Topic: BTCjam new scandal, 3 days blocking some users that cannot withdraw (Read 2167 times)

I have also been blacklisted on BTCjam without any notification or email. Cannot work this one out as I only invest in others and have never borrowed. Tried to transfer my money over the bitcoinlendingclub and got an error (Error executing transaction.)

So now I am unable to invest in others, cannot communicate with existing borrowers and cannot withdraw my funds with no explanation as to why.

this is the message I get when I try to sink my withdraw address

"A confirmation email has been sent to change your withdraw address"

But no email comes to me if I request assistance from them from the sight it generates an email but I get no followups when I tell them no email has been sent to me??
I am going to email Coinbase and ask them to assist me.

BTCJam  |  Nov 19, 2014 01:56PM PST
Thank you for submitting your request. We have received your request and are working on responding to you as soon as possible. If you have any additional information to add to this case, please reply to this email.
 
This is the message I have been getting for days!!!!!!!! I am getting worried that my funds are gone.

UPTDATE: I can now withdraw from BTCjam.

Yet, I have many investments there that are not going to be paid in at least 6 months, that means I must maintain an account there.
There are also some users that only publish on BTCjam, perhaps because they are not yet used to how BLC works. I think that the main problem for newbies using BLC is their investment system.

I've talked to the admin about that, and I think they are improving the page. Anyway once you learn to use their system, it is actually better, because investors can choose the rate, while the borrower can choose the investors, which is ideal for both parties.

Thank you. I'm already making the switch, and there is no comparison... the support at BLC is exquisite, both the admins and the community is much more responsive and clear.

I have also noticed that BLC is actually catching some scammers and suspicious loans much faster than in BTCjam. I think that the reason is that you return the 2% comission in case of default, something that BTCjam doesn't, so it is in your interest to remove scam or you'll lose.

Also, I find simply great the posibility of free speech in your page. That's the main reason for the switch. Now I can ask and publish links without censorship, as it should be!!

I am pretty happy with both plattform, competition is always good to improve service for customers. Hope the Market will continue to grow.

It's actually kinda strange to me, nowhere in the financial world do we see borrowers specifying the interest rate that they should get. The whole concept is actually counter-intuitive to me. What normally happens is that the lender assesses the risk given the borrower's information and the lender figures out at what interest rate to discount the risk. It seems like the lender should know how to judge the risk better than the borrower. In addition, our system allows the borrower to reject individual offers and to tell the lenders, via comments or the loan description, that there is a maximum interest rate that he/she is willing to pay.

We actually have our own forum: http://forum.bitlendingclub.com/

I'm just deciding whether I like the idea of 'making an offer' for a loan and its overall fairness. Maybe the concept will grow on me.

I've checked in 0.2BTC to get a feel for the site. Have you started an official forum on here that I've missed?

You would expect P2P lending websites to have a similar look and feel, I hope . Our entire website was built around the features that our customers have requested. In any case, I hope you guys enjoy our platform! We're really excited that we're now officially the fastest growing Bitcoin lending platform in the ecosystem, so please feel free to join and take advantage of all the benefits we offer.

I like how your websites look the same, it makes switching easier

It's unfortunate that you're having such a bad experience, but competition is a good thing! BitLendingClub is quickly growing and within a couple of months we're expecting to outpace BTCJam by volume. Our lending volume is more than 50% of the lending volume of BTCJam, and about 35% of the overall lending volume in the Bitcoin ecosystem. The result is that we can not only provide you with a better experience in terms of customer service, transparency and openness, but we also have the volume to be a true leader in the space. Hopefully you manage to resolve your issues, but there is no reason for you to stay there when there are better alternatives.

BTCjam is favoring scammers, we all know it, as they make profit out of them. They take 4% of the loans before the scammers run away, so they are very relaxed on checking the validity of their ID. Some of us even doubt that they do any check at all, as the page is full of pirates that are constantly attacking with the similar patterns with small variations, like if they were the same guys scamming us many times. Sometimes the fakes as so evident that one can only ask himself what is wrong with BTCjam admins.
I'm wondering why they don't take the money after the borrower pays and not before, is it because they want investors to take all the risks while they always win, be it a scammer or not?

They censor any link you publish, or any critic to the system. They put as an excuse that links are dangerous (wtf?) because may contain virus (so what the f*ck is internet without links???), while allowing scammers to publish scam loans without limits. Of course, they don't allow to revert your invest before funding, because you may discover after investing that the guy is a scammer, and that would let them lose their 4%.
It is funny, because they don't consider unsafe to let scammers scam you, but they consider unsafe to critic them or help other investors fall in the traps of the scammers they allow to camper freely in their page. For them, it is also very unsafe that you contact other investors or make a sane relationship with a borrower.
Consecuence: almost any seriuos investor in the page is either in the competence (bitlendingclub.com) or comunicating with others by other means, mainly facebook and forums.
Is it perhaps that they want to always win, that they are only after their profit, and that letting people to talk and relate to others freely could fake their plans of getting more money out of investors?

I have currently 2BTC in their systems, 0.4 of it should be able to withdraw, the other is invested. Since yesterday or perhaps before, I've been censored on any comment I try to publish, and cannot withdraw. Although one can understand that they censor any comment (I don't even think that would be correct except for real spammers or radical content), what is the reason one cannot withdraw if there is no debt? IT IS NOT THEIR MONEY.

Some of us have been trying to contact their support for 3 days, without a single response or explanation on why they censor, and why our money is retained. If there is a technical reason, why don't they answer? We can't allow this kind of bad behavior without publicly denouncing it, and that is what I'm doing. The last time a thing like this happened you know the results (yes, I'm refering to mtgox).

Thank you for your attention.

EDIT: NOW I CAN WITHDRAW.