BTCjam - Any Thoughts or Experiances - page 2.

syndria

hero member

Activity: 980

Merit: 500

Quote from: biggbox on June 22, 2016, 08:17:03 PM

I have loans given out to btcjammers from 3rd world nations and they repaid on time monthly. I was lucky to loan it out to honest people

Me too i had a good experience at my first try from this the lender i was dealed with was a good one and he repaid all his 13 btc debt although one payment was delayed but still repaid all. But sadly there has been no 2nd try etc because of many borrowers defaulted to pay wgat there obligations to pay.

biggbox

sr. member

Activity: 448

Merit: 250

I have loans given out to btcjammers from 3rd world nations and they repaid on time monthly. I was lucky to loan it out to honest people

enquirer

sr. member

Activity: 306

Merit: 257

I'd say it's good for lenders. You just create a facebook account and can collect money from stupid "investors".
For investors, I lost 95% of my investment. First, half of lenders default. Second, you loan BTC but get back .... brazilian reals! which is not clearly displayed and you don't realize until your coins are gone.

ethereumhunter

hero member

Activity: 2912

Merit: 541

Leading Crypto Sports Betting & Casino Platform

The problem on Btcjam is hard verification and it needs more time, it is make me bored on there. I am not continue borrow on btcjam right now i borrow bitcoin on loanbase who has easy verification.

janahoch

newbie

Activity: 31

Merit: 0

Quote from: Barnabe on June 18, 2016, 06:34:29 AM

They should at least only take their commission on the paybacks of each loans. At least this way, they would require more information and would actually care about the payback...

That should be obvious to everybody!

Barnabe

hero member

Activity: 616

Merit: 503

★Bitvest.io★ Play Plinko or Invest!

Quote from: seVell on June 18, 2016, 05:29:52 AM

Quote from: biggbox on May 09, 2016, 11:05:08 AM

Frankly, the lending section in this forum is more reliable than Loanbase and BTCJam combined. What do you think? Cheesy

It's easier to invest in btcjam.

The lending section is better only IF you always demand a collateral to cover your potential loss. Of course that way is more reliable because you're always covered.

When someone is lending money, the most important parameter is not effort, but return on investment. Saying that btcjam is easier to use is not really important if you're focused on making money. I agree that these lending sites are kind of scam. They don't really care if someone losses money, since they already took their share.

They should at least only take their commission on the paybacks of each loans. At least this way, they would require more information and would actually care about the payback...

seVell

newbie

Activity: 28

Merit: 0

Quote from: biggbox on May 09, 2016, 11:05:08 AM

Frankly, the lending section in this forum is more reliable than Loanbase and BTCJam combined. What do you think? Cheesy

It's easier to invest in btcjam.

The lending section is better only IF you always demand a collateral to cover your potential loss. Of course that way is more reliable because you're always covered.

seVell

newbie

Activity: 28

Merit: 0

Anyone has experience with enforcemy arbitrationaward?

Are they really recovering any money at all?

Other alternatives?

ranlo

legendary

Activity: 1988

Merit: 1007

Quote from: biggbox on May 09, 2016, 11:05:08 AM

Quote from: crazyivan on May 09, 2016, 06:51:28 AM

Quote from: biggbox on May 08, 2016, 07:45:50 PM

Even loanbase users are starting to default. These p2p services were promising from the start. But its ugly fangs are showing.

+1

It all comes to to collateral. No ability to collect on default loan means no way to get your money back.

Frankly, the lending section in this forum is more reliable than Loanbase and BTCJam combined. What do you think? Cheesy

The problem is those services are supposed to be doing all the background checking and risk analysis. That's why they take fees. Their failure to do so means they're taking fees and providing a sub-par service, at best.

The fiat-based systems are better because their companies actually care. They take a fee and actually do their job. But as long as people continue investing in these sub-par crypto services, they'll continue pushing scams through. People need to quit being stupid.

btiAndy

full member

Activity: 150

Merit: 100

I would say lending here is definitely more reliable than BTCJam because of the general requirement for collateral as well the active community that in many ways patrols itself for scammers; though I would also surmise that the majority of users on BTCJam and LB would not know how to value an on-line reputation/User ID which is what I see is normally used here for security for loans...different audience really...

biggbox

sr. member

Activity: 448

Merit: 250

Quote from: crazyivan on May 09, 2016, 06:51:28 AM

Quote from: biggbox on May 08, 2016, 07:45:50 PM

Even loanbase users are starting to default. These p2p services were promising from the start. But its ugly fangs are showing.

+1

It all comes to to collateral. No ability to collect on default loan means no way to get your money back.

Frankly, the lending section in this forum is more reliable than Loanbase and BTCJam combined. What do you think? Cheesy

crazyivan

legendary

Activity: 1652

Merit: 1007

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Quote from: biggbox on May 08, 2016, 07:45:50 PM

Even loanbase users are starting to default. These p2p services were promising from the start. But its ugly fangs are showing.

+1

It all comes to to collateral. No ability to collect on default loan means no way to get your money back.

btiAndy

full member

Activity: 150

Merit: 100

The reasons for Loanbase starting to tank are unknown to me, with BTCJam though I can clearly see the downfall starting with their crudely implemented decision to shut down operations in the U.S.; the way they handled it demonstrates their poor understanding of how important open communication is to a business like theirs. In my own portfolio I have seen the U.S. default rate jump from around 18% in February to 43% in the period of one month...Brazil is actually performing better now at 24% default rate!!

biggbox

sr. member

Activity: 448

Merit: 250

Even loanbase users are starting to default. These p2p services were promising from the start. But its ugly fangs are showing.

btiAndy

full member

Activity: 150

Merit: 100

Thoughts on BTCJam? Simple...Stay Away, investing money there is like chucking it in a shredder!

eye-drop

full member

Activity: 196

Merit: 100

Quote from: ermis1975 on May 02, 2016, 01:10:19 PM

To borrow or invest to btcjam is safe? Btcjam asks for id etc is it safe to send them all these documents?

Read the 30 pages. You will be able to make your mind after.

biggbox

sr. member

Activity: 448

Merit: 250

Quote from: biggbox on January 16, 2016, 12:07:29 PM

An A+ rated user has defaulted on his loan.

This is the beginning of the end for BTCJam.

Link: https://btcjam.com/listings/51749-2nd-loan-for-s7-miners

Scroll to the comments at the bottom half of the page.

Edit: While he has defaulted on his loan, he has seek more refinance loans, https://btcjam.com/listings/54943

This guy made one payment yesterday. But he is still 6 payments late.

ermis1975

member

Activity: 198

Merit: 10

To borrow or invest to btcjam is safe? Btcjam asks for id etc is it safe to send them all these documents?

ranlo

legendary

Activity: 1988

Merit: 1007

Quote from: biggbox on April 27, 2016, 11:30:58 AM

Quote from: CoinPro* on April 13, 2016, 12:42:22 AM

Quote from: 6strings on March 29, 2016, 07:57:16 PM

E-mail from net-ARB received a few hours ago:

Quote

In just the past few days it has been brought to our attention that BTCjam is distributing counterfeit arbitration awards bearing our name. We regret having to send you this email, but the consequences of trying to enforce a counterfeit arbitration award can be severe, both civilly and criminally. As a former client, it is our duty to inform you.

Any net-ARB arbitration award received from BTCjam is counterfeit (specifically, BTCjam never had a copy of your award). Valid awards come only from net-ARB.

While we are happy to check the validity of your awards if you send us the documents, you can quickly and easily check the validity of all your awards at www.enforcemyarbitrationaward.com, a site run by attorney Kevin Palley. If you provide your BTCjam member number and email address, you can get a complete list of your valid, arbitrated BTCjam loans. The site uses a crowdfunding formula to make enforcement affordable. There is no cost or obligation to sign up.

Best regards,

net-ARB Support
www.net-ARB.com
Online Arbitration

Email from Btcjam received soon after:

Quote

Hello Valued BTCjam Member,

You may have recently received an email from net-arb stating that BTCjam is issuing counterfeit arbitration awards. Please be assured that this is not true. Unfortunately, two months ago we abruptly discovered that Net-Arb had partnered with enforcemyarbitrationaward.com and began spamming our user base. As a result, BTCjam immediately terminated service with Net-Arb. We apologize for any concern that Net-Arb's announcement caused and cannot stress enough that their claims are false.

Our goal is to provide our members with industry-leading technology and services which is why we’re glad to announce that we will be using a new arbitration award provider The Dhami Law Firm. This transition process will be streamlined for both our investor and borrower members.

All loans whose default date is on or after February 1st, 2016 will be subjected to this change.

Keep in mind that the new arbitration timeline that has been effective since January 27th, 2016 looks like this:
1. Investor receives an email notifying them that the loan will be sent to arbitration in 14-days.
2. Borrower meets 90 days delinquency after first missed payment.
3. The arbitration award is then easily accessible via the investments page on the individual investment of the listing.

Thank you for being a part of the BTCjam community.
We appreciate your continued business.

What does all this crap mean?

This is also being discussed on the official thread:
https://bitcointalksearch.org/topic/ann-btcjam-peer-to-peer-bitcoin-lending-112447

Ha, it means that someone is lying Tongue

What's the latest saga with BTCJam now? Haha. I wasn't following. There will still be new comers who got sucked in Sad

Even if you don't get caught up in the email scams, you are being scammed simply by investing on the site. There's almost zero due diligence done on borrowers, and the default rate (especially of the highest rated people) is ridiculously high.

biggbox

sr. member

Activity: 448

Merit: 250

Quote from: CoinPro* on April 13, 2016, 12:42:22 AM

Quote from: 6strings on March 29, 2016, 07:57:16 PM

E-mail from net-ARB received a few hours ago:

Quote

In just the past few days it has been brought to our attention that BTCjam is distributing counterfeit arbitration awards bearing our name. We regret having to send you this email, but the consequences of trying to enforce a counterfeit arbitration award can be severe, both civilly and criminally. As a former client, it is our duty to inform you.

Any net-ARB arbitration award received from BTCjam is counterfeit (specifically, BTCjam never had a copy of your award). Valid awards come only from net-ARB.

While we are happy to check the validity of your awards if you send us the documents, you can quickly and easily check the validity of all your awards at www.enforcemyarbitrationaward.com, a site run by attorney Kevin Palley. If you provide your BTCjam member number and email address, you can get a complete list of your valid, arbitrated BTCjam loans. The site uses a crowdfunding formula to make enforcement affordable. There is no cost or obligation to sign up.

Best regards,

net-ARB Support
www.net-ARB.com
Online Arbitration

Email from Btcjam received soon after:

Quote

Hello Valued BTCjam Member,

You may have recently received an email from net-arb stating that BTCjam is issuing counterfeit arbitration awards. Please be assured that this is not true. Unfortunately, two months ago we abruptly discovered that Net-Arb had partnered with enforcemyarbitrationaward.com and began spamming our user base. As a result, BTCjam immediately terminated service with Net-Arb. We apologize for any concern that Net-Arb's announcement caused and cannot stress enough that their claims are false.

Our goal is to provide our members with industry-leading technology and services which is why we’re glad to announce that we will be using a new arbitration award provider The Dhami Law Firm. This transition process will be streamlined for both our investor and borrower members.

All loans whose default date is on or after February 1st, 2016 will be subjected to this change.

Keep in mind that the new arbitration timeline that has been effective since January 27th, 2016 looks like this:
1. Investor receives an email notifying them that the loan will be sent to arbitration in 14-days.
2. Borrower meets 90 days delinquency after first missed payment.
3. The arbitration award is then easily accessible via the investments page on the individual investment of the listing.

Thank you for being a part of the BTCjam community.
We appreciate your continued business.

What does all this crap mean?

This is also being discussed on the official thread:
https://bitcointalksearch.org/topic/ann-btcjam-peer-to-peer-bitcoin-lending-112447

Ha, it means that someone is lying Tongue

What's the latest saga with BTCJam now? Haha. I wasn't following. There will still be new comers who got sucked in Sad

Topic: BTCjam - Any Thoughts or Experiances - page 2. (Read 57536 times)