Bitcoin Forum

Greetings,

Today we are announcing a major improvement in our service, provided by our new partnership with net-ARB.com, the oldest and most reliable international internet-ARBitration firm.

Over the past few months, many of you have expressed the need of a regulation that would reduce the chances of default. Even though, you continued to use BTCJam platform, diversifying your investments as a way to maintain good profits. We appreciate your confidence.

However, we understand that the service can and must be improved. Aiming to ensure that defaults are reduced to a minimum, our partnership with net-ARB will allow unpaid loans to be claimed legally.

What does this mean?
It means that all the defaulted loans will be subject to arbitration. The arbitration process is available to all loans serviced after 03/30/2013, free of charge.

What is arbitration?
Arbitration is a faster, more efficient, legal alternative to the court system.  It is interesting to note that arbitration was the only means of resolving disputes for thousands of years before there were courts.  Courts actually embrace arbitration to resolve civil disputes since it reduces the size of court dockets.
 
Arbitrators are neutral third-parties to whom the parties yield the power to decide the dispute and render an arbitration award similar to a court judgment while avoiding the cost and delays common in court litigation.  Arbitration is binding (cannot be appealed) and is recognized and enforced in nearly 150 countries under The United Nations Convention on the Recognition and Enforcement of Foreign Arbitral Awards (1958).

The benefits we expect from this partnership:
- Safer investments
- Debt renegotiation
- Enforcement

More detailed information about the international arbitration process on https://btcjam.com/partners (https://btcjam.com/partners)

Thank you for your continued support. Sincerely,
Celso

reserved

and for default before the 03/30/2013 ?

Just attempted to fill out a claim through the net-ARB website but it said I must fill out the claim through BTCJAM. How do I go about doing this? Do I contact your support email?

The claims are filled automatically after the loan is outstanding 90 days.

The first "batch" will be issued earlier next week.

The FAQ is ready:

https://btcjam.com/faq/arbitration (https://btcjam.com/faq/arbitration)

I have loads of defaulted loans none have been sent to arbitration.

All eligible arbitration awards were issued, please let me know one of your so I can see if it went through.

Hi,

I got some e-mails with a Arbitration Award document in, so they got through.

Now when we have received this Arbitration Award document for a loan, do we need to do anything as a lender, or how is the procedure?

/AlexC

Just to bump this a bit.

When we have received the Arbitration Award document for a loan, what is the next steps then.

As i have understood it the next steps should also be made by BTCJam or any of it's partners. This I base on the following from the rules for lenders :

"Under no circumstances should you attempt collection on a late payment yourself. In doing so you run the risk of creating a legal liability for yourself and the website cannot be hold responsible."

/AlexC

I love that there continues to be no reply to the question... I'll re-iterate it though, for the sake of ritual...

Once we have an arbitration award doc - what should be the next step?

Just to bump and recap,

When we have received the Arbitration Award document for a loan, what is the next steps then?

As i have understood it the next steps should also be made by BTCJam or any of it's partners. This I base on the following from the rules for lenders :

"Under no circumstances should you attempt collection on a late payment yourself. In doing so you run the risk of creating a legal liability for yourself and the website cannot be hold responsible."

Would I, as a BTCJam lender, break any terms of use if I started a thread here on bitcointalk.org to start working together with others to try and gather information and try to get defaulted loans paid?


/AlexC

I invested 1 btc some time ago, and it was scam. Wrote an email to your support some weeks ago without an answer.

I wouldn't put any coins in BTCjam, no matter what.

As I know nobody got anything back from defaulted loan on BTCJam.

Neither support or Celso Pitta (CEO) replies to email about why arbitration isn't working.

So consider BTCJam as yet another gambling site at this point.