BTCjam - Any Thoughts or Experiances - page 18.

subSTRATA

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:^)

Quote from: Winalunt on August 28, 2015, 02:16:44 AM

seriousle guys you cant do anything if even the A+ user scams ...
the only way it can end is deleting his account from BTC JAM and giving negatives to his credit which also not possible as far as i know

i think the accounts are put in a "blocked" status and if the borrower does not respond or make attempts to repay the loan, their documents they used to verify themselves on the site will be released to the lenders so that legal action can be pursued if the borrowers choose to do so. however, the cost of litigation falls onto the borrowers, so action isnt taken most of the time. having your personal info released to the public is fairly compelling enough though.

Winalunt

hero member

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Tell Me What A Man Is Without Pride .

seriousle guys you cant do anything if even the A+ user scams ...
the only way it can end is deleting his account from BTC JAM and giving negatives to his credit which also not possible as far as i know

BTCJamSupport

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Support for the global P2P lending platform:BTCJam

Quote from: jadefalke on August 27, 2015, 02:31:20 AM

Quote from: BTCJamSupport on August 26, 2015, 06:36:41 PM

Quote from: jadefalke on August 26, 2015, 02:26:16 PM

The whole Identity Verfification System is a Joke, i invested in a Listing which was A or B rated and guess what everything was FAKE.
The Guy run with the Money and is now bragging in the Comment's of the Listing that everything is Fake.
And guess what, BTCJAM does nothing about it.

Stay away from BTCJAM!!!!

Can you drop me a message with this listing? I can look into it and see what is going on, thanks man.

i just send you a Message with the Listing.

Thanks, I'll look into this and make sure we get something resolved. To give you some insight, we are well aware of who this borrower is we do have his identity information. What is he saying far from the truth and is not correct. I have actually reached out to him about this but I'll make sure we get something handled regardless. He thinks he fooled the system, but we know very well who he is and would indeed tie that to him for arbitration. Thanks for sending this over, it's good you sent this so we can move on this accordingly.

syndria

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Quote from: jadefalke on August 27, 2015, 02:31:20 AM

Quote from: BTCJamSupport on August 26, 2015, 06:36:41 PM

Quote from: jadefalke on August 26, 2015, 02:26:16 PM

The whole Identity Verfification System is a Joke, i invested in a Listing which was A or B rated and guess what everything was FAKE.
The Guy run with the Money and is now bragging in the Comment's of the Listing that everything is Fake.
And guess what, BTCJAM does nothing about it.

Stay away from BTCJAM!!!!

Can you drop me a message with this listing? I can look into it and see what is going on, thanks man.

i just send you a Message with the Listing.

Hows your concern mate? Im interested since of i also invest some coins here.

jadefalke

legendary

Activity: 1456

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Quote from: BTCJamSupport on August 26, 2015, 06:36:41 PM

Quote from: jadefalke on August 26, 2015, 02:26:16 PM

The whole Identity Verfification System is a Joke, i invested in a Listing which was A or B rated and guess what everything was FAKE.
The Guy run with the Money and is now bragging in the Comment's of the Listing that everything is Fake.
And guess what, BTCJAM does nothing about it.

Stay away from BTCJAM!!!!

Can you drop me a message with this listing? I can look into it and see what is going on, thanks man.

i just send you a Message with the Listing.

Shinpako09

legendary

Activity: 2058

Merit: 1015

I read in one thread before that it's more safe to lend and loan here in bitcointalk than btcjam.

dyask

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Quote from: zenqer on August 26, 2015, 09:39:55 PM

Quote from: BTCJamSupport on August 25, 2015, 01:36:31 PM

Quote from: sionsandman on August 25, 2015, 11:04:20 AM

You would never hand the collateral to investors. Collateral is meant to be sold and the funds distributed by the investors.

If collateral is not enough to repay the total, something is better than nothing.

The other hundreds investors get nothing? Just a reward for the whales?

Where did you read that?

Collateral is sold and distributed. That's what is written.

How exactly is this a reward for the whales and hundreds of investors with nothing?

The BTCJam business model just seems to push ALL the risk onto the investors. BTCJam never takes on any risk. That is why BTCJam isn't a good place for investors. For them to handle collateral would mean they would have to be reasonable, it isn't going to happen.

zenqer

newbie

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Quote from: BTCJamSupport on August 25, 2015, 01:36:31 PM

Quote from: sionsandman on August 25, 2015, 11:04:20 AM

You would never hand the collateral to investors. Collateral is meant to be sold and the funds distributed by the investors.

If collateral is not enough to repay the total, something is better than nothing.

The other hundreds investors get nothing? Just a reward for the whales?

Where did you read that?

Collateral is sold and distributed. That's what is written.

How exactly is this a reward for the whales and hundreds of investors with nothing?

subSTRATA

legendary

Activity: 1288

Merit: 1043

:^)

Quote from: BTCJamSupport on August 26, 2015, 06:36:41 PM

Quote from: jadefalke on August 26, 2015, 02:26:16 PM

The whole Identity Verfification System is a Joke, i invested in a Listing which was A or B rated and guess what everything was FAKE.
The Guy run with the Money and is now bragging in the Comment's of the Listing that everything is Fake.
And guess what, BTCJAM does nothing about it.

Stay away from BTCJAM!!!!

Can you drop me a message with this listing? I can look into it and see what is going on, thanks man.

its possible that the real borrower in that case used a stolen identity rather than falsified information/documents, and it might be prudent to investigate that case more in depth. im suspecting that is the case because the fake borrower is going around in the comments gloating as he believes that he will not be blamed for the issue; if the documents were faked there would be a larger investigation for falsifying legal documents.

BTCJamSupport

full member

Activity: 135

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Support for the global P2P lending platform:BTCJam

Quote from: luciann on August 25, 2015, 11:36:22 PM

Quote from: Winalunt on August 25, 2015, 03:58:44 PM

If BTC Jam stops giving loans without collateral or rather give with collateral then its value is nowhere ..
majority of the people are using it because of no collateral deal.

So basically its a hell hole for investors wanting to lend.

I saw someones screep on what they actually got and barely breaking even, I`ll link it here if I run into it again.

But having no collateral is just gambling..

Wouldn't say that, there are a lot of investors who use the site daily throughout the world who are doing quite well in terms of investing. US based guy who is beating his 401K with his company because he is diversifying quite well over many loans. With that being said, many of those guys don't come here and report back telling you how to be profitable and inform you of their strategy. Just how the internet really works now, people who get hurt (ex. throw 90% of their principal into one borrower) come here and tell you how much they dislike our service etc. Not saying at all that this was the case with the user you mentioned, we don't have the data. This is something that sticks out when we dig into these cases that come across social media/here. Many here were involved at a very early stage with the company as well. That being said, we are growing and working on these very issues.

BTCJamSupport

full member

Activity: 135

Merit: 100

Support for the global P2P lending platform:BTCJam

Quote from: jadefalke on August 26, 2015, 02:26:16 PM

The whole Identity Verfification System is a Joke, i invested in a Listing which was A or B rated and guess what everything was FAKE.
The Guy run with the Money and is now bragging in the Comment's of the Listing that everything is Fake.
And guess what, BTCJAM does nothing about it.

Stay away from BTCJAM!!!!

Can you drop me a message with this listing? I can look into it and see what is going on, thanks man.

jadefalke

legendary

Activity: 1456

Merit: 1014

The whole Identity Verfification System is a Joke, i invested in a Listing which was A or B rated and guess what everything was FAKE.
The Guy run with the Money and is now bragging in the Comment's of the Listing that everything is Fake.
And guess what, BTCJAM does nothing about it.

Stay away from BTCJAM!!!!

subSTRATA

legendary

Activity: 1288

Merit: 1043

:^)

Quote from: luciann on August 25, 2015, 11:36:22 PM

Quote from: Winalunt on August 25, 2015, 03:58:44 PM

If BTC Jam stops giving loans without collateral or rather give with collateral then its value is nowhere ..
majority of the people are using it because of no collateral deal.

So basically its a hell hole for investors wanting to lend.

I saw someones screep on what they actually got and barely breaking even, I`ll link it here if I run into it again.

But having no collateral is just gambling..

pretty much, since youre relying solely on the borrower's honestly to have the loan repaid at this point, and when money is a factor on the internet, honesty is rather scarce. i also checked back on my btcjam account a bit back, and to my surprise, a 0.02 loan got repaid, which i really did not expect. turns out the borrower got doxxed. its quite sad that thats what it takes for someone to repay a few hundred dollars.

collateral sounds like something that would vastly improve the lenders' experience on btcjam, if they could implement an option for a borrower to provide some sort of collateral, and set up a system to hold such collateral, i could see btcjam becoming a real service. would be quite difficult though, since i would expect most collateral to be physical.

luciann

sr. member

Activity: 252

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Quote from: Winalunt on August 25, 2015, 03:58:44 PM

If BTC Jam stops giving loans without collateral or rather give with collateral then its value is nowhere ..
majority of the people are using it because of no collateral deal.

So basically its a hell hole for investors wanting to lend.

I saw someones screep on what they actually got and barely breaking even, I`ll link it here if I run into it again.

But having no collateral is just gambling..

BTCJamSupport

full member

Activity: 135

Merit: 100

Support for the global P2P lending platform:BTCJam

Quote from: Winalunt on August 25, 2015, 03:58:44 PM

If BTC Jam stops giving loans without collateral or rather give with collateral then its value is nowhere ..
majority of the people are using it because of no collateral deal.

As mentioned in above responses, this model has been proven to work for multiple companies. There are companies who have IPO'd using this very model. I disagree that it will not work, covering risk and exposure might have to be handled different ways.

BTCJamSupport

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Activity: 135

Merit: 100

Support for the global P2P lending platform:BTCJam

Quote from: Sourgummies on August 25, 2015, 04:03:48 PM

Would like to delete my account,are there steps to do this?
Meaning you do not hold any of my details in your system.

Drop us an email to [email protected]. Thanks

Sourgummies

hero member

Activity: 728

Merit: 500

Never ending parties are what Im into.

Would like to delete my account,are there steps to do this?
Meaning you do not hold any of my details in your system.

Winalunt

hero member

Activity: 525

Merit: 500

Tell Me What A Man Is Without Pride .

If BTC Jam stops giving loans without collateral or rather give with collateral then its value is nowhere ..
majority of the people are using it because of no collateral deal.

BTCJamSupport

full member

Activity: 135

Merit: 100

Support for the global P2P lending platform:BTCJam

Quote from: sionsandman on August 25, 2015, 11:04:20 AM

Quote from: BTCJamSupport on August 24, 2015, 10:48:03 PM

There are scenarios where random accounts become the biggest funder so that they get the collateral. Now users dont diversify and expose themselves to higher risk (eggs in smaller baskets). Those accounts might be controlled by the borrower.. Now collateral is useless. Collateral is in Russia, you are US based. How are you going to get that collateral? What about the other 400 investors-- what are they going to get out of this? They invested but now they get nothing? How are you going to vet the collateral? What happens if that collateral were to be devalued say in a market situation which crashes? Gold was the collateral and market crashes & the borrower had defaulted -- would that still satisfy you if you had such collateral?

edit: Not trying to be smart here, I'm truthfully just curious about the answers.

You would never hand the collateral to investors. Collateral is meant to be sold and the funds distributed by the investors.

If collateral is not enough to repay the total, something is better than nothing.

The other hundreds investors get nothing? Just a reward for the whales?

sionsandman

hero member

Activity: 519

Merit: 500

Quote from: BTCJamSupport on August 24, 2015, 10:48:03 PM

There are scenarios where random accounts become the biggest funder so that they get the collateral. Now users dont diversify and expose themselves to higher risk (eggs in smaller baskets). Those accounts might be controlled by the borrower.. Now collateral is useless. Collateral is in Russia, you are US based. How are you going to get that collateral? What about the other 400 investors-- what are they going to get out of this? They invested but now they get nothing? How are you going to vet the collateral? What happens if that collateral were to be devalued say in a market situation which crashes? Gold was the collateral and market crashes & the borrower had defaulted -- would that still satisfy you if you had such collateral?

edit: Not trying to be smart here, I'm truthfully just curious about the answers.

You would never hand the collateral to investors. Collateral is meant to be sold and the funds distributed by the investors.

If collateral is not enough to repay the total, something is better than nothing.

Topic: BTCjam - Any Thoughts or Experiances - page 18. (Read 57488 times)