I am worried do you think they will release my funds?
Topic: BTCjam - Any Thoughts or Experiances - page 26. (Read 57536 times)
Hard to say (same for about all bitcoin sites). They have at least a comprehensible business model.
There is just one big negative point in comparison to BTC lending club: BTCJam earns interest when loans are activated, BTC lending club when they are repaid. Thus, BTCJam is earning even with scam loans.
There is just one big negative point in comparison to BTC lending club: BTCJam earns interest when loans are activated, BTC lending club when they are repaid. Thus, BTCJam is earning even with scam loans.
All good points, do you think the site itself is healthy?
My experience:
After 2 defaulted loans (0.1 BTC in total only) and watching a lot of loans they went overdue, I got really restrictive:
- no rep.-loans anymore
- no investing in loans with amounts higher than borrowed ever before (this prevents from accounts made for one single purpose: scam)
- accounts with history only (old accounts, high count of positive feedbacks - not only from small rep.-loans)
- investing in accounts with already opened loans with high caution only (depending on amount)
- always calculate the total interest, if it's much higher than a bank loan or an overdued bank account or credit card (something around 15 % in Germany/Austria each quarter = ~3,75 %/month) stay away. Employed people do have a bank account.
- almost no ivestments for mining (most miners won't achieve break-even)
After 2 defaulted loans (0.1 BTC in total only) and watching a lot of loans they went overdue, I got really restrictive:
- no rep.-loans anymore
- no investing in loans with amounts higher than borrowed ever before (this prevents from accounts made for one single purpose: scam)
- accounts with history only (old accounts, high count of positive feedbacks - not only from small rep.-loans)
- investing in accounts with already opened loans with high caution only (depending on amount)
- always calculate the total interest, if it's much higher than a bank loan or an overdued bank account or credit card (something around 15 % in Germany/Austria each quarter = ~3,75 %/month) stay away. Employed people do have a bank account.
- almost no ivestments for mining (most miners won't achieve break-even)
Thanks for your reply, when you say spam (I have outlook) do you mean outlook's junk mail folder? I get their responses to emails that I request assistance from, but not the confirmation email that I have change my withdraw address. I also asked them if they could manually change the address for me. Again thanks for your help.
DW
DW
Oh i misread your post I guess. You say about tryng to withdrawl and not getting your emails to confirm.
Maybe the email could have gone to spam? If not again hopefully CSwill get back to you quickly
Maybe the email could have gone to spam? If not again hopefully CSwill get back to you quickly
A response from BTCjam can take a couple days or up to a week.
I wasn't sure on your post but if you have your 1.4 bitcoins invested you will have to wait to be paid back. You can issue notes on your investments in the note marketplace of the site for faster payments but there is a fee and you might not get your full asking price.
If your 1.4 bitcoins are just sitting there in your account you should be able to transfer them to coinbase.
Hopefully customer support will get back to you quickly.
I wasn't sure on your post but if you have your 1.4 bitcoins invested you will have to wait to be paid back. You can issue notes on your investments in the note marketplace of the site for faster payments but there is a fee and you might not get your full asking price.
If your 1.4 bitcoins are just sitting there in your account you should be able to transfer them to coinbase.
Hopefully customer support will get back to you quickly.
Sorry guys I wanted to add that maybe I am freaking out and a little bit impatience with btcjam. It is just I do not have a lot of money and my wife is not happy with all of my bitcoin escapades LOL.
Hello forum I need some help I have been lending on BTCJAM for over a month with about 1.4 coins and I really need my money. I have been trying to get a hold of support from btcjam but all I get is the automated replies. I did a test this morning and it will take deposits but when I try to request a withdraw and reenter my withdraw address it says that it will send me a verification email but I never get them. I really believe in the concept of helping others so now I really need someone to help me.
Regards
DW
Regards
DW
Other than rep loans, dont trust anything with over 150%. Also make sure that you diversify, so that if someone defaults you dont lose everything.
That is just the plain old BTCjam advice. BTCjam tolerates and even encourages scammers. There is a lot they could do to change it but they aren't. Instead they are just pointing to there rating system which doesn't work well.
Things they could do:
* Let investors remove their money from a loan before the loan is started.
* When someone is late and trying to pay so slap late fees on them, the late fees just discourage people from paying.
* Don't allow people with active loans to invest. (I know someone can just create another account, but a least make them do it.) Sometimes scammers work together completing each other's loans.
* Make very public lists of people that are late or defaulted. Use lots of shame.
* Enforce a rule of only one loan at a time.
* Don't collect any fees on the loan up front, only when the borrower pays that a cut spread out over the life of the loan. Right now BTCjam doesn't have any skin in the game.
The scammers there are simply out of control.
Other than rep loans, dont trust anything with over 150%. Also make sure that you diversify, so that if someone defaults you dont lose everything.
I have made some really good returns on BTCJam, but you have to really research and study your loans. I did fairly well on Prosper and a few other USD P2P lending sites, so I applied some of the same principles to these. It was a lot risky then those sites, but I made a better return.
I think there are too many people who see a 200% return on their investment and think this who I need to invest with only to lose their money. If you follow a set of guidelines and not chase the biggest riskiest investment, you can make some serious BTC. I think a lot of the complaints come from a lack of research and analysis in P2P in general and with borrowers.
I think there are too many people who see a 200% return on their investment and think this who I need to invest with only to lose their money. If you follow a set of guidelines and not chase the biggest riskiest investment, you can make some serious BTC. I think a lot of the complaints come from a lack of research and analysis in P2P in general and with borrowers.
sorry i want to understand
reputation for me and as i understand and every p2p lending service is
have the qualities as a borrower
so it is easier from a investor to come into p2p service, search and invest to you with payback the investment plus the rate.
better reputation means next loan with better rate
i say something wrong ?
here is the
Rules for Borrowers
https://btcjam.com/legal/rules_for_borrowers
Rules for Lenders
https://btcjam.com/legal/rules_for_lenders
reputation for me and as i understand and every p2p lending service is
have the qualities as a borrower
so it is easier from a investor to come into p2p service, search and invest to you with payback the investment plus the rate.
better reputation means next loan with better rate
i say something wrong ?
here is the
Rules for Borrowers
https://btcjam.com/legal/rules_for_borrowers
Rules for Lenders
https://btcjam.com/legal/rules_for_lenders
Reputation inside BTCjam is worthless and even false. It is abused by scammers to get larger loans. Collateral should be required by BTCjam or else BTCjam shouldn't be able to collect until the investors do.
I don't think that is fair to say as there are some honest users on BTCjam who have earned their reputation.
I do think they should do away with and not allow the rep loans though.
I think I have seen your name there commenting on a listing.
I have about 1 bitcoin spread across some investments on that site and am hopeful but have also started to taake a closer loom at what and who I am investing in.
I guess there will be scammers everywhere so all we can do is use our best judgement.
sorry i want to understand
reputation for me and as i understand and every p2p lending service is
have the qualities as a borrower
so it is easier from a investor to come into p2p service, search and invest to you with payback the investment plus the rate.
better reputation means next loan with better rate
i say something wrong ?
here is the
Rules for Borrowers
https://btcjam.com/legal/rules_for_borrowers
Rules for Lenders
https://btcjam.com/legal/rules_for_lenders
reputation for me and as i understand and every p2p lending service is
have the qualities as a borrower
so it is easier from a investor to come into p2p service, search and invest to you with payback the investment plus the rate.
better reputation means next loan with better rate
i say something wrong ?
here is the
Rules for Borrowers
https://btcjam.com/legal/rules_for_borrowers
Rules for Lenders
https://btcjam.com/legal/rules_for_lenders
Reputation inside BTCjam is worthless and even false. It is abused by scammers to get larger loans. Collateral should be required by BTCjam or else BTCjam shouldn't be able to collect until the investors do.
I don't think that is fair to say as there are some honest users on BTCjam who have earned their reputation.
I do think they should do away with and not allow the rep loans though.
sorry i want to understand
reputation for me and as i understand and every p2p lending service is
have the qualities as a borrower
so it is easier from a investor to come into p2p service, search and invest to you with payback the investment plus the rate.
better reputation means next loan with better rate
i say something wrong ?
here is the
Rules for Borrowers
https://btcjam.com/legal/rules_for_borrowers
Rules for Lenders
https://btcjam.com/legal/rules_for_lenders
reputation for me and as i understand and every p2p lending service is
have the qualities as a borrower
so it is easier from a investor to come into p2p service, search and invest to you with payback the investment plus the rate.
better reputation means next loan with better rate
i say something wrong ?
here is the
Rules for Borrowers
https://btcjam.com/legal/rules_for_borrowers
Rules for Lenders
https://btcjam.com/legal/rules_for_lenders
Reputation inside BTCjam is worthless and even false. It is abused by scammers to get larger loans. Collateral should be required by BTCjam or else BTCjam shouldn't be able to collect until the investors do.
I don't think that is fair to say as there are some honest users on BTCjam who have earned their reputation.
I do think they should do away with and not allow the rep loans though.
sorry i want to understand
reputation for me and as i understand and every p2p lending service is
have the qualities as a borrower
so it is easier from a investor to come into p2p service, search and invest to you with payback the investment plus the rate.
better reputation means next loan with better rate
i say something wrong ?
here is the
Rules for Borrowers
https://btcjam.com/legal/rules_for_borrowers
Rules for Lenders
https://btcjam.com/legal/rules_for_lenders
reputation for me and as i understand and every p2p lending service is
have the qualities as a borrower
so it is easier from a investor to come into p2p service, search and invest to you with payback the investment plus the rate.
better reputation means next loan with better rate
i say something wrong ?
here is the
Rules for Borrowers
https://btcjam.com/legal/rules_for_borrowers
Rules for Lenders
https://btcjam.com/legal/rules_for_lenders
Reputation inside BTCjam is worthless and even false. It is abused by scammers to get larger loans. Collateral should be required by BTCjam or else BTCjam shouldn't be able to collect until the investors do.
sorry i want to understand
reputation for me and as i understand and every p2p lending service is
have the qualities as a borrower
so it is easier from a investor to come into p2p service, search and invest to you with payback the investment plus the rate.
better reputation means next loan with better rate
i say something wrong ?
here is the
Rules for Borrowers
https://btcjam.com/legal/rules_for_borrowers
Rules for Lenders
https://btcjam.com/legal/rules_for_lenders
reputation for me and as i understand and every p2p lending service is
have the qualities as a borrower
so it is easier from a investor to come into p2p service, search and invest to you with payback the investment plus the rate.
better reputation means next loan with better rate
i say something wrong ?
here is the
Rules for Borrowers
https://btcjam.com/legal/rules_for_borrowers
Rules for Lenders
https://btcjam.com/legal/rules_for_lenders
A reputation system is a way to get more money without any collateral.
Once you are satisfied with the amount, you just leave.
You will never meet anyone IRL. There will be no consequences to scam.
That is exactly right!
A reputation system is a way to get more money without any collateral.
Once you are satisfied with the amount, you just leave.
You will never meet anyone IRL. There will be no consequences to scam.
hi,
perhaps i have understand it wrong
sorry for my english
reputation means for me that i double my efforts to payback my loan all of it on time
reputation means for me offer more ...like the gift i have make 100 $ to my fisrt biggest investor (in to my 1st loan) 1.2 btc as gift to my 3 best investors an the 2nd loan
reputation means for me that i pay the loan earlly as soon as posible ! that the time normaly i must pay it
reputation means for me i give if i can more money as rate % (in my 1st i dint have the power today i have)
reputation means for me that i do the investment i have take the loan not to other reasons, my loan money goes there i have write and i can proove it
reputation means for me i look my self as a loaner and also as investor and i do the best i can
reputation means for me so i ask from all my investor to give me a rate after that as good reputation.
in your city reputation means something else ?
perhaps i have understand it wrong
sorry for my english
reputation means for me that i double my efforts to payback my loan all of it on time
reputation means for me offer more ...like the gift i have make 100 $ to my fisrt biggest investor (in to my 1st loan) 1.2 btc as gift to my 3 best investors an the 2nd loan
reputation means for me that i pay the loan earlly as soon as posible ! that the time normaly i must pay it
reputation means for me i give if i can more money as rate % (in my 1st i dint have the power today i have)
reputation means for me that i do the investment i have take the loan not to other reasons, my loan money goes there i have write and i can proove it
reputation means for me i look my self as a loaner and also as investor and i do the best i can
reputation means for me so i ask from all my investor to give me a rate after that as good reputation.
in your city reputation means something else ?
reputation means for me that you are building up for a large scam.
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