Prefer this community that I've done thousands of dollars of business with already as opposed to a site that majorly looks like scammers building up "confidence" loans by the tens. I think it can be used legit fashion and I have loaned someone successfully there.
I received very little attention for my investment (which also has a thread here), but surprisingly even the craziest ideas here I see people post criticism or comments, but amazingly even though I've tried to be as detailed as possible I don't even get snarky comments! That's okay, it seems to be working out for what I am trying to accomplish through other venues, but I will always (at this point in life) try to do business within the BTC community. After all, when my general store opens this month I will accept Bitcoins as payment alongside fiat for all goods in my store (feed/coke/convenience/plants/tobacco/beer and eventually fuel).
I believe in Bitcoin and I love this community so much even having only been here since August or so.
Topic: Whats the advantage of doing business loan here VS on BtcJam? (Read 1104 times)
December 05, 2012, 05:19:18 PM
BTCJam has a couple of downsides. Although you can browse the listings without joining, you can't access people's profiles without joining. But the biggest downside from my perspective is that lenders have to agree not to try to collect late payments themselves if borrowers default.
How can I be sure why they want it to begin with? The site has verified me, and has my information in escrow, so if it becomes needed later, it can be released, with cause.
That is what it looks like, but we have a discussion going in another thread that points out that btcjam will not take any action to pursue defaulting borrowers, nor will it release personal information about borrowers to enable lenders to do so.The identity verification process on btcjam is only to establish the btcjam rating and to prevent sockpuppet accounts. Not for enforcing repayment. Perhaps this will change in the future, but for now I think it's safer to get a contract signed *outside* of btcjam than to lend the same number of coins through btcjam. At least when you have a contract, you have the option of suing the borrower through the court system*.
* = Whether that contract turns out to be enforceable in court is a whole other matter. I would be very interested to see what happens if such a case were brought in front of a judge.
One thing I like about BTCJam is I don't have to give out my personal information out to everyone that asks for it.
How can I be sure why they want it to begin with? The site has verified me, and has my information in escrow, so if it becomes needed later, it can be released, with cause.
The ability to link my profile to the forums, and OTC, is nice too (although I haven't been able to link mine to OTC yet, since I didn't use gpg to register OTC, but since I have no OTC rating yet anyways, it doesn't matter that much... yet...)
I have been critical of Tulkas of a couple things, but he's responsive and takes criticism well.
Even when I'm being an asshole about it. 
-- Smoov
How can I be sure why they want it to begin with? The site has verified me, and has my information in escrow, so if it becomes needed later, it can be released, with cause.
The ability to link my profile to the forums, and OTC, is nice too (although I haven't been able to link mine to OTC yet, since I didn't use gpg to register OTC, but since I have no OTC rating yet anyways, it doesn't matter that much... yet...)
I have been critical of Tulkas of a couple things, but he's responsive and takes criticism well.
Even when I'm being an asshole about it. -- Smoov
Makes it a bit more fun for people to invest I think
If I ask for a 50 btc loan on the forum one of the bigger lenders would fill this loan for me.
if I put a listing on BTCjam for 50btc I will get multiple investors to fill that loan.
If I ask for a 50 btc loan on the forum one of the bigger lenders would fill this loan for me.
if I put a listing on BTCjam for 50btc I will get multiple investors to fill that loan.
As opposed the forums which are as free as you'd like to make it, and not buggy. What it boils down to i suppose is BTCjam just streamlines the entire loan process and provides info on the people looking for loans which might me harder to come across in the forums. (although id imagine someone would pipe in if someone was scumbag)
They charge a 1% fee IIRC, and their system has been buggy in the past.
Hmm good call. After checking them out some more I discovered they ask you too disclose some information which given A: their level of security B: Their intent could have devastating effects if leaked or abused, but in their defence it only creates a more healty trading enviorment. I see they are a registered business so they seem good by me.
Thanks!
Thanks!
Yes you can browse through listings on BTCJam - I think people here sometimes cross post and othertimes just prefer to use the forum for whatever reason.
Is there any way to "browse" for listings on BTCJam? People use this forum to advertise.
I ask only because I see there is a vast number of people still doing business here. I would assume that going through BTCjam would be more efficient and safe, but you know what they say about assumptions.
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