BTCjam - Any Thoughts or Experiances - page 21.

jadefalke

legendary

Activity: 1456

Merit: 1014

Quote from: jeffthebaker on July 07, 2015, 02:50:39 AM

Quote from: endlessdark on June 29, 2015, 06:43:23 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.

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.

What you say is total bullshit, i only invested in A and B loans and only when the people had really good feedbacks and even on that Loans you have a quite high Rate of People who do not pay back the Loans.

jeffthebaker

legendary

Activity: 1526

Merit: 1034

Quote from: endlessdark on June 29, 2015, 06:43:23 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.

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.

desired_username

hero member

Activity: 886

Merit: 1013

Crypto borrowing cannot work without reliable mechanisms to collect collateral from the meatspace.

b-trading

sr. member

Activity: 434

Merit: 250

Quote from: shmoula on July 02, 2015, 02:41:50 AM

BTCjam is just like most of other "crypto-services" - makes money just for their authors and you are the source of income, deal with it Wink

yes i agree with you..and i have an issue with btcjam because i can't withdraw my btc that still on my account there...i have contacted them also post on their thread in this forum but nothing answer until now...so i have to say good bye to btcjam...just eat my tiny amount btc there

jadefalke

legendary

Activity: 1456

Merit: 1014

it looks like that a lot of the Saving or income the People verify are totaly fake, have a lot of loans where people cannot repay and it turn's out that they have nothing...

dukeneptun

legendary

Activity: 1064

Merit: 1000

Quote from: endlessdark on June 29, 2015, 06:43:23 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.

http://i59.tinypic.com/2ptur1c.png

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

Too much defaulted loans, yet you still give loans to people. I wonder why you gave loans after first 2 default? It's kinda late but I guess lesson learned though.

shmoula

sr. member

Activity: 304

Merit: 250

BTCjam is just like most of other "crypto-services" - makes money just for their authors and you are the source of income, deal with it Wink

endlessdark

member

Activity: 68

Merit: 10

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.

jadefalke

legendary

Activity: 1456

Merit: 1014

Quote from: Rmcdermott927 on June 27, 2015, 10:19:47 PM

I actually have had mostly good experiences with the site. Most of the scams are obvious with insanely high interest rates to bait people. As a borrower and lender on there, I think it is good but they need to clean up some of the trash.

I have also a lot of Investments with quite low APR and guess what, they do not pay. My Advice is, stay away from BTCJam!

Rmcdermott927

legendary

Activity: 2254

Merit: 1140

I actually have had mostly good experiences with the site. Most of the scams are obvious with insanely high interest rates to bait people. As a borrower and lender on there, I think it is good but they need to clean up some of the trash.

jadefalke

legendary

Activity: 1456

Merit: 1014

Quote from: desired_username on June 24, 2015, 12:48:19 PM

Out of the hundreds of listings expect 99.99999999% to be worthless crap (trading and mining loans mostly) and the rest are mostly scams and a very tiny number are legit borrowers.

+1, i'm currently -68% with my BTC investments in BTCjam that Site is a complete Joke.

ABCbits

legendary

Activity: 2870

Merit: 7490

Crypto Swap Exchange

BTCJam is place for scammer & the owner never responsible for any cases Angry

I almost invest at money therem luckily someone already make a thread about BTCJam

desired_username

hero member

Activity: 886

Merit: 1013

Out of the hundreds of listings expect 99.99999999% to be worthless crap (trading and mining loans mostly) and the rest are mostly scams and a very tiny number are legit borrowers.

Rude Boy

hero member

Activity: 770

Merit: 500

I'm unlucky with btcjam. I was lost some bits on bycjam at this listing -> https://btcjam.com/listings/43680-mining-5-ths <- this borrower having positive reputation too. But didn't repaid his 2nd load. And this is my first investment on btcjam. And i don't want to invest on btcjam anymore.

~Rude Boy

Wattda

member

Activity: 64

Merit: 10

Unfortunately, I wanted to help those in need buying into the concept the they promoted. Lost half my investment..., oh well live and learn. Too bad I liked the concept. So I cut my losses and ran.

jadefalke

legendary

Activity: 1456

Merit: 1014

i recently discoverd the Fee's they charge if you issue a Note of a Loan you Invested in is 4%!!!!.
And if someone is not paying back the Loan, they do NOTHING!!!

arallmuus

legendary

Activity: 2562

Merit: 1414

Quote from: tommorisonwebdesign on June 16, 2015, 06:20:57 PM

I was considering using BTCJam to consolidate my credit card balance

Alot has been doing this there and it seems it worked for them. Interest given are quite high for this type of loan usually

Quote from: subSTRATA on June 16, 2015, 06:25:13 PM

but I do believe there is a legal arbitration process if the borrower defaults.

The arbitration award is nothing more than a document containing ID and other verification that has been submitted to BTCjam by the borrower, you then will need to seek legal actions by your own will and your own expense.

In the end you will be lucky if the defaulters are in the same country as you but if the defaulter reside in another country then I believe the cost to take a legal actions may be higher than what you loaned him

favdesu

legendary

Activity: 1764

Merit: 1000

Quote from: subSTRATA on June 16, 2015, 06:25:13 PM

Quote from: tommorisonwebdesign on June 16, 2015, 06:20:57 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.

around 50% default rate is more than a "few".

subSTRATA

legendary

Activity: 1288

Merit: 1043

:^)

Quote from: tommorisonwebdesign on June 16, 2015, 06:20:57 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.

tommorisonwebdesign

sr. member

Activity: 448

Merit: 250

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.

Topic: BTCjam - Any Thoughts or Experiances - page 21. (Read 57488 times)