Topic: BTCjam - Any Thoughts or Experiances - page 31. (Read 57488 times)

You really think you are getting a 20% return!?!?! If you say you are getting 30% per loan and you have a 10% default rate and then do 30-10 = 20, then you are dumber than a 4th grader, since even my 4th grade son knows that's not how you calculate it. Following your logic, if you have a 30% default rate, you will be even. Well ... nope.

Let's look at an example.

For simplicity (it seems that you will need that) let's say you make 10 loans of $100 each, at 30%. Three of your loans (30%) will default, and the other 7 will pay back $130 each. You invested $1,000 and you got back $910 (7 x $130). That's a 9% loss. Welcome to the wonderful world of financial math.

FM

I personally think that BTCjam have a huge potential to become a good p2p lending platform. I have invested some bitcoins in the borrowers at BTCjam and made quite some money. Look at this blog post: http://blog.btcjam.com/post/75934926878/the-3-rules-of-peer-to-peer-lending-for-investors

I wrote this up on another thread after being accused of being a scammer, I guess I could share it here:

I have previously used Prosper.com, and they had a better system, in my opinion. They actually posted data from the credit report (such as total debt, monthly payments, delinquencies, etc) as well as the verified income so lenders could do their own risk assessment rather than relying on a system which gives points for linking an eBay account or managing to game the system by continually getting larger and larger loans in a sort of reverse-Ponzi scheme. It also fails by letting the debtor set the terms of the loan - a better auction system would be to let the lenders specify what interest rate they are comfortable with and then offering a loan at those terms to the borrower that they can choose to accept or reject. There is also no flexibility in the terms. The longest term they have is one year, which makes the whole thing run more like a payday lending outfit than an alternate to traditional banking. I have some other cards I would take out smaller loans for (in order to build up credit on BTCJam) if it meant I could end up getting a sufficient loan to pay off some of my larger debts - but all of those would be prohibitively expensive to try and pay off within one year, so there is no point. But extended terms would make that possible - I could even end up financing a car or something through it. I have over six figures in student debt (med school is pricey!), and I'd love to pay that to a bitcoin investor over 20 years rather than the federal government. Right now, that isn't possible.

I think BTCJam or peer to peer lending in general with bitcoin has huge potential, but it just isn't there yet.

They could offer a good alternative to protect the "investors" but they do not want to do it.

it seems that they are TRYING to run an honest service.
However, by its very nature, its a scammer magnet.

disclaimer: That's just my personal opinion as I've never used the site.

No... Net-arb sent me an email months ago that they were starting an Arbitration for the loans... never received any word since :/

It's outrageous...at least now you receive their identity though and I noticed you need face ID to

So, I used BTCjam and invested about 3 BTC there.  Most of it didn't make it.

Must I explain further?      Seriously, it's complete bull up there.  Actually, when it first came out, all users needed to borrow was an EMAIL.  Like, WDF.

I've seen and used bitjam and personally I hate it
I've been using bitbond.net and they're payouts are always on time, and have a great verification system and credit rating system.

I haven't been ripped off once (yet!)

I've been playing around with BTCJam for the last couple of months. I have about a 10% default rate, but the loans are around 30% so I am netting 20% for the time being.

I really like the idea of p-2-p lending (ala prosper.com), but I am just too worried that the BTC will vanish the instant I put some real numbers into the account. My gut tells me these BTCJam guys are legit, however.

Observando aqui atentamente todos os comentários dos prós e contras vejo que o site BTCJam tem ainda muitas coisas boas a proporcionar tanto aos investidores quanto aos mutuários,porque sempre terá alguém a investir e outro que está a procurar por um empréstimo que esteja de acordo com suas condições de pagá-lo.Felizmente existem pessoas boas mias também sabemos que infelizmente existem as más pessoas que terminam prejudicando o serviço e dificultando os trabalhos para aquelas pessoas que tem boas intenções e são verdadeiras.
     Fico torcendo para que o site ha cada dia possa estar trabalhando melhor e com mais segurança e que possa trazer melhorias em sua plataforma aqui já relatadas por outros usuários.

Em BTCJam as pessoas podem até ser estranhas mais anônimas não,porque ao fazer parte do site é enviado uma serie de documentos e dados de identificação.

BTCjam is runned by very respectable people. They are already VC funded and featured at the coinsummit.
Their idea is pretty awesome.

You on the other hand are being emotional and unreasonable due to your own failure to properly understand what you are getting into.
It took me exactly 15seconds to look at their listings and see an obvious difference - some are in BTC, some are in BitStampUSD. Doh.


There is a clear reasoning as to why both options exist. Some people are bullish on bitcoin, some people are bearish (lets not forget loans vary from 7days to 180days and more, thats a whole lot considering btc volatility).
Imagine a borrower thinking of borrowing BTC converting to fiat, paying for service/salaries/whatever, then having to buy back into btc at higher price. Obviously thats a problem.
Or the other way around, a lender who is bearish on BTC is thinking of investing BTC, he waits to recover BTC loans at 5%interest and price of btc drops 20%.
So thats why they got both.

Please stop trolling






Could you give more information on this? I mean was the rate 50% 10months and then you had one good month (december?) at 90%?
How up to date is that figure?

Why not publish more information on those defaulted loans, so that we can all learn from it?
Dont be scared to make the interface too complicated - the more data and stats the better!

Also start replying here more often, hire more support to help. Live chats, open phone lines, 24hr reply time on all emails, etc.
You really are slacking in that regard.

I am not trolling. I really lost money using this service because nothing was explained and the support wasn't answering on time.

The service can probably improve but I can't help but hate them.

I realise I'm feeding the trolls here, but honestly I am OK with BTC Jam. I think there are some things that they really ought to do better, and I am hassling them about that. They need better transparency WRT how they follow up on late payments, they need better information on the state of play WRT active loans, and they could go a long way in improving their security. Also, their API is somewhat on the incomplete site. However, the product as a whole is an okay one and it could be excellent with a few tweaks. I'd call it a high risk investment right now, but good returns if you spend time picking your borrowers carefully.

They've had some VC funding now, so I'm hoping this works out for them and it improves. I think it's suffered from one-developer-with-a-day-job syndrome until now. They also responded pretty quickly to the heartbleed issue. Admittedly, coins were stolen but as far as I hear it they are being returned. And they had *finally* enabled 2fa not long before, so that mitigated it.

There's a message at there blog now.

"Securiy Updates

BTCjam has gone offline for security updates with our servers. We will be back online soon with the site resuming as normal. All automatic payments will continue to go through. If you experience a late payment, please e-mail [email protected]. Thank you."

There is some problem with btcjam's site today.

Btcjam support please respond, ballance incorrect on my account, many btc missing, site down at the moment to and no response on emails yet.

Edit: Balance has been corrected and site has been up and running for quite some time now.

Take back your BTC before it's too late.
What are you waiting for ?

I think I've been around here a while.