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Topic: BTCjam - Any Thoughts or Experiances - page 20. (Read 57514 times)

full member
Activity: 135
Merit: 100
Support for the global P2P lending platform:BTCJam
August 17, 2015, 02:16:14 PM
I was considerin g using BTCJam to consolidate my credit card balance, but now after reading this thread, it would hurt my reputation on this forum since I would be assocaiting myself with scammers.

consolidating a loan with another loan is never a good idea, its a short term fix but itll bite you harder in the end. and the userbase isnt all scammers, just a few who choose not to repay the loan, but I do believe there is a legal arbitration process if the borrower defaults.

It's actually a great idea of you can get the capital to pay off the other loan and then receive a lower interest rate. This is very common with peer to peer lending in general. We do have a legal process with NETarb which many users are actually having success with.
full member
Activity: 135
Merit: 100
Support for the global P2P lending platform:BTCJam
August 17, 2015, 02:14:25 PM
I was considerin g using BTCJam to consolidate my credit card balance, but now after reading this thread, it would hurt my reputation on this forum since I would be assocaiting myself with scammers.

Hey I'm sorry you got that impression but we actually have a many validated and credited borrowers globally. Many of which are very hard core bitcoin enthusiasts -

Have a look at these loans if you want to get a better idea of the type of borrowers we have:

https://btcjam.com/listings/48919-additional-working-capital-for-new-crypto-based-business----loan-%233

https://btcjam.com/listings/49373-professional-bitcoin-market-maker

https://btcjam.com/listings/49382-loan-to-pay-off-student-loan-after-60%25-balance-reduction

We have hundreds of actual people like you who use the platform you CC refinancing and their dream projects. I think you should give our marketplace a look and also reach out to us at [email protected]. These guys got funding in under a week for their projects and I think you'd also make a great borrower from the sounds of it. Give us a shout, we'd love to chat. Thanks!
sr. member
Activity: 462
Merit: 250
August 17, 2015, 02:12:52 PM
i start to invest in btc jam for a week.
and i think it's a good way to invest if you give you btc to trusted one.
but the Identity Verification it's very hard i tryed 3 time and it didn't work.
the last time it said :
Code:
The information provided does not match the document.
but i'm really sure that all my information match the document.
full member
Activity: 135
Merit: 100
Support for the global P2P lending platform:BTCJam
August 17, 2015, 02:03:11 PM
Lent 0.1 btc, the guy did not repay a penny ...
Its always bad when that type of thigs happens but the sites statistics is improving over time, back in 2013 it was really bad, during 2014 the avg repayment rate improved a lot and hopefully it will become even better in 2015.
Last time i checked the repayment rate throu all time is up to 75.98% of all loans and is climbing. For loans taken out recent months it has been in the regions of something like 85-90%.

I wouldn't call that improving. %75.98 means every 1 debt in 4 loans isn't paid. That's serious stats for lenders. Too much verification process but still %25 fail rate. They need to decrease it to %1-2 if they want to provide sustainable service. I don't recommend this site at all.

why should they care as long as they make money?

I used btcjam once 2013 - I was not paid back and btcjam did literally nothing to cover. So no, I recommend to not touch this site with a ten foot pole.

It's surely been a LONG time since you have used us and we have changed a lot as a company since then. We aren't a traditional banking institution which means we can't cover you when it comes to collections, there are many legal hurdles for a company to operate as such. That is one of the reasons we truly suggest diversifying since we calculate the potential risks.

When you look into a plan that is well diversified, say 100 investments of 0.01 each (1 BTC total investment) you'll actually see good returns. We also wrote about this on our blog here regarding the plans & data. - http://blog.btcjam.com/2015/07/15/autoinvest-users-are-averaging-18-in-returns/

You were definitely an early adopter (and we appreciate that a lot), but we've also been actively working on the pain points that you mentioned.
full member
Activity: 135
Merit: 100
Support for the global P2P lending platform:BTCJam
August 17, 2015, 01:58:33 PM
None of these platforms are perfect unfortunately. But by the sound of it, BTCJam might need to be a bit more thorough regarding ID verification. Just looking at documents isn't enough. Call these people, send them a letter by mail,....

We built out a fraud team in March to do just this. We are actively working on underwriting as a whole and limiting fraud. We do all types of things (most of which I wont mention so the system cannot be gamed) to insure that we are working towards limiting all types of fraud. In the future we'll have some more data to hopefully show you how this has been working etc.
full member
Activity: 135
Merit: 100
Support for the global P2P lending platform:BTCJam
August 17, 2015, 01:55:41 PM
Didn't BTCJam requires you to upload a copy of your passport ID card? And they have an international arbitrage too but I don't know if a country's jurisdiction would cover this up.

Basically the higher someone's rating is that means the more he has submitted document for verification or has a good track record of returning the loan. However if someone decided to scam, all BTCjam will give you is an arbitration award that contains all the documents that has been submitted by the person. you will then need to sue this person at your own will with your own expenses as well
The best part is that the info they received is 80% of the time fake. There are many people who take reputation loans to boost their reputation and eventually scam down the road. BTCJam's support is non existent, I have contacted them several time in a few months but they gave me no response at all.

Not sure where you are gathering this data & it is not true. We actually stopped taking reputation loans months ago as well. We built out a support/fraud team in March of this year to tackle these problems. Maybe you contacted us before that, but we have been very active in these areas you speak about. You should drop us a line at [email protected] so we can help you out if we missed you some time ago, apologies for that.
legendary
Activity: 1652
Merit: 1007
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August 16, 2015, 02:58:05 AM
Compare it to commercial banking. What would happen if banks would provide loans to people without contracts and COLLATERAL. No bank would be able to survive.

Well, in this case, you are that bank.

As long as there s no BTC lending service which ll solve the issue of collateral, these things are going to crash. Period.
member
Activity: 98
Merit: 10
August 15, 2015, 04:20:08 AM
they ask for a lot of requirements and some of those is ridiculous and yet they will deny your loan
sr. member
Activity: 304
Merit: 250
August 15, 2015, 01:48:27 AM
So I took their survey they sent into my email thinking I can write about all this, but there was no place for that. It was just survey about "you naughty user, you did not share your loan between your friends and you did not make them another users from which we can steal."
sr. member
Activity: 304
Merit: 250
August 13, 2015, 01:13:46 AM
Sure thing they like scammers! They are interested just in fees collecting and those fees they get from scammers too. If there is some mechanism that the fee for BTCjam will be subtracted only after successful repay, they'll act differently (and probably does not exist anymore).

Lending business is like so:
1) Start a new lending site.
2) Get a lot of scammers.
3) . . .
4) PROFIT!

That is what I feel.   These lending sites just take too much work and effort to avoid the scammers for the meager gains you can make.   Frankly I think BTCjam likes the scammers and they probably only really care about collecting their up-front loan fee.   They sure don't make it easy for the lenders.
hero member
Activity: 854
Merit: 510
August 12, 2015, 08:45:45 PM
I only invest on BLC these days. I use a machine learning system (the results of which are publicly available) to filter out loans with reasonable rates of success and then I personally scrutinise those loans. It takes time to work out the tell-tale signs of a scammer and the signs vary depending on the type of scammer (incompetent individual, scammer individual or group of scammers).

That is what I feel.   These lending sites just take too much work and effort to avoid the scammers for the meager gains you can make.   Frankly I think BTCjam likes the scammers and they probably only really care about collecting their up-front loan fee.   They sure don't make it easy for the lenders.
hero member
Activity: 672
Merit: 500
http://fuk.io - check it out!
August 12, 2015, 08:23:56 PM
im at + but had loads of problems to do so.
newbie
Activity: 16
Merit: 0
August 12, 2015, 05:12:49 AM
BTC lending on all the platforms I've seen so far (BTCJam, Bitlendingclub and BTCPoP) is exceptionally dodgy.

BTCJam's autoinvest feature is a brilliant way to lose a ton of BTC and their API is really quite useless; they don't expose loan history via their API, so it's difficult for members of the public to do their own research/calculate their own statistics. By contrast, BLC does expose loan history via their API and in general their API is sensible with language-neutral documentation. I have a copy of BLC's entire loan history in a MariaDB database, so I can go and query their loan history and generate my own stats whenever I want. Transparency is important.

Both BLC and BTCJ are filled with scammers, but BTCJam more so as a result of their forced-APR. Good borrowers on BLC will work towards a good reputation and will eventually demand lower interest rates whereas borrowers on BTCJ always pay ridiculous rates and as a result the platform attracts scammers.

I only invest on BLC these days. I use a machine learning system (the results of which are publicly available) to filter out loans with reasonable rates of success and then I personally scrutinise those loans. It takes time to work out the tell-tale signs of a scammer and the signs vary depending on the type of scammer (incompetent individual, scammer individual or group of scammers).

Point is, don't use BTCJam's Autoinvest, it's dangerous... and in general be very wary of investing in BTC P2P lending platforms, it's a great way of losing your BTC. Also, don't invest large amounts of BTC (greater than 0.1) in a borrower/listing unless you're absolutely sure that they (1) can pay you back, (2) will pay you back and (3) you'll be able to recover the debt legally if all else fails.

hero member
Activity: 854
Merit: 510
August 11, 2015, 09:09:29 PM
ZOMFG! If I sell note, there is just price in the transactions and I don't know what I sold, to whom, what I paid for that... Guys, are you serious? But, well, at least we have autoinvesting and another must have features!

Yup!   I felt the same way when I sold a note.
sr. member
Activity: 304
Merit: 250
August 11, 2015, 01:01:21 PM
ZOMFG! If I sell note, there is just price in the transactions and I don't know what I sold, to whom, what I paid for that... Guys, are you serious? But, well, at least we have autoinvesting and another must have features!
legendary
Activity: 1456
Merit: 1002
August 11, 2015, 11:13:16 AM
I'm leaving BTCJam forever, putting my money here was one of the many mistakes I made with my bitcoins that ultimately made me end up with 1/5 of the bitcoins I once had.
Here is the final view of all my investments there at the moment that I'm withdrawing the rest of the bitcoin that are left in my wallet, I don't expect to recieve anything else from the people who defaulted anymore.



I'm not saying that everyone is going to lose money there, this is just my personal experience using this site.


You should of assumed a default rate and played the loans accordingly.....

Thats a shame, looking out your lending history.. I feel you.

I mean they had a good rep short time, but I guess that also was short lived. And personally I would of tested smaller amounts then giving out like that.. I`d would of a test amount on how fast a lower btc would be repaid rather then percent. But this is just me on how I measure risk.
full member
Activity: 224
Merit: 100
August 11, 2015, 01:37:54 AM
I think after seeing the first couple of rows of the defaults on the screen cap above me, id be scared to lend.

Esp now seeing that picture, I might as well go gamble it and lose it on my own with that .6 they want to borrow.
hero member
Activity: 854
Merit: 510
August 11, 2015, 01:26:45 AM
I've personally only invested in a couple of loans, but even with my little experience it is pretty obvious to tell which loans are/aren't legit. If you only loan out your BTC to people with good scores and a solid loaning history, you are unlikely to get scammed. The accounts without a profile picture that offer insane interest rates are going to default every time, end of discussion. However, if you stick to the safe loans, you can easily profit.

Well a couple of loans doesn't give you much experience.   I've now had "A" loans that defaulted.   That ratings are not very useful.   I did find a few borrowers that always pay and started investing heavy in them.   Because of that I'll get a small profit out but it is taking forever to get it out of the site.  

EDIT:  It is common for scammers there to have a series of loans that were paid off quickly and then to just default on a larger loan and run off.   If you follow the advice of the site, you will only lose a small amount per scammer, however, that also means that it would cost you more to collect the debt than the debt is worth when you finally do get an arbitration award.
legendary
Activity: 1722
Merit: 1000
July 10, 2015, 06:02:37 PM
I'm leaving BTCJam forever, putting my money here was one of the many mistakes I made with my bitcoins that ultimately made me end up with 1/5 of the bitcoins I once had.
Here is the final view of all my investments there at the moment that I'm withdrawing the rest of the bitcoin that are left in my wallet, I don't expect to recieve anything else from the people who defaulted anymore.



I'm not saying that everyone is going to lose money there, this is just my personal experience using this site.


You should of assumed a default rate and played the loans accordingly.....
legendary
Activity: 1722
Merit: 1000
July 10, 2015, 06:00:35 PM
Crypto borrowing cannot work without reliable mechanisms to collect collateral from the meatspace.



It was working WAY better before for me........ 

Look at who you are loaning too... boo to the changes BOO!!

Bah the loan requests on there are down so hard Sad.
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