An A+ rated user has defaulted on his loan.
This is the beginning of the end for BTCJam.
Link: https://btcjam.com/listings/51749-2nd-loan-for-s7-miners
Scroll to the comments at the bottom half of the page.
Edit: While he has defaulted on his loan, he has seek more refinance loans, https://btcjam.com/listings/54943
Topic: BTCjam - Any Thoughts or Experiances - page 8. (Read 57488 times)
By equity do you mean you buy shares in bitcoin? Or on a traditional stock exchange?
Both, :p. I'm always up for hearing people's business ideas/opportunities and seeing if we can work something out.
By equity do you mean you buy shares in bitcoin? Or on a traditional stock exchange?
I have never used it because from what I heard, a lot of people default their loans so it is too risky for me.
Some people have had some success with it though
Some people have had some success with it though
Based on their stats, if you loan ONLY to reputable people, you're looking at 26%+ in APR but losing 15%+ due to defaulters, for a net of around 10% APR.
And what happens if the global economy slips into recession, as indicated by commodities prices and CNY devaluation? The default rate increases to 30% and you are net unprofitable at best.
Well, yeah. This is why you would never risk more than you can afford to lose. And I personally don't risk much at ALL in things like this (as in very, very small amounts). I deal almost purely in equity-based transactions.
Am I missing something here? 10% a year is pretty good 
Personally, I haven't had any defaulters on btcjam yet (touch wood)... I guess that's something to look forwards to!
Anyone had any experience with bitbond?
Personally, I haven't had any defaulters on btcjam yet (touch wood)... I guess that's something to look forwards to!Anyone had any experience with bitbond?
That is approximately return so you could get much higher than that or lower than that but most people on average will get that if they keep on lending frequently .Also that rate is per year so assuming you only lend once per year with 15 % interest approximately then you will get yourself 15 % a year
I am still in the positivebut it's almost impossible to net that return and divest your lending like they tell you and invest in only reputable people. I am managing a positive return at this point but the number of defaultets increases on a daily basis. My best returns are in c and s loans.
I have never used it because from what I heard, a lot of people default their loans so it is too risky for me.
Some people have had some success with it though
Some people have had some success with it though
Based on their stats, if you loan ONLY to reputable people, you're looking at 26%+ in APR but losing 15%+ due to defaulters, for a net of around 10% APR.
And what happens if the global economy slips into recession, as indicated by commodities prices and CNY devaluation? The default rate increases to 30% and you are net unprofitable at best.
Am I missing something here? 10% a year is pretty good Personally, I haven't had any defaulters on btcjam yet (touch wood)... I guess that's something to look forwards to!
Anyone had any experience with bitbond?
Personally, I haven't had any defaulters on btcjam yet (touch wood)... I guess that's something to look forwards to!Anyone had any experience with bitbond?
I have never used it because from what I heard, a lot of people default their loans so it is too risky for me.
Some people have had some success with it though
Some people have had some success with it though
Based on their stats, if you loan ONLY to reputable people, you're looking at 26%+ in APR but losing 15%+ due to defaulters, for a net of around 10% APR.
which is bullshit.
I have never used it because from what I heard, a lot of people default their loans so it is too risky for me.
Some people have had some success with it though
Some people have had some success with it though
Based on their stats, if you loan ONLY to reputable people, you're looking at 26%+ in APR but losing 15%+ due to defaulters, for a net of around 10% APR.
I have never used it because from what I heard, a lot of people default their loans so it is too risky for me.
Some people have had some success with it though
Some people have had some success with it though
I have 2 left pending payments but for me i consider it already as a success the amount borrowed is 20btc and never payed late the first 4 months
I have never used it because from what I heard, a lot of people default their loans so it is too risky for me.
Some people have had some success with it though
Some people have had some success with it though
I have only been lending since October and i have had a few debtors default but the majority have paid what they owe, obviously only after say a year will i be able to tell what my profit margin is.
i will post back here if i find that it is a waste of time, but so far i am doing ok.
i will post back here if i find that it is a waste of time, but so far i am doing ok.
I was just referring to the whole operation. The support is sad (in my experience), and yes, at least one of the scammers who burned me are happily carrying on their lives on facebook, so I don't think the majority of defaults are due to things like that, myself, but who knows.
There are alot defaulter howeverthey are doing their best to annihiliate the potential scammer from their system and to be honest their support just decent, they may not be here around but if you send them email then they will reply faster. I have good experience with their support before, I was asking them to block my account because someone got into my email and my btcjam account
I was one of the first customers back when it started, I was heavily in the lending scene, I lent from micro to quite big sums (big for me)
One day one of my big loans just diapered, Just the one mind, and the biggest! Removed from my account completely, I found out personal details about BTCjam and was going to local authorities.
tulkas claimed a site error and paid me back and I never logged on again!
end off/
One day one of my big loans just diapered, Just the one mind, and the biggest! Removed from my account completely, I found out personal details about BTCjam and was going to local authorities.
tulkas claimed a site error and paid me back and I never logged on again!
end off/
Since I have just started at POP I don't feel ready to actually come with an endorsement, but you can take a look at them and decide for yourself if it would be a good fit - www.btcpop.co
Even though you apparently are not chasing any defaulted loans, you would also be welcome at our investor forum to exchange ideas and experience with us - www.seen.is/group/8437 . If you would like to join, then please sign up with your JAM username, or your username from another P2P site.
Even though you apparently are not chasing any defaulted loans, you would also be welcome at our investor forum to exchange ideas and experience with us - www.seen.is/group/8437 . If you would like to join, then please sign up with your JAM username, or your username from another P2P site.
Thanks- I have registered at BTCpop and will check into it further. So far, I like the fact that loans are collateralized and the business investments are profitable companies.
I've also joined the Bitcoin P2P lending forum.
Not all of borrowers are defaulter my running loan has been paid 4 months and 2 more months to go and its done. He has 10+ btc in debt but he is paying
Don't bother. They are a scam site. Noone makes profit there except scammers.
Yes, there are a few bad apples on BTCjam, but I would not go as far as to say the owners/operators, or the site itself is a scam....yet. I may have to change that view if they continue to run operations the way they have done up to this point.
Why (exactly) do you think that "they" are a scam site? Are you referring to the owners/operators, or just the borrowers in general?
Speaking on scammers/defaulters on the site. I wonder what the percentage of people is that die, go to jail, or get hospitalized (accidents, heart attacks, strokes, etc,). BTCjam can't be blamed at all for those types of defaulters, so it would be interesting to know. I don't think they can be 100% blamed for other defaulters either, not unless there is some conspiracy happening. Example: creating fake profiles, and/or stealing peoples credentials to create loans. That would certainly be a major scam operation. The best they can do is cross reference IP's, mac addresses, browser cookies/identifiers, etc. to try to weed out the scumbags as much as possible. At the end of the day though, it is up to the lenders to make educated decisions on who to lend BTC to.
I was just referring to the whole operation. The support is sad (in my experience), and yes, at least one of the scammers who burned me are happily carrying on their lives on facebook, so I don't think the majority of defaults are due to things like that, myself, but who knows.
HA, I'm going to have to add a few of my defaulters to that list. Thank you for that link. I was reading some of the comments, and
'd at your posts/comment: "They don't reply to emails or facebook messages, so fuck them, let them ride to the top of google searches, not my problem." Haha, good stuff. I might even throw a few cents at google adsense to make sure my defaulters go straight to the top of google searches. There might be some policy against that though, would have to check Just add it to their bill as "interest".
Don't bother. They are a scam site. Noone makes profit there except scammers.
Yes, there are a few bad apples on BTCjam, but I would not go as far as to say the owners/operators, or the site itself is a scam....yet. I may have to change that view if they continue to run operations the way they have done up to this point.
Why (exactly) do you think that "they" are a scam site? Are you referring to the owners/operators, or just the borrowers in general?
Speaking on scammers/defaulters on the site. I wonder what the percentage of people is that die, go to jail, or get hospitalized (accidents, heart attacks, strokes, etc,). BTCjam can't be blamed at all for those types of defaulters, so it would be interesting to know. I don't think they can be 100% blamed for other defaulters either, not unless there is some conspiracy happening. Example: creating fake profiles, and/or stealing peoples credentials to create loans. That would certainly be a major scam operation. The best they can do is cross reference IP's, mac addresses, browser cookies/identifiers, etc. to try to weed out the scumbags as much as possible. At the end of the day though, it is up to the lenders to make educated decisions on who to lend BTC to.
I was just referring to the whole operation. The support is sad (in my experience), and yes, at least one of the scammers who burned me are happily carrying on their lives on facebook, so I don't think the majority of defaults are due to things like that, myself, but who knows.
Don't bother. They are a scam site. Noone makes profit there except scammers.
Yes, there are a few bad apples on BTCjam, but I would not go as far as to say the owners/operators, or the site itself is a scam....yet. I may have to change that view if they continue to run operations the way they have done up to this point.
Why (exactly) do you think that "they" are a scam site? Are you referring to the owners/operators, or just the borrowers in general?
Speaking on scammers/defaulters on the site. I wonder what the percentage of people is that die, go to jail, or get hospitalized (accidents, heart attacks, strokes, etc,). BTCjam can't be blamed at all for those types of defaulters, so it would be interesting to know. I don't think they can be 100% blamed for other defaulters either, not unless there is some conspiracy happening. Example: creating fake profiles, purposely "verifying" documents that are obvious fakes, and/or stealing peoples credentials to create loans. That would certainly be a major scam operation. The best they can do is cross reference IP's, mac addresses, browser cookies/identifiers, etc. to try to weed out the scumbags as much as possible. At the end of the day though, it is up to the lenders to make educated decisions on who to lend BTC to.
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