Bitcoin Forum

I have been looking at loaning some of my BTC since my stack is just sitting there being bored all day (I don't do much gambling since I want to limit myself otherwise I become addicted and lose way too much).

I wonder if BTCJam would be part of gambling, since it's pretty much raw luck in guess who is going to pay your loan back and not only this, but they run with the money and nothing seems to happen once you lose this money. It seems even A+ certified borrowers don't pay a lot of the time.

As anyone made any consistent money from this?

you mean investing in btcjam is form of gambling? i would say yes cuz of the risks involved on it. gambling is basically taking risks

anyway, i never made a single satoshi with btcjam, instead i lost when the loanee went to scam. after that i never used that site, once is enough

It is worse than gambling as it is pretty much guaranteed you will lose out.

https://btcjam.com/stats

Look at "Total Investor Returns" it is in the negatives.... Almost at -20% for bitcoins lol.

BTCjam received lots of negative feedbacks now. There's also a thread here about those person involved. You might want to check that.

Rather than thinking of joining BTCjam, why not offered a micro loans in lending section here? Same risk but much convenient.

Investing in gambling is a form of gambling. You must remember that someone might get lucky - hit the jackpot, and you might as well lose on that. It's a bit as if you bet on someone's bad luck

Less risk lending here as every one demands collateral which BTCJam does not offer. You are better off playing dice with your funds than lending them on Jam.

As well as this, you'll gain a reputation and you can possibly branch out into other trades and services.

BTCJam is definitely worse than doing some loans on here.

That is just for D rated borrowers, the highest risk on the platform given the credit ratings. Other credit ratings are returning quite well.

You can lose money doing any kind of investment. If the outcome is unclear for you the of course it is form of gambling.
Investment is a form of wagering your money when odds are in your favor, gambling is fighting against the odds - that is the only difference.

i don't think lending here and lending on btcjam do have the same risks. i believe lending here with be more safe cuz of the collateral rule, though sometimes you can be scammed if you are careless. i experience both ,and i think btcjam was worse

Nope btcJam is not considered a part of Gambling.Its what we call as blind investing.There is enough discussion about this in the Commerce Books but in simple words .Invest once,Get fucked Over for your entire life.I came to know about BtcJams as soon as was introduced into bitcoin trading.For trying my luck,I invested my very first 0.20 btc's in the website as the loaner.I was quite convinced in the beginning about the returns as for my first two loans,I got money back in time .When I was trying to process a withdrawal,I get a notification saying a new client request is posted (in my email) with 10%  returns in 15 days.Having the persons bank details verified and stuff I invested more like 0.12 and never got a penny back.It shows funds available ,funds raising,profits made but its all only fuckin statements.Not a single withdrawal request is processed since.

Nope, it's blind investing.

But especially for BTCJam IMO it's worst than gambling :D Site is full of scammers, default rate is over too high for breakeven/profit.

Yes, I think so because there loan defaulters are more the people who pay back honestly. The site owners are not putting any effort to improve the service so I think investing in that site should be same a gambling because if your lucky than only your money will come back to you with interest otherwise all gone.

What I know is since quite long time this BTCjam site is only supporting scammers and they never care about there investors so it is a scam site just avoid this site to invest your money. You can try your luck in this forum with proper collateral to make some money but the competition is quite high for lenders and lend only with proper collateral.

Providing loans without collateral is pretty much gambling, with not particularly good odds. Those guys in the lending section are not just accidentally used to ask for 110-120% collateral (with strict rules about what is a valid collateral) in the case of unknown/untrusted accounts.

In gambling you have 50/50 chances to win or to lose but depends on the luck and how you analyze each bets the rate be based on. In btcjam you have 20/80 chances 20 is % you get in return so means you have less its is onlt though my opinion and 80 is % you wont get paid. Some people might say it is 100% you wont get paid but on my own experienced i got paid so not everyone on there are scammers

Lol. Yes.  :D Investing in it is the worst kind o gambling you'd ever play so far. It gives you false hope that you will get profit from the money you invested yet you' inly get nothing in return. Playing in dice, casino and other provably dair games are way more better because you hold your money and you can stop if you think you are already loosing.

Gambling involves chance. BTCjam involves scum and dishonesty. The second one is a lot more dependable and predictable. You sometimes can't trust some of your oldest friends. I don't think some anonymous asshole on the internet is gonna be any better.

That is true, there are many people are waiting to scam people for free money. So it is very high risk to give a loan to any one who don't provide collateral and it may be worst than gambling. Because I usually bet only in sports and my winning chances so for more than 75% and I don't think we have such a high % chances people will pay back our money without proper collateral. 

depending on the person who would you lend money, then find someone who already trusted.
which already has a lot of history

I agree. BTCJam is a loan platform not a platform for playing games of chance for money

Maybe it started off that way, but now it's become a full blown gambling platform crossed with a free way of getting rid of bitcoins you don't like any more.

In my opinion,
investing in btcjam or any kind of investment
is considered gambling.
As you will not know, if your money will really return to you.
Well if your lucky that the one you loaned will not scam you.
well its still risky investment..

I would say sit on your bitcoins until less risky options pop up.
No sense in losing your principal.  :)

it all depends on the borrower, but now many scammers asking for loans and never pay your money back.
i prefer lose my money in gambling because there is still a chance to control my loses

better you investing on this site im never see scammer on lending section


https://bitcointalk.org/index.php?board=65.0

I won't consider investing there as a form of betting because I think the risks on investing in BTCJam was way higher than gambling , I think I got more chances hitting the 100x roll on a dice than gaining profit "lending" BTC on the said site. :D BTCJam got a lot of negative reviews and feedback saying it was full of scammers which I believe coz I experienced being ripped off multiple times there. I hate that site  :-\