

It doesn't make any sense.

That loan went in about 2 minutes. It's something we are working on when it comes to AutoInvest getting into these plans. We're gonna be tinkering with some adjustments to AutoInvest so that you get into these loans when they become available.
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