Topic: btcjam are scammers (Read 885 times)

BTCJam, it's been a good experiment but I think it's time to give up. With the rising price of Bitcoin I logged into my BTCJam account to see if there was anything worth withdrawing. Only $1 so I thought I would invest it back in. Only 4 listings were active, all with C rated borrowers.

BTCJam, you simply can't enforce a P2P lending platform. If you want to offer freedom from regulation by offering everyone a chance to obtain credit for the things that really matter to them, whilst also stimulating the economy then you need to give confidence to investors.

BTCJam advises you to split your investment up, which is a fairly solid technique. The problem with this is that enforcing small amounts (like the average investor will) is simply not cost effective. Whilst BTCJam may provide the borrowers details;

a) There is nothing there that is legally binding.
b) You are not guaranteed recovery of funds.

If you want to have legally binding contracts, then you will need to improve verification procedures and make them more robust. Taking an selfie with an ID is not good enough - there needs to be a legal contract that is executed with both parties.

As an investor, if I know my money has no protection I simply won't invest. Borrowers won't get funds. Your business model won't work.

As a borrower - there needs to be better and more robust verification methods. Asking for ID/SSN and all of that is useless if I can't use that information to enforce. All these can be doctored and there is nothing stopping a squeaky clean user with 100% feedback on everything pulling a big scam.

I know that certain countries make it impossible for people with bad credit to obtain loans. BTCJam would have been the ideal platform but due to lack of confidence provided by BTCJam.

Just some stats off the top of my head - less than 40% have paid me back completely. I always spread my investement and frankly the amount doesn't matter because the default rate proves that BTCJam simply doesn't have trusted borrowers.

I agree.

They are still cunts

Please stay on topic, you dont see others posting their sob stories here either do you?
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Its a public forum and my post is relevant to this topic.. Also its not a sob story I couldn't care less if they took my business or not to be honest. Its there loss at the end of the day and the loss of the good and decent lenders on there.

Just felt it was a bit shocking to make it so that I couldn't take a loan because of political issues.. I thought bitcoin was all about not getting involved in political and financial markets.. since that was the whole point of bitjam in the first place.. P2P lending.. Not looking at things like currency fluctuation and if a nation decided to leave the eu or not...

Not since Sept. 2015, which is at least 3 months over a year. Even if, it is your job to read these terms as you agreed to them when you created an account and you automatically agree to changes unless you explicitly state otherwise.


They are trying to cover their asses in terms of AML/KYC. Its perfectly fine to dislike that, but you have to inform yourself. Blaming them in hindsight for your shortcomings is silly.

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Please stay on topic, you dont see others posting their sob stories here either do you?

I used them for a loan send them all my documents including bank statements, Passport scans, Photo of me holding my passport, and few other documents..

I have 2 loans there both were paid back first being £400 second being £1700

After the 2nd loan I decided I was going to apply for a £3000 loan as my credit rating was B which is really good on there site.

This was just about the time for brexit where we decided to leave the EU and the pound dropped!, I logged in to find my account had been degraded and i was no longer able to apply for a loan even after all the information about my income had been verified.. and multiple accounts linked like facebook. email localbitcoins ect ect,

There reply was dew to the pound dropping we don't feel we can serve UK customers anymore..

Shocking.. Yes.. considering I had a verified income of over £75,000 a year!

My advice would be stay away. they seem to pick and choose who they allow to use there service..

And I also agree there is a lot of defaults there I lost £100 I split across x6 investment's.. ever one defaulted..
Yet I made all my payments on time and actually cleared my 2nd loan ahead of time!

I have asked them to confirm to me there reason in full as to why they will no longer accept my request for a loan all I get now is sorry the system will not allow it.. (Dew to drop in pound value)

I then contacted them to tell them I wanted my account removed and all my information destroyed.. they still have not done this and the account is still active....

So you have a time machine and went back a year and checked their terms of use when I signed up? This I'm sure is an updated terms of use. The fact is, they were allowing withdraws, then they weren't. I tested this with small amount before I added my 1btc. It's bait and switch. They don't need my I'd. There are a multitude of ways to confirm that I'm the owner. Just because they changed the terms of use didn't make it right. They are still cunts.

Remember the little checkbox when you signed up? READ. IT. Its what you agreed to, whether you actually read it or not.


https://btcjam.com/terms-of-use

I guess some people never learn. I was simply suggesting to take a screenshot of Transactions which might prove beneficial in the future. For people like you who don't care about money, I have no words left for the likes of you.
So what else would you do to get back that sum?

I back you up there, and I hope no other person falls for their trap either.

You can simply verify your ID to withdraw the btc then request the account to be closed with the data removed (though doubt they will remove it from their db so soon). You would also need to always keep up to date with their policy updates because being an "investor" or "borrower" on their site means you must agree to their terms, including verifying yourself.

I would agree that btcjam have more users who are likely to default. Before btcjam went to crap, it was probably easier to go after the borrower (assuming its worth it). Now, you got more loads of crap, they stop supporting US borrowers, and they get more users who default while they profit from the fees they get per loan, and people would basically be at a lost.

btcjam and all these fucking p2p lending sites are shady as fuck.

most of the borrowers on there will not get credit from traditional credit avenues and hence that's why you are bound to lose money to numerous defaults.

stay the fuck away from all this shit.

There must have been a disclaimer. I cant imagine them not putting one. Have you looked closely?

1BTC is a huge trial and error. I also try them out but my experience was bad, the level of loan default is quite higher than normal, the team promised to go affect the defaulters but till now my BTC has not been refunded that was when BTC price was around $400. The idea  simply cannot work, if you want to loan out your BTC,  exchanges lending for me is better, the only downside to this is possibility of hacking taking place.

First of all I deposited 1 btc to this site when they were around $300 each, now almost 1k a piece. even at 1k is not a lot of money to me. Its the principal of it. Seems youre one of these people who would have the stupid argument about not putting coins on exchanges either? without the exchanges, there would be no btc market.
 Learn to read and comprehend please. nowhere in that email did they ask for a screenshot of my deposit. they are asking for a photo of my I.D. You say who in their right mind would send 1 btc to shady website but tell me to send my i.d. to said shady company. Whos out of their mind now?
I could easily sign a transaction with the btc address that I initially sent them the coin with to make deposit to prove I am the owner. But they arent asking for this either. Either they want to collect info for x government or they want to steal my coin or sell my identity. either way...fucking cunts

Well even if it does seem shady, who in their right mind would deposit 1BTC in a website they don't trust? ID verification is nothing wrong to ask and almost anyone would do so for 1BTC value. A safe(very safe) method to stay scam free is upload screenshots of deposits made to Imgur or other hosting websites for verifications.

I deposited 1.00 btc there about a year ago just to try it out out of curiosity. Since the coin price has went up I decided to go retrieve my btc from there. When trying to withdraw I got some bull shit withdraw error. So I shot them an e-mail just to get this reply back
I never agreed to this intrusion. My guess is they know most users are not willing to send in a photo of their identification. So now they get to keep those users coins. I dont even understand how sending in an id even verifies anything. They are crooks and probably got hacked and lost all the coins they have on deposit. I feel bad for people who have larger amounts on deposit there. This is another gox for sure.

STAY AWAY FROM THIS SHADY COMPANY!!!