Topic: BTCjam - Any Thoughts or Experiances - page 27. (Read 57488 times)

My personal experience with BTCJam was not good. Took 0.2 and spread it out over 4 different people and 2 of them are still yet to pay me back this was almost 5 months ago and they have disappeared.

A good reputation is good to have I just think it should be earned over time and not through a bunch of small rep loans that people list.

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 ?
 

I have about 1 bitcoin spread out over some investments on BTCjam.

Some have done quite well and some have not paid and overdue and some I am kinda nervous about.

What I would like to see from BTCjam is to do away with rep loans or at the very least add a special section or category for rep loans.

Make it where if it is listed as a rep loan the funds cannot be removed because if it is truly a rep loan there would be no reasons for the funds to be removed.

Mining Contracts expansion loan #2 (ltcgear and gawminers) and win 1,2 btc max !!!

Hi BTCJam Community,

This is my second loan, I have listed. This loan will be used to build my reputation, but more importantly, I will use this loan to purchase Mining Contracts from GAWminers and LTCgear.

Basis of this loan:

My current contracts are more than 3.500 mhs scrypt (and some sha-256) in many companies. i am also a miner. My income is easy 1.2 btc daily.

I am aiming to have more shares and hashlets. after that my income will be more that 2.3 btc daily. (in 2 days i will have the payment covered)

You can found more info about me in my first loan User Comments.

I'll be able to repay this loan EARLY and in FULL well before the due date as i did in the past.

if you choose to be my investors, Your benefits are:

* 100 % payments covered.

* some payments will be some days early.

* i offer 1.2 BTC total Gift for my 3 biggers investors ! in btc, or shares or hashlets (the loan must funded at 100% and the gifts will send just after i will finish the expansion will take some days (about 431 usd gift), 0.7 btc for the first , 0.3 btc for the 2nd and 0.2 btc for the 3rd investor

* for all of my investors i give 1.50 % more Rate (the suggested rate was 1.40%)
 

Feel free to ask any questions you have and I'll be sure to answer them here.

You can find me at hashtalk.org @kapetan


Thank's for your time.

Stratos Kapetanakis

more
https://btcjam.com/listings/26232-mining-contracts-expansion-loan-%232-(ltcgear-and-gawminers)

this is my first loan
https://btcjam.com/listings/22707-mining-contracts-upgrade


i take this loan for one month 5 payments 1 per week . i have payed all my payments on time and 3 of them earlly ! (total the loan payed in 3 weeks ! )
and a plus i gave 100$ as a gift to my bigger investor !

after my second and perchaps a third loan i will be a investor to other !

I think that is the worst problem.  There isn't any easy way out.  Basically you have to wait until everyone pays the loans off and hope that you have fewer defaults than profits.   You can sell notes but they don't really sell except maybe at a deep loss. 

i was looking to invest some BTC here, but looks like its better to stay away ?
 ... no one invested in BTCjam and  got out happy from here ?

No I like the new verifications. More safety for investors and less scams.

The problem is caused by all the scammers there.   There are many and I think ever investor that has been there for a while has been ripped off.   It is a horrible problem.

The new requirement to verify your bank with your Internet banking login details is a disgusting joke, not to mention a breach of your contract with your bank if you're in Australia.

I love the site, But I have to agree 100% with this. I should be able to rate people without verification. That way we can prevent further scams. Just worrying that people might abuse the rating system.

The implementation is lacking.  For example you can invest, but once you do you can't cancel that investment.   You should be able to cancel up until the loan is taken.  That would prevent some scams.   

I'm investing BTC into their borrowers, why should I need to confirm who I am?   I'm not asking for a loan.  I'm not dealing with fiat.   I don't want to take the risk of trusting my private information with people that might just sell it.   They really don't have any legal right to my identity and they need investors.   Without investors they have nothing. 

The only thing I would gain by confirming my identity would be the ability to rate people.   I should have that ability anyway as I have invested a lot more than the .5 BTC that is required to be on the leaderboards. 

I think that the site should have some more security features, there is lots of verification that the users have to go through, but some of this can be faked, and if the user defaults the site doesn't really do anything about it. There should be an insurance option or they should add some more security features, like confirming bank account.

I love the basic idea of btcjam(providing capital directly from those with it to those who need it) but I think the implementation is really lacking a lot. As I said previously I doubt that most of these loans are within the usury limits(at least for US residents) and if that is the case there is some case law examples which would make me really nervous as an investor  investing in high interest loans like that.

Because there is zero risk of scam in the investor. The investor can't take back the money, and theres nothing they can do to scam.

Why do you think that investors shouldn't confirm their identity?

I agree, BTCjam is only geared for making BTCjam money.   There are a lot of bad things you have to be careful about for investors.   I expect a lot of people that have over invested in the exchange linked loans are going to be hurting soon too.   Those are dangerous to your BTC wealth. 

* It is hard to get your money out ... I have 1 BTC invested there that will take many months to payout if it every does.
* The website is very subpar, lots of time it doesn't work well or is just very, very slow.
* It takes a lot of effort to reinvest.
* Lots of scammers there ... ugh I hate that!
* They use funny math to compute APRs ... It has to be intentional and it is confusing.
* Since you are always reinvesting it is almost impossible to determine what you have made or have. 
* They won't let me rate borrowers because I haven't sent them a picture ID.   REALLY?   I'm an investor, I shouldn't need to confirm my identity!!! 

Just be warned it isn't nearly as nice as the BTCjam owners claim. 

Nice one.

This system is obviously flawed. The borrower must provide collateral. Reputation is just a way of getting a lot of money before scamming.

I've been an active lender on btcjam for about a month and so far  I've been scammed 3 times.
If you don't pay attention to the signs you will get scammed some are very obvious such as members
who have 300 facebook friends yet none of the friends have given a reference for the btcjam member.