Should I use btcjam to loan out to people? - page 2.

crazyearner

legendary

Activity: 1820

Merit: 1001

Quote from: Mrbutter on December 13, 2014, 10:14:23 PM

I want to diversify my investments around...I have 4 btc invested in a dice site at the moment.
Should I play the game of buy low and sell high with some of the coins? I think that would be profitable with 10 coins if the price swings are $20 in the range of few days... so $200 profit?
Good idea or nay?

Goto bittrex and buy some FC2 Fulecoin as theirs been loads of people buying 1BTC worth and made a killer earning on it. Feel free to chat on skype sometime if you got it and looking for some trading places pairs and places and coins to trade

Skype name crazyearnings

Mrbutter

member

Activity: 84

Merit: 10

Also, how about cloud mining? I know 99% of them are ponzi schemes but what about sites that look "promising" such as ltcgear ?

Mrbutter

member

Activity: 84

Merit: 10

I want to diversify my investments around...I have 4 btc invested in a dice site at the moment.
Should I play the game of buy low and sell high with some of the coins? I think that would be profitable with 10 coins if the price swings are $20 in the range of few days... so $200 profit?
Good idea or nay?

crazyearner

legendary

Activity: 1820

Merit: 1001

Nope would never use BTCJAM most people are a scam on their and I would advise not doing so unless want to get ripped off.

Seketsuna

sr. member

Activity: 294

Merit: 250

No, if you google there are lots of complains that investors didnt got back their btc and the lendees were able to escape without paying it back, better invest it in the casino that you know it is safe

malaimult

hero member

Activity: 658

Merit: 500

Probably not. There are a lot of scams on BTCjam and the level of transparency is really bad over there. They do take steps to verify your "identity" however there have been many instances where this has been faked only to end up with some random person who is not involved in bitcoin to being asked to repay a loan that they will be able to get away with not repaying.

Not only that but the individual creditors need to go after the borrowers in court (in the borrower's jurisdiction) in order to collect in the event of a default. This will make it very expensive for you to collect on individual loans when they default. Even though you have 10 BTC to invest, you should really invest in at least 100 loans to remain properly diversified, so on average you will invest .1 BTC on each loan which is hardly enough to be worth going after them for

Mrbutter

member

Activity: 84

Merit: 10

I'm sitting on about 10 btc at the moment and I want to earn more btc in some way.
I have some invested in casino sites and now I am looking into loaning to other people to profit.
Is btcjam a reasonable site to invest in and worth the time and money?

Topic: Should I use btcjam to loan out to people? - page 2. (Read 1594 times)