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Topic: BTCjam - Any Thoughts or Experiances - page 16. (Read 57508 times)

newbie
Activity: 6
Merit: 0
September 13, 2015, 11:32:46 PM
as an Investor they requested a Photo ID before I can withdraw my bitcoins that  I have deposited there in the first place.

now I have submitted a High Resolution Photo of my drivers license (Philippines) and they rejected it requesting me to submit another High Resolution Scanned Photo ID

this is making me angry because the last time I checked.. the photo I submitted was very high in resolution.. I can even see the dust .. and I do not have a scanner (who uses scanner these days?)

so I took a high res photo of my drivers license again for the second time hoping they'll accept it this time.. and it takes days if not weeks for them to verify my ID

as an Investor.. they are making my life hard for me to be able to withdraw my own bitcoin

I have invested a total of 13 btc in that website and it was my mistake for trusting it so easily with my bitcoins not knowing that they have the power to hold on and freeze your bitcoin

 Angry
hero member
Activity: 854
Merit: 510
September 12, 2015, 04:21:37 AM
BTCJam is not awful, but it is not great either.

Speaking from a borrower's perspective, I had 2 loans on there get funded very fast. Each of them were funded in a matter of hours. In terms of sheer volume, BTCJam is the place to go to get your loan filled quickly. No denying that.

As far as customer service, I'd say 4/10 on a 10 pt scale. At one point, it seemed like they were okay at best. The emails were answered in a decent amount of time, but not quickly by any estimation. Then, when I started having issues with listings, the support pretty much stopped. The few responses I did get took days to receive, but really, they ignored the most important emails.

Also, I have a problem with any site that generates that much income that only has ONE method of contacting support. BTCJam makes a boatload of money on the loan origination fees (or whatever they call it, it is 5% that the borrower never sees but has to pay back.) YET, they offer no chat support, they have no support forum and they offer no customer support hotline from what I can see.

Bitlending Club really is lightyears ahead of BTCJam in terms of site functionality. Localbitcoins trading is a very prominent method of making money in the BTC world and Bitlending Club has recognized that. They created a tool that verifies your LBC account and your LBC income in lieu of uploading any income verification docs. This process is super fast and easy. BTCJam is still in the stone ages in that regard. I tried on two different times to get them to recognize my LBC sales as income, but each time they were very unhelpful. They said "upload bank statements." NEWSFLASH BTCJAM: Cash deposit is only ONE of the MANY methods people sell for on LBC.

Also, the loan review process on BTCJam can take an unnecessarily long time. BLC does it instantly. Try creating a new borrowing campaign on the weekend on BTCJam...it will sit there until Monday afternoon. And I don't want to hear all that yada yada about all loans needing to be reviewed by a specialist. No way in hell someone is sitting there reviewing every loan request that comes through. And if they are, they are doing a pretty shitty job of it.

A great borrower like me who repaid two loans early is prevented from taking out any new loans and is given no explanation as to why. I communicated with my lenders and brought them nice returns on their investments. But as I read this thread, I see the scammers roam free.

Bottom line: If you want to get funded fast, BTCJam is the place. BLC is better in every other aspect, but speed of funds is such a big factor that I can understand why BTCJam is still king.

Very interesting and excellent post!
hero member
Activity: 728
Merit: 500
Never ending parties are what Im into.
September 11, 2015, 06:07:26 PM
BTCJAM rep,why not let people speak their thoughts rather than countering everything! This is not a BTCJAM help thread.Big and Bold because you missed it last time.
legendary
Activity: 1012
Merit: 1000
We on P. Sherman 42 Wallaby Way, Sydney
September 11, 2015, 06:04:28 PM
BTCJam is not awful, but it is not great either.

Speaking from a borrower's perspective, I had 2 loans on there get funded very fast. Each of them were funded in a matter of hours. In terms of sheer volume, BTCJam is the place to go to get your loan filled quickly. No denying that.

As far as customer service, I'd say 4/10 on a 10 pt scale. At one point, it seemed like they were okay at best. The emails were answered in a decent amount of time, but not quickly by any estimation. Then, when I started having issues with listings, the support pretty much stopped. The few responses I did get took days to receive, but really, they ignored the most important emails.

Also, I have a problem with any site that generates that much income that only has ONE method of contacting support. BTCJam makes a boatload of money on the loan origination fees (or whatever they call it, it is 5% that the borrower never sees but has to pay back.) YET, they offer no chat support, they have no support forum and they offer no customer support hotline from what I can see.

Bitlending Club really is lightyears ahead of BTCJam in terms of site functionality. Localbitcoins trading is a very prominent method of making money in the BTC world and Bitlending Club has recognized that. They created a tool that verifies your LBC account and your LBC income in lieu of uploading any income verification docs. This process is super fast and easy. BTCJam is still in the stone ages in that regard. I tried on two different times to get them to recognize my LBC sales as income, but each time they were very unhelpful. They said "upload bank statements." NEWSFLASH BTCJAM: Cash deposit is only ONE of the MANY methods people sell for on LBC.

Also, the loan review process on BTCJam can take an unnecessarily long time. BLC does it instantly. Try creating a new borrowing campaign on the weekend on BTCJam...it will sit there until Monday afternoon. And I don't want to hear all that yada yada about all loans needing to be reviewed by a specialist. No way in hell someone is sitting there reviewing every loan request that comes through. And if they are, they are doing a pretty shitty job of it.

A great borrower like me who repaid two loans early is prevented from taking out any new loans and is given no explanation as to why. I communicated with my lenders and brought them nice returns on their investments. But as I read this thread, I see the scammers roam free.

Bottom line: If you want to get funded fast, BTCJam is the place. BLC is better in every other aspect, but speed of funds is such a big factor that I can understand why BTCJam is still king.
full member
Activity: 135
Merit: 100
Support for the global P2P lending platform:BTCJam
September 11, 2015, 02:04:35 PM
Rating people anon is a great way to have a reputation system manipulated. Random ratings from themselves - this is why we do that.
Well as someone that invested multiple BTC at your site I can say I disagree.   I could see not letting someone give feedback if they just created an account, but after they have invested more than a BTC in multiple loans?   You logic makes no sense.    I could easy give false ID and you would let me give feedback.   

Quote
Many people have had success with arbitration. We are upfront about our model and how this is done as I mentioned before.

Really?  I've never heard anyone that has had success with it.   Where are these success stories?

Quote
I think we agree to disagree on the last point, I've mentioned numerous times in this thread why we feel differently.

Of coarse you don't want to put yourself in the same place as investors, because you know you would lose.  Your business model takes upfront fees and leaves the investors to fend for themselves.   That is the key problem with BTCjam.    The business model pushes all the risk onto the investors.   That is what you should be putting in your FAQ.



Mentioned numerous times, this is in our FAQ.

We have user worldwide who use the NETarb contracts. Stories? I mean, it's not like every time someone uses this they run to the press to post about it. With court filed documents  and moving legal settlements these users usually try to maintain some level of privacy.
hero member
Activity: 519
Merit: 500
September 10, 2015, 06:46:00 AM


Who made the payments?   Are you claiming the BTCjam made the payments?   It looks like some of the people came back and paid off their loans.  

If BTCjam is actually paying off bad loans that would make a huge difference. 

I'm not sure who made the payments.

But there's not much room to imagination here.

BTCJamSupport can confirm or deny if BTCJam made the payments or not.

But if they didn't then who did? The scammers? The scammers came back to pay and get the accounts blocked?

It seems just fair that they use a part of their profits to pay for obvious scams that they failed to prevent in the first place.


But more important than these small time scammers I wait for what BTCJam will do about high profile scammers that were top rated according to their system.

If top rated borrowers like these can default without any consequence BTCJam lose all credibility!



(...)

More important will be to see what they do about big US scammers that must be easy to identify and take to court like these guys:

Oppenheimer89

This guy has 2 loans with a total over 50 BTC

https://btcjam.com/listings/45490-stock-trading-capital and https://btcjam.com/listings/46587-bitcoin-based-localbitcoins-com-trading

His localbitcoins profile: https://localbitcoins.com/accounts/profile/oppenheimer89/

and this guy that already was sent to arbitration:

therealmaxwell

https://btcjam.com/listings/41307

I already received his details and since he's a fucking scammer I'll post here:

Debtor's name, last known address, and other information is:

 Paul Maxwell

 6016 Allington Ct

 Winston Salem, NC 27104

 [email protected]

 https://www.facebook.com/TheRealMaxwell

 Phone: (617) 784-0064

 Driver's License 11MLP84021

I won't chase this fucker for $20 but if you live next door don't forget to say hi for me!

 
 
legendary
Activity: 1848
Merit: 1009
Next-Gen Trade Racing Metaverse
September 10, 2015, 12:04:34 AM
Does anyone know of "Funding Circle" like lending company that accepts bitcoins and anonymous investors?

I've been with jam and BLC and honestly, it sucks. Way too many defaulters.
hero member
Activity: 854
Merit: 510
September 09, 2015, 11:28:39 PM
More evidence that they are actually working and trying to make BTCJam a better place for investors.

They blocked more scam accounts like:

https://btcjam.com/listings/44124-fast-coin-traiding?utm_medium=email&utm_source=transactional_email&utm_campaign=2015-07_payment_received

(This guy is also a member in this forum so don't forget to leave negative trust. existenz55)

https://btcjam.com/listings/46747-investimento-cloud-?utm_medium=email&utm_source=transactional_email&utm_campaign=2015-07_payment_received

https://btcjam.com/listings/47335

and his buddy/other account:

https://btcjam.com/listings/45475

https://btcjam.com/listings/45601

https://btcjam.com/listings/45624

https://btcjam.com/listings/46157

https://btcjam.com/listings/44429

https://btcjam.com/listings/44953

https://btcjam.com/listings/44746

https://btcjam.com/listings/44712

and they made the payments including interest for all these scams.

This means they are taking their responsability and not letting investors on their own.

Who made the payments?   Are you claiming the BTCjam made the payments?   It looks like some of the people came back and paid off their loans.  

If BTCjam is actually paying off bad loans that would make a huge difference. 
hero member
Activity: 854
Merit: 510
September 09, 2015, 11:20:37 PM
Rating people anon is a great way to have a reputation system manipulated. Random ratings from themselves - this is why we do that.
Well as someone that invested multiple BTC at your site I can say I disagree.   I could see not letting someone give feedback if they just created an account, but after they have invested more than a BTC in multiple loans?   You logic makes no sense.    I could easy give false ID and you would let me give feedback.   

Quote
Many people have had success with arbitration. We are upfront about our model and how this is done as I mentioned before.

Really?  I've never heard anyone that has had success with it.   Where are these success stories?

Quote
I think we agree to disagree on the last point, I've mentioned numerous times in this thread why we feel differently.

Of coarse you don't want to put yourself in the same place as investors, because you know you would lose.  Your business model takes upfront fees and leaves the investors to fend for themselves.   That is the key problem with BTCjam.    The business model pushes all the risk onto the investors.   That is what you should be putting in your FAQ.

newbie
Activity: 28
Merit: 0
September 09, 2015, 09:25:57 PM

Rating people anon is a great way to have a reputation system manipulated. Random ratings from themselves - this is why we do that.



I agree 100%.

More evidence that they are actually working and trying to make BTCJam a better place for investors.


(...)

More important will be to see what they do about big US scammers that must be easy to identify and take to court like these guys:

Oppenheimer89

This guy has 2 loans with a total over 50 BTC

https://btcjam.com/listings/45490-stock-trading-capital and https://btcjam.com/listings/46587-bitcoin-based-localbitcoins-com-trading

His localbitcoins profile: https://localbitcoins.com/accounts/profile/oppenheimer89/

and this guy that already was sent to arbitration:

therealmaxwell

https://btcjam.com/listings/41307

I already received his details and since he's a fucking scammer I'll post here:

Debtor's name, last known address, and other information is:

 Paul Maxwell

 6016 Allington Ct

 Winston Salem, NC 27104

 [email protected]

 https://www.facebook.com/TheRealMaxwell

 Phone: (617) 784-0064

 Driver's License 11MLP84021

I won't chase this fucker for $20 but if you live next door don't forget to say hi for me!

 
 



Can you please comment on these US high profile scammers?

If they are in US they are very easy for you to catch if you want!

This is crucial for a wannabe investor.
full member
Activity: 135
Merit: 100
Support for the global P2P lending platform:BTCJam
September 09, 2015, 06:22:21 PM
More evidence that they are actually working and trying to make BTCJam a better place for investors.

They blocked more scam accounts like:

https://btcjam.com/listings/44124-fast-coin-traiding?utm_medium=email&utm_source=transactional_email&utm_campaign=2015-07_payment_received

(This guy is also a member in this forum so don't forget to leave negative trust. existenz55)

https://btcjam.com/listings/46747-investimento-cloud-?utm_medium=email&utm_source=transactional_email&utm_campaign=2015-07_payment_received

https://btcjam.com/listings/47335

and his buddy/other account:

https://btcjam.com/listings/45475

https://btcjam.com/listings/45601

https://btcjam.com/listings/45624

https://btcjam.com/listings/46157

https://btcjam.com/listings/44429

https://btcjam.com/listings/44953

https://btcjam.com/listings/44746

https://btcjam.com/listings/44712

and they made the payments including interest for all these scams.

This means they are taking their responsability and not letting investors on their own.

More important will be to see what they do about big US scammers that must be easy to identify and take to court like these guys:

Oppenheimer89

This guy has 2 loans with a total over 50 BTC

https://btcjam.com/listings/45490-stock-trading-capital and https://btcjam.com/listings/46587-bitcoin-based-localbitcoins-com-trading

His localbitcoins profile: https://localbitcoins.com/accounts/profile/oppenheimer89/

and this guy that already was sent to arbitration:

therealmaxwell

https://btcjam.com/listings/41307

I already received his details and since he's a fucking scammer I'll post here:

Debtor's name, last known address, and other information is:

 Paul Maxwell

 6016 Allington Ct

 Winston Salem, NC 27104

 [email protected]

 https://www.facebook.com/TheRealMaxwell

 Phone: (617) 784-0064

 Driver's License 11MLP84021

I won't chase this fucker for $20 but if you live next door don't forget to say hi for me!

 
 

We're working hard to make the marketplace better. Thanks for sharing your input here. Time will tell how these things work out but we are trying incredibly hard to bring higher quality borrowers to the platform while being able to provide them with great rates. It's very tough at times, but I think the coming months we'll be able to provide more details backed with data about all of this.
full member
Activity: 135
Merit: 100
Support for the global P2P lending platform:BTCJam
September 09, 2015, 06:19:58 PM
I think this is mandatory! You mean that btcjam does not chase the defaulter in any way? It passes it along to investors?

Correct - and most users walk away rather than go to court for what is (usually) a small amount.  BTCJam doesn't care - they get their cut up front.

In Canada, it's actually very easy to collect on a debt certificate.  Just simply file it in court and you get your money - the defendant has no chance to provide a defense because he/she has already lost.  

I started up a website called coindebt.ca and even then I couldn't find enough interested people to make it work.

That's why you always need collateral.

Of course, by its very nature; BTCJAM is global meaning that jurisdictional and legal difference between countries makes collection of debt incredibly difficult, not to mention costly.

As said before, BTCJAM is an awesome idea but unfortunately it is a scam magnet.

So BTCjam just pushes the global jurisdictional problems onto the investors.  That is really their business model, push the risks and problems on to the investors and then post nonsense guides about how one can avoid the risks or collect the small amounts owned to them by a defaulter. (Assuming the investor diversified as the site recommends.)   If they would at least be honest about what they are doing it wouldn't be so bad.  

You are totally correct that the site is a scam magnet.

There are many legal hurdles around what you are talking about. If it was as easy as you guys described don't you think there would be many companies doing this? Per your comment, we actually make our entire operation very clear in the terms, investor/borrower agreement, FAQ and so on. We are not stating that we do these things and don't follow through. There are numerous legal hurdles that we'd need to accomplish to provide these services you ask for. We of course want to do many of them, but it's very hard accomplishment capital wise.

BTCjam posts advise that if investors follow ensures they won't be in a position to gain by going after the scammers.    Instead BTCjam should just come clean and post that when someone scams BTCjam isn't going to help and there won't be anything people can do to actually collect their money other than to beg the scammer to give it back to them!    The BTCjam arbitration awards are basically a joke and most likely don't have valid information about the lender in them either.   You basically want the investors to do all the work. 

BTCjam even makes it very hard for investors to even provide feedback!   Why should an investor have to have give his ID information to you before they can provide feedback on borrowers that they have loaned BTC too?   BTCjam actually ends up being supportive of scammer and biased against the investor.    That may not be the intent but that is how it works out.   It shouldn't be so hard to make a profit by loaning bitcoin.

There is a very simple fix for your business.   Put BTCjam in the same position as the investors.   Don't collect an upfront fee, collect part of the fee from every payment.   If that was done I'm sure all the problems would be fixed is short order.     

Rating people anon is a great way to have a reputation system manipulated. Random ratings from themselves - this is why we do that.

Many people have had success with arbitration. We are upfront about our model and how this is done as I mentioned before.

I think we agree to disagree on the last point, I've mentioned numerous times in this thread why we feel differently.
hero member
Activity: 519
Merit: 500
September 09, 2015, 11:55:23 AM
More evidence that they are actually working and trying to make BTCJam a better place for investors.

They blocked more scam accounts like:

https://btcjam.com/listings/44124-fast-coin-traiding?utm_medium=email&utm_source=transactional_email&utm_campaign=2015-07_payment_received

(This guy is also a member in this forum so don't forget to leave negative trust. existenz55)

https://btcjam.com/listings/46747-investimento-cloud-?utm_medium=email&utm_source=transactional_email&utm_campaign=2015-07_payment_received

https://btcjam.com/listings/47335

and his buddy/other account:

https://btcjam.com/listings/45475

https://btcjam.com/listings/45601

https://btcjam.com/listings/45624

https://btcjam.com/listings/46157

https://btcjam.com/listings/44429

https://btcjam.com/listings/44953

https://btcjam.com/listings/44746

https://btcjam.com/listings/44712

and they made the payments including interest for all these scams.

This means they are taking their responsability and not letting investors on their own.

More important will be to see what they do about big US scammers that must be easy to identify and take to court like these guys:

Oppenheimer89

This guy has 2 loans with a total over 50 BTC

https://btcjam.com/listings/45490-stock-trading-capital and https://btcjam.com/listings/46587-bitcoin-based-localbitcoins-com-trading

His localbitcoins profile: https://localbitcoins.com/accounts/profile/oppenheimer89/

and this guy that already was sent to arbitration:

therealmaxwell

https://btcjam.com/listings/41307

I already received his details and since he's a fucking scammer I'll post here:

Debtor's name, last known address, and other information is:

 Paul Maxwell

 6016 Allington Ct

 Winston Salem, NC 27104

 [email protected]

 https://www.facebook.com/TheRealMaxwell

 Phone: (617) 784-0064

 Driver's License 11MLP84021

I won't chase this fucker for $20 but if you live next door don't forget to say hi for me!

 
 
hero member
Activity: 854
Merit: 510
September 09, 2015, 01:38:47 AM
I think this is mandatory! You mean that btcjam does not chase the defaulter in any way? It passes it along to investors?

Correct - and most users walk away rather than go to court for what is (usually) a small amount.  BTCJam doesn't care - they get their cut up front.

In Canada, it's actually very easy to collect on a debt certificate.  Just simply file it in court and you get your money - the defendant has no chance to provide a defense because he/she has already lost.  

I started up a website called coindebt.ca and even then I couldn't find enough interested people to make it work.

That's why you always need collateral.

Of course, by its very nature; BTCJAM is global meaning that jurisdictional and legal difference between countries makes collection of debt incredibly difficult, not to mention costly.

As said before, BTCJAM is an awesome idea but unfortunately it is a scam magnet.

So BTCjam just pushes the global jurisdictional problems onto the investors.  That is really their business model, push the risks and problems on to the investors and then post nonsense guides about how one can avoid the risks or collect the small amounts owned to them by a defaulter. (Assuming the investor diversified as the site recommends.)   If they would at least be honest about what they are doing it wouldn't be so bad.  

You are totally correct that the site is a scam magnet.

There are many legal hurdles around what you are talking about. If it was as easy as you guys described don't you think there would be many companies doing this? Per your comment, we actually make our entire operation very clear in the terms, investor/borrower agreement, FAQ and so on. We are not stating that we do these things and don't follow through. There are numerous legal hurdles that we'd need to accomplish to provide these services you ask for. We of course want to do many of them, but it's very hard accomplishment capital wise.

BTCjam posts advise that if investors follow ensures they won't be in a position to gain by going after the scammers.    Instead BTCjam should just come clean and post that when someone scams BTCjam isn't going to help and there won't be anything people can do to actually collect their money other than to beg the scammer to give it back to them!    The BTCjam arbitration awards are basically a joke and most likely don't have valid information about the lender in them either.   You basically want the investors to do all the work. 

BTCjam even makes it very hard for investors to even provide feedback!   Why should an investor have to have give his ID information to you before they can provide feedback on borrowers that they have loaned BTC too?   BTCjam actually ends up being supportive of scammer and biased against the investor.    That may not be the intent but that is how it works out.   It shouldn't be so hard to make a profit by loaning bitcoin.

There is a very simple fix for your business.   Put BTCjam in the same position as the investors.   Don't collect an upfront fee, collect part of the fee from every payment.   If that was done I'm sure all the problems would be fixed is short order.     
hero member
Activity: 728
Merit: 500
Never ending parties are what Im into.
September 08, 2015, 07:05:32 PM
When did this thread become another BTCJam thread? If they already have one thread for answering questions,it seems a bit heavy handed to come in and hijack this one as well.
full member
Activity: 135
Merit: 100
Support for the global P2P lending platform:BTCJam
September 08, 2015, 04:27:02 PM
You'll continue to see a lot of changes with us going forward, we are getting a lot tougher on fraud and bringing quality borrowers to the platform.
Hi

When do you plan to begin to take fees from repaid loan amount? This is tough

On what date we can expect your partnership with global collection agencies like Atradius Collections? This is obvious next thing to do

We don't have plans for that right now. We are thinking about it. There are numerous things we have in the pipeline to begin strengthening ties to borrowers.
full member
Activity: 135
Merit: 100
Support for the global P2P lending platform:BTCJam
September 08, 2015, 04:26:00 PM
I think this is mandatory! You mean that btcjam does not chase the defaulter in any way? It passes it along to investors?

Correct - and most users walk away rather than go to court for what is (usually) a small amount.  BTCJam doesn't care - they get their cut up front.

In Canada, it's actually very easy to collect on a debt certificate.  Just simply file it in court and you get your money - the defendant has no chance to provide a defense because he/she has already lost.  

I started up a website called coindebt.ca and even then I couldn't find enough interested people to make it work.

That's why you always need collateral.

Of course, by its very nature; BTCJAM is global meaning that jurisdictional and legal difference between countries makes collection of debt incredibly difficult, not to mention costly.

As said before, BTCJAM is an awesome idea but unfortunately it is a scam magnet.

So BTCjam just pushes the global jurisdictional problems onto the investors.  That is really their business model, push the risks and problems on to the investors and then post nonsense guides about how one can avoid the risks or collect the small amounts owned to them by a defaulter. (Assuming the investor diversified as the site recommends.)   If they would at least be honest about what they are doing it wouldn't be so bad.  

You are totally correct that the site is a scam magnet.

There are many legal hurdles around what you are talking about. If it was as easy as you guys described don't you think there would be many companies doing this? Per your comment, we actually make our entire operation very clear in the terms, investor/borrower agreement, FAQ and so on. We are not stating that we do these things and don't follow through. There are numerous legal hurdles that we'd need to accomplish to provide these services you ask for. We of course want to do many of them, but it's very hard accomplishment capital wise.
newbie
Activity: 28
Merit: 0
September 08, 2015, 12:57:37 PM


Of course, by its very nature; BTCJAM is global meaning that jurisdictional and legal difference between countries makes collection of debt incredibly difficult, not to mention costly.


They should only lend btc to people living where they have experience collecting. And even that way they would have very busy days.

As it is it's really risky to put some funds there.
newbie
Activity: 1
Merit: 0
September 08, 2015, 11:56:17 AM
You'll continue to see a lot of changes with us going forward, we are getting a lot tougher on fraud and bringing quality borrowers to the platform.
Hi

When do you plan to begin to take fees from repaid loan amount? This is tough

On what date we can expect your partnership with global collection agencies like Atradius Collections? This is obvious next thing to do
hero member
Activity: 854
Merit: 510
September 07, 2015, 03:20:18 AM
I think this is mandatory! You mean that btcjam does not chase the defaulter in any way? It passes it along to investors?

Correct - and most users walk away rather than go to court for what is (usually) a small amount.  BTCJam doesn't care - they get their cut up front.

In Canada, it's actually very easy to collect on a debt certificate.  Just simply file it in court and you get your money - the defendant has no chance to provide a defense because he/she has already lost.  

I started up a website called coindebt.ca and even then I couldn't find enough interested people to make it work.

That's why you always need collateral.

Of course, by its very nature; BTCJAM is global meaning that jurisdictional and legal difference between countries makes collection of debt incredibly difficult, not to mention costly.

As said before, BTCJAM is an awesome idea but unfortunately it is a scam magnet.

So BTCjam just pushes the global jurisdictional problems onto the investors.  That is really their business model, push the risks and problems on to the investors and then post nonsense guides about how one can avoid the risks or collect the small amounts owned to them by a defaulter. (Assuming the investor diversified as the site recommends.)   If they would at least be honest about what they are doing it wouldn't be so bad.  

You are totally correct that the site is a scam magnet.
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