BTCjam - Any Thoughts or Experiances - page 3.

CoinPro*

newbie

Activity: 36

Merit: 0

Quote from: 6strings on March 29, 2016, 08:57:16 PM

E-mail from net-ARB received a few hours ago:

Quote

In just the past few days it has been brought to our attention that BTCjam is distributing counterfeit arbitration awards bearing our name. We regret having to send you this email, but the consequences of trying to enforce a counterfeit arbitration award can be severe, both civilly and criminally. As a former client, it is our duty to inform you.

Any net-ARB arbitration award received from BTCjam is counterfeit (specifically, BTCjam never had a copy of your award). Valid awards come only from net-ARB.

While we are happy to check the validity of your awards if you send us the documents, you can quickly and easily check the validity of all your awards at www.enforcemyarbitrationaward.com, a site run by attorney Kevin Palley. If you provide your BTCjam member number and email address, you can get a complete list of your valid, arbitrated BTCjam loans. The site uses a crowdfunding formula to make enforcement affordable. There is no cost or obligation to sign up.

Best regards,

net-ARB Support
www.net-ARB.com
Online Arbitration

Email from Btcjam received soon after:

Quote

Hello Valued BTCjam Member,

You may have recently received an email from net-arb stating that BTCjam is issuing counterfeit arbitration awards. Please be assured that this is not true. Unfortunately, two months ago we abruptly discovered that Net-Arb had partnered with enforcemyarbitrationaward.com and began spamming our user base. As a result, BTCjam immediately terminated service with Net-Arb. We apologize for any concern that Net-Arb's announcement caused and cannot stress enough that their claims are false.

Our goal is to provide our members with industry-leading technology and services which is why we’re glad to announce that we will be using a new arbitration award provider The Dhami Law Firm. This transition process will be streamlined for both our investor and borrower members.

All loans whose default date is on or after February 1st, 2016 will be subjected to this change.

Keep in mind that the new arbitration timeline that has been effective since January 27th, 2016 looks like this:
1. Investor receives an email notifying them that the loan will be sent to arbitration in 14-days.
2. Borrower meets 90 days delinquency after first missed payment.
3. The arbitration award is then easily accessible via the investments page on the individual investment of the listing.

Thank you for being a part of the BTCjam community.
We appreciate your continued business.

What does all this crap mean?

This is also being discussed on the official thread:
https://bitcointalksearch.org/topic/ann-btcjam-peer-to-peer-bitcoin-lending-112447

Ha, it means that someone is lying Tongue

6strings

sr. member

Activity: 441

Merit: 250

E-mail from net-ARB received a few hours ago:

Quote

In just the past few days it has been brought to our attention that BTCjam is distributing counterfeit arbitration awards bearing our name. We regret having to send you this email, but the consequences of trying to enforce a counterfeit arbitration award can be severe, both civilly and criminally. As a former client, it is our duty to inform you.

Any net-ARB arbitration award received from BTCjam is counterfeit (specifically, BTCjam never had a copy of your award). Valid awards come only from net-ARB.

While we are happy to check the validity of your awards if you send us the documents, you can quickly and easily check the validity of all your awards at www.enforcemyarbitrationaward.com, a site run by attorney Kevin Palley. If you provide your BTCjam member number and email address, you can get a complete list of your valid, arbitrated BTCjam loans. The site uses a crowdfunding formula to make enforcement affordable. There is no cost or obligation to sign up.

Best regards,

net-ARB Support
www.net-ARB.com
Online Arbitration

Email from Btcjam received soon after:

Quote

Hello Valued BTCjam Member,

You may have recently received an email from net-arb stating that BTCjam is issuing counterfeit arbitration awards. Please be assured that this is not true. Unfortunately, two months ago we abruptly discovered that Net-Arb had partnered with enforcemyarbitrationaward.com and began spamming our user base. As a result, BTCjam immediately terminated service with Net-Arb. We apologize for any concern that Net-Arb's announcement caused and cannot stress enough that their claims are false.

Our goal is to provide our members with industry-leading technology and services which is why we’re glad to announce that we will be using a new arbitration award provider The Dhami Law Firm. This transition process will be streamlined for both our investor and borrower members.

All loans whose default date is on or after February 1st, 2016 will be subjected to this change.

Keep in mind that the new arbitration timeline that has been effective since January 27th, 2016 looks like this:
1. Investor receives an email notifying them that the loan will be sent to arbitration in 14-days.
2. Borrower meets 90 days delinquency after first missed payment.
3. The arbitration award is then easily accessible via the investments page on the individual investment of the listing.

Thank you for being a part of the BTCjam community.
We appreciate your continued business.

What does all this crap mean?

This is also being discussed on the official thread:
https://bitcointalksearch.org/topic/ann-btcjam-peer-to-peer-bitcoin-lending-112447

BlueStackz

legendary

Activity: 1204

Merit: 1028

Quote from: altcoinhosting on March 16, 2016, 12:51:28 PM

Quote from: shulio on March 16, 2016, 12:23:27 PM

Quote from: altcoinhosting on March 16, 2016, 06:38:57 AM

Quote from: Pro Gamers on March 15, 2016, 06:49:45 AM

Quote from: altcoinhosting on March 15, 2016, 05:29:52 AM

I'm in a loss at the moment... My biggest borrower defaulted after just a couple payments...
There's a guy buying notes, but i need to verify my account in order to trade them Sad

Guess it's not worth my time, so i'll basically stop investing and disregard my (small) loss and write it off as learning costs.

What is the borrowers rating who defaulted over you

This one was A+, everything verified, clear picture, long loan history,...
He was asking for a 55 BTC loan while he repayed 200+ BTC in the past. Together with his rating, i tought he was a realiable loan, but then he defaulted Sad

Borrowing 55 btc at once sure triggers red alert. Thats totally 25 % of all his repaid loan and as far as Im aware, people usually lost huge for borrowing A+ rating lender . The rating is totally stupid and btcjam should forbid these kinds of high amount to prevent more of this to happen in the future, something like limiting it to X btc would be ideal to avoid huge lost IMO

In my defence, the borrower did have a solid plan with loads of details that matched his previous loan requests. All in all, I'm done with btcjam.

Yes he was a well planned scammer, he spend some big time to increase his trust at BTCjam and after that he flew away with a big money, if it occurs here at this site then I think it is not beneficial for both lenders and borrowers.

Bourbon44

full member

Activity: 198

Merit: 100

Quote from: shulio on March 18, 2016, 09:33:01 AM

Quote from: Bourbon44 on March 18, 2016, 08:00:02 AM

That site is dying. When it is dead, good riddance, but if you have a balance already....

The site is dying but it wont be dead. There will always be a fool that put his money on all those loans and until there is no legit borrower anymore then the site will finally die. Some people consider this as gambling and if you really diversify your investment across several borrowers then you are likely to be in positive in a year

Diversification does not work when the markets are rigged against you. Two recent developments illustrate this point: BTCJam Debt Collections, which has the ability to buy notes from lenders off the market. These notes are issued from lenders, who do not have anywhere near the level of information that BTCJam Debt Collections have on the borrowers. Many lenders who issued these notes assumed that they were selling to other lenders who had the same information. This is no longer the case.

Secondly, people who did not invest in listings can no longer post on listings that they did not invest in. Superficially this might seem ok, however, what some were doing is that they were offering to buy notes on loans that were late or in default. Obviously, that cuts into BTCJam's ability to buy notes at better prices with their inside information, so they ended the practice.

There might have been a time when diversification on that site held true. Now, it's becoming nothing more than a scam site. Any profit one gains will be based on luck and not on strategy.

syndria

hero member

Activity: 980

Merit: 500

Quote from: ranlo on March 18, 2016, 02:46:53 PM

Quote from: shulio on March 18, 2016, 09:33:01 AM

Quote from: Bourbon44 on March 18, 2016, 08:00:02 AM

That site is dying. When it is dead, good riddance, but if you have a balance already....

The site is dying but it wont be dead. There will always be a fool that put his money on all those loans and until there is no legit borrower anymore then the site will finally die. Some people consider this as gambling and if you really diversify your investment across several borrowers then you are likely to be in positive in a year

Doubt even that will kill it. Take a look at sites like BitFactory. It hasn't been paying out for MONTHS, yet people are STILL depositing money to it and then complaining because they can't withdraw.

There are people that dont spend time to research where they are dealing from. And they are always the scammers target or victims

ranlo

legendary

Activity: 1988

Merit: 1007

Quote from: shulio on March 18, 2016, 09:33:01 AM

Quote from: Bourbon44 on March 18, 2016, 08:00:02 AM

That site is dying. When it is dead, good riddance, but if you have a balance already....

The site is dying but it wont be dead. There will always be a fool that put his money on all those loans and until there is no legit borrower anymore then the site will finally die. Some people consider this as gambling and if you really diversify your investment across several borrowers then you are likely to be in positive in a year

Doubt even that will kill it. Take a look at sites like BitFactory. It hasn't been paying out for MONTHS, yet people are STILL depositing money to it and then complaining because they can't withdraw.

barbara44

hero member

Activity: 2520

Merit: 605

Quote from: shulio on March 16, 2016, 12:23:27 PM

Quote from: altcoinhosting on March 16, 2016, 06:38:57 AM

Quote from: Pro Gamers on March 15, 2016, 06:49:45 AM

Quote from: altcoinhosting on March 15, 2016, 05:29:52 AM

I'm in a loss at the moment... My biggest borrower defaulted after just a couple payments...
There's a guy buying notes, but i need to verify my account in order to trade them Sad

Guess it's not worth my time, so i'll basically stop investing and disregard my (small) loss and write it off as learning costs.

What is the borrowers rating who defaulted over you

This one was A+, everything verified, clear picture, long loan history,...
He was asking for a 55 BTC loan while he repayed 200+ BTC in the past. Together with his rating, i tought he was a realiable loan, but then he defaulted Sad

Borrowing 55 btc at once sure triggers red alert. Thats totally 25 % of all his repaid loan and as far as Im aware, people usually lost huge for borrowing A+ rating lender . The rating is totally stupid and btcjam should forbid these kinds of high amount to prevent more of this to happen in the future, something like limiting it to X btc would be ideal to avoid huge lost IMO

I also will suggest that in deals like banks offering loans where the governments usually have to involve so that schemes like that run securely and remain best same way BTCJam is perfect if securely managed and monitored for those people who give loans to help others.

syndria

hero member

Activity: 980

Merit: 500

Quote from: shulio on March 18, 2016, 09:33:01 AM

Quote from: Bourbon44 on March 18, 2016, 08:00:02 AM

That site is dying. When it is dead, good riddance, but if you have a balance already....

The site is dying but it wont be dead. There will always be a fool that put his money on all those loans and until there is no legit borrower anymore then the site will finally die. Some people consider this as gambling and if you really diversify your investment across several borrowers then you are likely to be in positive in a year

There is always a fool mate. Many are too lazy to read or cant read and some are not yet aware of this info about btcjam or bitcoin in sincere understanding.

shulio

legendary

Activity: 1540

Merit: 1016

Quote from: Bourbon44 on March 18, 2016, 08:00:02 AM

That site is dying. When it is dead, good riddance, but if you have a balance already....

The site is dying but it wont be dead. There will always be a fool that put his money on all those loans and until there is no legit borrower anymore then the site will finally die. Some people consider this as gambling and if you really diversify your investment across several borrowers then you are likely to be in positive in a year

Bourbon44

full member

Activity: 198

Merit: 100

Quote from: Iseecookies on March 16, 2016, 09:53:40 PM

Stay clear of sites like this it will cause you a lot of issues when they suddenly disappear from the web.
Few months later your phone will be ringing and you will be hit up by mail,email and every other aspect you give them.
The fact they ask people to circumvent banking rules,tells you they are up to something shady.

I'm waiting for that day to come. I haven't put a penny in that site in months, and never will again. Borrowers have dropped off precipitously. When I receive a payment on some of the long term loans for borrowers that are actually paying, i funnel them out almost immediately. That site is dying. When it is dead, good riddance, but if you have a balance already....

well you won't have BTCJam Debt collections to fuck you over by buying your highly discounted loan while having the ability to act on insider information...

You know one new thing they did... you can't post on loans that you didn't invest in. That means that for defaults, someone can't come in and undercut BTCJam Debt Collections by offering a lower price for notes. If you are an investor, they are out to fuck you over. I'd like to hear a justification for why BTCJam put in that stipulation. I doubt we will get one.

altcoinhosting

hero member

Activity: 896

Merit: 1006

Quote from: Supercrypt on March 18, 2016, 04:19:26 AM

I think the BTC jam has to increase its security and thay have to take strict actions against that people who scam here at BTCjam. BTCjam is a better source for people to help but because of scammers the needies are restricted in this way.

Lately, i get the feeling they don't even care... Just read a couple messages above your post: a guy (A+) defaults on his loan, gets bumped to F... Without repaying anything, he gets a good status again, and asks for even more loans...

TBH: this is just my personal feeling about the subject. I haven't verified the claims made in those posts, neither do i have concrete evidence to support my thoughts.

Original text:

Quote from: biggbox on March 10, 2016, 03:44:41 PM

I don't know how BTCJam works now. This guy defaulted on his loans and his rating plummeted from A+ to F. Now his rating is back to A+ again...while he is still defaulting on his loan.

Supercrypt

legendary

Activity: 1554

Merit: 1054

Quote from: shulio on March 16, 2016, 12:23:27 PM

Quote from: altcoinhosting on March 16, 2016, 06:38:57 AM

Quote from: Pro Gamers on March 15, 2016, 06:49:45 AM

Quote from: altcoinhosting on March 15, 2016, 05:29:52 AM

I'm in a loss at the moment... My biggest borrower defaulted after just a couple payments...
There's a guy buying notes, but i need to verify my account in order to trade them Sad

Guess it's not worth my time, so i'll basically stop investing and disregard my (small) loss and write it off as learning costs.

What is the borrowers rating who defaulted over you

This one was A+, everything verified, clear picture, long loan history,...
He was asking for a 55 BTC loan while he repayed 200+ BTC in the past. Together with his rating, i tought he was a realiable loan, but then he defaulted Sad

Borrowing 55 btc at once sure triggers red alert. Thats totally 25 % of all his repaid loan and as far as Im aware, people usually lost huge for borrowing A+ rating lender . The rating is totally stupid and btcjam should forbid these kinds of high amount to prevent more of this to happen in the future, something like limiting it to X btc would be ideal to avoid huge lost IMO

I think the BTC jam has to increase its security and thay have to take strict actions against that people who scam here at BTCjam. BTCjam is a better source for people to help but because of scammers the needies are restricted in this way.

ranlo

legendary

Activity: 1988

Merit: 1007

Quote from: thesame12 on March 17, 2016, 11:10:28 PM

I'm still waiting on a loan to be repaid since Nov 25, but it's a long-term loan, so lets see how it goes.

If... IF you're going to throw money in something like this, you absolutely HAVE to diversify. Minimum of 100 loans, but ideally 1k+. You can absolutely count on people defaulting, but by diversifying, you have a better chance of coming out ahead. That said, anonymous loans... dangerous. It's a high-risk, low-reward system.

thesame12

full member

Activity: 167

Merit: 100

I'm still waiting on a loan to be repaid since Nov 25, but it's a long-term loan, so lets see how it goes.

el kaka22

legendary

Activity: 3654

Merit: 1165

www.Crypto.Games: Multiple coins, multiple games

Quote from: alyssa85 on March 14, 2016, 10:04:26 PM

Quote from: bctmke on March 10, 2016, 04:00:15 PM

In on two loans recently.

One A+ - 60 days. Repaid well within the 60 days.
One C- - 365 days. So far 9 of the 12 payments were made and he's only into month 3 of the loan. So this one is in good shape too.

I've gotten lucky but I did some research before just tossing money at this (and it was a very small amount anyways).

Right now I've made more than I initially invested so I'm in the clear but I'll wait for the 2nd loan to complete before I move on to the next.

Out of interest, what sort of research did you do beyond looking at the credit rating? And what sort of interest do you earn typically?

The interest from the persons who claim for loan is about 6.7% so I think the website will give some fractions to it, so the amount will be around 4% to 5%, but it is also a better earning if he is giving high loans.

ranlo

legendary

Activity: 1988

Merit: 1007

Quote from: syndria on March 16, 2016, 11:06:10 PM

Quote from: ranlo on March 16, 2016, 09:26:49 PM

Quote from: syndria on March 16, 2016, 05:13:37 PM

Quote from: Barnabe on March 16, 2016, 02:47:39 PM

The sad thing nowadays is that you have to assume that all people are corrupt and thiefs. Even guys like this one (who seem really legit) commit fraud for pennies ...

Welcome to the world of internet bro where people can easily fake their identity to scam people. The best thing to do to avoid getting scammed is to think twice before you click.

As I tell people elsewhere, "if you wouldn't hand the user your cash if you met them on a street corner, you probably shouldn't do it online."

Yep but mostly did because the internet is much more convenient for scammers.

Fixed your post,

.

Just annoyed at people calling stuff like this investing, which is a common claim. It has nothing to do with investing. No legitimate investor would throw money at random people and hope they earn -- they analyze the business and people behind it and ensure it has chances of success.

syndria

hero member

Activity: 980

Merit: 500

Quote from: ranlo on March 16, 2016, 09:26:49 PM

Quote from: syndria on March 16, 2016, 05:13:37 PM

Quote from: Barnabe on March 16, 2016, 02:47:39 PM

The sad thing nowadays is that you have to assume that all people are corrupt and thiefs. Even guys like this one (who seem really legit) commit fraud for pennies ...

Welcome to the world of internet bro where people can easily fake their identity to scam people. The best thing to do to avoid getting scammed is to think twice before you click.

As I tell people elsewhere, "if you wouldn't hand the user your cash if you met them on a street corner, you probably shouldn't do it online."

Yep but mostly did because the internet is much more convenient

Iseecookies

member

Activity: 84

Merit: 10

Stay clear of sites like this it will cause you a lot of issues when they suddenly disappear from the web.
Few months later your phone will be ringing and you will be hit up by mail,email and every other aspect you give them.
The fact they ask people to circumvent banking rules,tells you they are up to something shady.

ranlo

legendary

Activity: 1988

Merit: 1007

Quote from: syndria on March 16, 2016, 05:13:37 PM

Quote from: Barnabe on March 16, 2016, 02:47:39 PM

The sad thing nowadays is that you have to assume that all people are corrupt and thiefs. Even guys like this one (who seem really legit) commit fraud for pennies ...

Welcome to the world of internet bro where people can easily fake their identity to scam people. The best thing to do to avoid getting scammed is to think twice before you click.

As I tell people elsewhere, "if you wouldn't hand the user your cash if you met them on a street corner, you probably shouldn't do it online."

syndria

hero member

Activity: 980

Merit: 500

Quote from: Barnabe on March 16, 2016, 02:47:39 PM

The sad thing nowadays is that you have to assume that all people are corrupt and thiefs. Even guys like this one (who seem really legit) commit fraud for pennies ...

Welcome to the world of internet bro where people can easily fake their identity to scam people. The best thing to do to avoid getting scammed is to think twice before you click.

Topic: BTCjam - Any Thoughts or Experiances - page 3. (Read 57488 times)