Topic: BTCjam - Any Thoughts or Experiances - page 20. (Read 57536 times)

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.

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!

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 :
but i'm really sure that all my information match the document.

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.

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.

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.

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.

they ask for a lot of requirements and some of those is ridiculous and yet they will deny your loan

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."

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.

im at + but had loads of problems to do so.

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.

Yup!   I felt the same way when I sold a note.

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!

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.

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.

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.

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

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 .