Topic: BTCjam - Any Thoughts or Experiances - page 30. (Read 57488 times)
There should not damage the system kindness scammers have been provided, they help facilitate providing loan funds,
I have a plan to take a loan in Btcjam.
I Have
- $300 Monthly income
- Ebay and Paypal (about 4 years old)
- Facebook (2 years old)
- Twitter (4 years old)
I didn't have land line phone, only mobile phone.
How much should I apply ? Can I get 2 Btc loan?
I Have
- $300 Monthly income
- Ebay and Paypal (about 4 years old)
- Facebook (2 years old)
- Twitter (4 years old)
I didn't have land line phone, only mobile phone.
How much should I apply ? Can I get 2 Btc loan?
I am a btcjam memeber too and i get scammed from https://btcjam.com/listings/16101 a small amount but scam is scam .I see that the user from sinsin888 made his username sossos and i want to ask btcjam if he want to pay but he can not afford the hole amount instantly ( i know that he wouldnt take the loan if he can not afford it but) i think its more wisely that one user when is over due he maybe have the opportunity to make smaller payments that he could afford and pay back the loan more slowly this wil take more time but at least some loans that was taken by mistake it will be repaid sometime.its just an idea.
BTC jam is absolutely terrible. I invested in a couple guys who had the max trust rating possible, yet all of them defaulted. That seems to be the consensus on the site. Notice how most of the people that have said they actually had a good experience with btcjam were all newbie accounts.
If they really had something they would be running it more like a bank. People would deposit bitcoins and get interest in bitcoin, BTCjam (the bank) would be making the loans and collecting them. Instead they are using this loan broker model then insures they get paid and pushes all the risk on the lenders. I also think that BTCjam is trying to be deceptive for example they way they present the loans. Clearly many lenders wouldn't do a linked loan if they understood they were also taking on the risk of the value of BTC to currency changing. BTCjam doesn't make this information easy to sort through or to even find a lot of times.
Though I agree that we can improve on educating, we do have the explanation on our FAQ page. We recommend users to take out linked loans if their income is denominated in Bitcoin since it is less risky for them. The average loan term is about 34 days and the likelihood of the Bitcoin price to rise an incredulous amount in that time is very unlikely which make investments in linked loans less risky for investors to loose BTC (though they will always be receiving the dollar amount they invested with linked loans so technically no money is lost). Read more about it here: https://btcjam.com/faqs#Loans
See which loan is right for you here: https://btcjam.com/faqs/loan-type-chart
It is great for the borrower and well explained for them. It is the lenders that are getting duped. It can work both ways of coarse, when BTC goes down you get more BTC back, but my point is it isn't clear and you can't even search on non-linked loans. Your chart is even very pro-borrower pointing out that the linked loan protects the borrower form BTC price volatility. Many potential lenders like myself want to grow BTC, not fiat. If we wanted to grow fiat we wouldn't have BTC in the first place.
It is SHIT.
What they don't tell you is that, when you lend, they will give you back much less than what you gave because "the value increased so it is the same".
Fuck it.
What do you mean? They should give you the same amount in terms of BTC that you invested... that's bullshit.
BTC jam is absolutely terrible. I invested in a couple guys who had the max trust rating possible, yet all of them defaulted. That seems to be the consensus on the site. Notice how most of the people that have said they actually had a good experience with btcjam were all newbie accounts.
If they really had something they would be running it more like a bank. People would deposit bitcoins and get interest in bitcoin, BTCjam (the bank) would be making the loans and collecting them. Instead they are using this loan broker model then insures they get paid and pushes all the risk on the lenders. I also think that BTCjam is trying to be deceptive for example they way they present the loans. Clearly many lenders wouldn't do a linked loan if they understood they were also taking on the risk of the value of BTC to currency changing. BTCjam doesn't make this information easy to sort through or to even find a lot of times.
Though I agree that we can improve on educating, we do have the explanation on our FAQ page. We recommend users to take out linked loans if their income is denominated in Bitcoin since it is less risky for them. The average loan term is about 34 days and the likelihood of the Bitcoin price to rise an incredulous amount in that time is very unlikely which make investments in linked loans less risky for investors to loose BTC (though they will always be receiving the dollar amount they invested with linked loans so technically no money is lost). Read more about it here: https://btcjam.com/faqs#Loans
See which loan is right for you here: https://btcjam.com/faqs/loan-type-chart
I am so glad I read those wonderful resources. Now I feel confident in my ability to earn back the money I lost from the defaulted loans I got caught up in on your great website.
full member
Activity: 135
Merit: 100
Support for the global P2P lending platform:BTCJam
BTC jam is absolutely terrible. I invested in a couple guys who had the max trust rating possible, yet all of them defaulted. That seems to be the consensus on the site. Notice how most of the people that have said they actually had a good experience with btcjam were all newbie accounts.
If they really had something they would be running it more like a bank. People would deposit bitcoins and get interest in bitcoin, BTCjam (the bank) would be making the loans and collecting them. Instead they are using this loan broker model then insures they get paid and pushes all the risk on the lenders. I also think that BTCjam is trying to be deceptive for example they way they present the loans. Clearly many lenders wouldn't do a linked loan if they understood they were also taking on the risk of the value of BTC to currency changing. BTCjam doesn't make this information easy to sort through or to even find a lot of times.
Though I agree that we can improve on educating, we do have the explanation on our FAQ page. We recommend users to take out linked loans if their income is denominated in Bitcoin since it is less risky for them. The average loan term is about 34 days and the likelihood of the Bitcoin price to rise an incredulous amount in that time is very unlikely which make investments in linked loans less risky for investors to loose BTC (though they will always be receiving the dollar amount they invested with linked loans so technically no money is lost). Read more about it here: https://btcjam.com/faqs#Loans
See which loan is right for you here: https://btcjam.com/faqs/loan-type-chart
BTC jam is absolutely terrible. I invested in a couple guys who had the max trust rating possible, yet all of them defaulted. That seems to be the consensus on the site. Notice how most of the people that have said they actually had a good experience with btcjam were all newbie accounts.
If they really had something they would be running it more like a bank. People would deposit bitcoins and get interest in bitcoin, BTCjam (the bank) would be making the loans and collecting them. Instead they are using this loan broker model then insures they get paid and pushes all the risk on the lenders. I also think that BTCjam is trying to be deceptive for example they way they present the loans. Clearly many lenders wouldn't do a linked loan if they understood they were also taking on the risk of the value of BTC to currency changing. BTCjam doesn't make this information easy to sort through or to even find a lot of times.
The model you suggest is obviously superior. Of course, they opted for the model that maximizes the amount of money they make while punishing their honest users. It's a shame.
BTC jam is absolutely terrible. I invested in a couple guys who had the max trust rating possible, yet all of them defaulted. That seems to be the consensus on the site. Notice how most of the people that have said they actually had a good experience with btcjam were all newbie accounts.
If they really had something they would be running it more like a bank. People would deposit bitcoins and get interest in bitcoin, BTCjam (the bank) would be making the loans and collecting them. Instead they are using this loan broker model then insures they get paid and pushes all the risk on the lenders. I also think that BTCjam is trying to be deceptive for example they way they present the loans. Clearly many lenders wouldn't do a linked loan if they understood they were also taking on the risk of the value of BTC to currency changing. BTCjam doesn't make this information easy to sort through or to even find a lot of times.
full member
Activity: 135
Merit: 100
Support for the global P2P lending platform:BTCJam
I see great success in BTCjam, has anyone loaned coin and got a good return there? I think the operator is just trying to keep it alive so he can keep scraping fee's. I also researched the company they are listed to be in brazil but have someone in the US that is part of the company. This opens them up to illegal lending practices, illegal use of likeness on the website when someone defualts and other types of legal problems. They are even seeking investments from parties in the US.
RiverboatBTC, are founders are from Brazil but moved to the US to go through 500 Startups. We incorporated in the US and are now based in San Francisco.
BTC jam is absolutely terrible. I invested in a couple guys who had the max trust rating possible, yet all of them defaulted. That seems to be the consensus on the site. Notice how most of the people that have said they actually had a good experience with btcjam were all newbie accounts.
The scammers and dishonest people are a minority within our community, that are decreasing day by day. When a borrower activates his/her loan, they are under a legally binding contract called arbitration, and the personal information of the borrower will be handed to the investors if they do not pay back on their loans (See more below). However, currently, our repayment rates are above 90% and investors are getting 19% APR on average.
See here as to why we think investing with BTCJam is such a great idea:
http://blog.btcjam.com/post/75930899818/why-invest-with-btcjam
And here is what happens when someone doesn't pay back:
http://blog.btcjam.com/post/78529756680/what-happens-when-a-borrower-does-not-pay-back-his
To minimize risk and increase returns, read this:
http://blog.btcjam.com/post/75934926878/the-3-rules-of-peer-to-peer-lending-for-investors
See here as to why we think investing with BTCJam is such a great idea:
http://blog.btcjam.com/post/75930899818/why-invest-with-btcjam
And here is what happens when someone doesn't pay back:
http://blog.btcjam.com/post/78529756680/what-happens-when-a-borrower-does-not-pay-back-his
To minimize risk and increase returns, read this:
http://blog.btcjam.com/post/75934926878/the-3-rules-of-peer-to-peer-lending-for-investors
Hilarious. By "legally binding contract" do you mean that you will do absolutely nothing and give me no personal information?
This site is terrible. No one ever use it or you will be sorry. I have lost more money than I care to share by getting scammed and receiving no method or help into investigating the borrower.
The place is a massive haven for scammers. I also don't think they're the most honest company after saying on Reddit earlier this week that they had ~90% repayment rate. Pretty easy to see that it's waaay below that. I'd bet it's at least below 80% and that's being nice
Well I found the site *VERY* misleading. If you aren't extremely careful you can lose BTC even with a good loan because of the linked loan concept. Really I bet there are a ton of loans where people expect BTC to go up, so they just borrow what they can to pay back less BTC as the value of BTC increases. They push the "Make more bitcoins" angle hard, but they don't brother to explain it for investors. So as an investor you not only have the risk of a bad load but the risk that the market moves against you.
The place is a massive haven for scammers. I also don't think they're the most honest company after saying on Reddit earlier this week that they had ~90% repayment rate. Pretty easy to see that it's waaay below that. I'd bet it's at least below 80% and that's being nice
My friend invested in BTCjam and what he got was SCAM SCAM SCAM..... maybe he wasnt lucky enough to catch a legit borrower.... Can you do anything if the borrower doesnt pay you back? I guess NO
After just looking at the site I have to say it is very scary for investors. First they don't make the linked loan thing clear and when you know about it you can't even search for loans that are just BTC. Then when you do find a BTC only loan the interest rates tend to be very low. This is really geared for people that are only used BTC short-term. Basically it seems deceptive.
My friend invested in BTCjam and what he got was SCAM SCAM SCAM..... maybe he wasnt lucky enough to catch a legit borrower.... Can you do anything if the borrower doesnt pay you back? I guess NO
I LOVE BTCJam. Excellent source of coins without having to mine 
To the OP: See the account above? See the big red SCAMMER tag?
That's exactly what you're going to find at btcjam...and they're not as easily identified.
Not sure how this happened
BR
Read the post here, https://bitcointalksearch.org/topic/removing-legacy-scammer-tags-603586
theymos posts about removing "legacy scammer tags" View the discussion there as well.
I LOVE BTCJam. Excellent source of coins without having to mine
To the OP: See the account above? See the big red SCAMMER tag?
That's exactly what you're going to find at btcjam...and they're not as easily identified.
Not sure how this happened
BR
Read the post here, https://bitcointalksearch.org/topic/removing-legacy-scammer-tags-603586
theymos posts about removing "legacy scammer tags" View the discussion there as well.
I LOVE BTCJam. Excellent source of coins without having to mine
To the OP: See the account above? See the big red SCAMMER tag?
That's exactly what you're going to find at btcjam...and they're not as easily identified.
Not sure how this happened
BR
I at one point was thinking about lending a couple BTC on the website, but everyone I have asked said you will most likely loose coins... not worth risk.
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