Topic: BTCjam - Any Thoughts or Experiances - page 22. (Read 57508 times)

Not too sure about this but it seems possible if you have some skills in editing but it is indeed pretty much easy to fake where you are coming from. They track you by your IP and put up a flag in your account info based on where you are coming from despite that you submit an ID card from another country to them.

Regarding the reputations loan, this has been a long time practice there and basically people are already aware of this practice but It couldnt help that some people are greedy when they see an obvious scam loan that put up a massive amount for the interest.
What more depressing is that there are several user with pretty good track record in repaying their loan and in the end since they have earned all the trust, they borrow up a huge amount of it and never came back

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.

5 out of 5 late/defaulted is not representative for loans from India on btcam, India has better repayment rate than countrys like Germany, Spain, Unitid Kingdom for example and is just slightly below the sites avg.

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

That's horrible. These sites really can't guarantee a moneyback or ROI for your investment. It is hard to predict. Even the loan section here got lots of scammers. Didn't BTCJam requires you to upload a copy of your passport? And they have an international arbitrage too but I don't know if a country's jurisdiction would cover this up.

just double checked my stat's and i did 5 Loan's to people from India all A Score, all 5 did not repaid.
And those accounts are still all active, BTCjam did nothing about it!

the site is full of scammers...not safe for investors but very good for borrowers

They use it. *for other purposes*

Makes you wodner why they need all that personal information then if they are not going to use it?

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.

i played a bit with btcjam and so far it turns out that even the a+ and B are full of scammer. I think it is a bit like Roulett or lottery.

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,....

BTCJam - Peer to Peer Bitcoin Lending
http://btcjam.blogspot.com

There is limited amout of stats directly avaliable but the stat that is avaliable on the site can be used to get more interesting numbers. If you want specific stats for a specific period for the loans that was taken out back in 2012-early 2013 (probably somewhere in the 20/30%) when there was no verification worth the name then gh2k's 3rd party site that has all loan data up until august 2014 when btcjam broke his scraper with a change of the layout on the site, is probably easier to use to get data from than using btcjams site directly. but to just take some example:

Total BTC repayed(fully repayed loans)
 
7/7 2014                                   Repaid   Active   Funding   Overdue
last 6 months (8/1 2014-7/7 2014) 68,60%   14,10%   10,60%   6,80%
last 12 months(8/7 2013-7/7 2014) 69,50%   11,60%   8,50%   10,40%
all time       (sept 2012-7/7 2014)   60,10%    6,90%   4,50%   28,50%

2014-08-22
last 6 months (23/2 2014-22/8 2014) 70,00%   12,20%   9,90%   7,90%
last 12 months(23/8 2013-22/8 2014) 70,10%   10,60%   8,50%   10,60%
all time (sept 2012-22/8 2014)           61,20%     6,50%   4,70%   27,60%
---------------
Total repayed Loans

7/7-2014                                   Repaid   Active   Funding   Overdue
last 6 months (8/2 2013-7/7 2014)  64%         17,30%   6,30%   12,30%
last 12 months(8/7 2013-7/7 2014) 67,40%     12,10%   4,40%   16,10%
all time (sept 2012-7/7 2014)         66,80%      8,30%     3,0%    21,90%

2014-08-22
last 6 months (23/2 2014-22/8 2014) 64,50%   16,10%   5,70%   13,80%
last 12 months(23/8 2013-22/8 2014) 68,50%   11,60%   4,10%   15,80%
all time (sept 2012-22/8 2014)          67,70%     8,30%    2,9%    21,10%

24 oct 2014 71.64% fully repayed loans (and some partially repayed) and the remaining <28.36% is either Active or Overdue

5 april 2015 the stat are at 75.98% fully repayed loans (and some partially repayed) and the remaining <24.02% is either Active or Overdue so when all loans have reached the final repayment date the current fully repayed numbers will probably converge to something like 10% higher(->86%) number and the total will probably be something like 2-5% higher(->88-91%) if you also add payments on partually repayed loans that is currently overdue and defaulted. And the remaining 9-12% the borrower could try to send to some collecting agency or let btcjam handle when they have signed up with some of the collecting agencys they mentioned earlier that they were in negociations with.

7 april 76.10% fully repayed loans

If one looks at smaller timeframes then we have fully repayed loans:
18 oct 2014 -18 dec 2014 at 76.86%
8 nov 2014  - 8 jan 2014 at 80.67%
22 nov 2014 -22 jan 2014 at 81.39%
1 dec 2014  - 1 feb 2015 at 83.11%
1 jan 2014   - 1 mars 2015 at 88.04%

If you look at even shorter timeframes there is periods where fully repayed loans is over 90% for example
7 jan-7 feb when it at 91.32%

Swisswatcher on btcjam has been offering some form of escrow service for borrowers in the past, not sure if he still does such thing. Different lenders look for different things, an ardeva token will most likely add some lenders to your loan and some lender might lend you more when more information is verified like that.
The only type of partial security that currently excist is if people has reinvested in other borrowers onsite, if someone has invested 10 btc in 1000 different loans, 0.01 btc in each loan and that person asks for a 1 month 1 btc loan its hardly any risk to loan to that person for example.

if a ardeva verification token https://ardeva.com/ given to you from a loan at btcjam as extra proof of identity you consider to invest to such a loan ?

Personally i was looking ways to proof that my loans are legit i have try out escort but unfortunately didnt help much.

i totally agree if something BTCJAM must do, is take actions from such scamming.

Is there a detailed stats for repayments all/before/after verification? That would be good. I expect +%90 repayment rate to call it a successful service. Otherwise I stay out of that site.

75.98% is all loans throu all time, in the beginning there probably was <25% repayment rate when there was no verification of anything needed to be able to apply for loans.

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.

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%.