Bitcoin Forum

I have been hit by the following people on BTCJAM:
Butterfly AKA Viskas Merginoms from Vilnius, Lithuania.  Appears to be 15 years old.  Has eBay userid of zvaigzdeee, number of friends on Facebook grossly inflated.  Often goes by the handle STAR.

Joeyjmr8484, listed here as a scammer, AKA Joseph Rondini.  Has been banned from multiple sites and also created a second userid here as moomerycreamery and tried to sell his own debt. 

Voodoo22 AKA voodoo2237 on eBay.  Not sure what the deal with this person is.  BTCJAM says located in Spain, eBay states located in USA.  I got sucked into this one because name, address and phone verified!!!  Oh well, not much else to go on here. 

Finally, xavv2012 AKA Xavier Hinard on twitter.  Lives in Canada apparently.  Not much else to go on here either.

I had suggested on BTCJAM that lenders have access to their Facebook accounts so we could splatter this on their walls.  No answer as of yet.

I'm sure facebook will jump all over that!   :D

Where in Canada is your one deadbeat?

By then its numb and they can keep doing it.

hehe fair point  ;D

Actually I am immune to punches to the head!  It just contains a vacuum.   ;D Actually the named losers have only cost me 1.1 BTC, meanwhile I have made 2.6 BTC in the same month. 

There is an opportunity to make money there just as there is at btct.co   And sometimes you win and sometimes you lose.  The best trader on Wall Street is only right 51% of the time. 

Sorry Vod, I was in error.  His profile on btcjam lists as Canada, but his ebay userid and Facebook profile list as Toulouse, France.

Rolling dice is a FAR safer form of investing than BTCJam.  For earning extra BTC, BTCJam is 2nd only to formatting your HD with no backup copies of your wallet.dat.

Yeah, this site is  a great idea but you can't rely on people not to take the low path.  Keep us updated on the 100% users who are wrongdoers

BTC JAM is nothing but the SCAM of the century .
It is a company that colaborates a database of personal information Including PASSPORT / ID PHOTOS , FACEBOOK  verification , LINKED IN VERIFICATION , Proof of adress , income , phone verification , BANK ACCOUNT VERIFICATION , PAYPAL SYNC in order to be approved for your bit coin loan.
NEVER SEND THEM ANY INFO. BTC CAN DO WONDERS AGAINST YOU USING THE INFORMATION THEY COLLECT.
don’t be stupid . nobody knows who these guys are .
they can apply for credit cards with your information , open bank accounts , sell your identity to whoever.

Actually im already forgoing a lawsuit against BTCJAM and during that procedure hope to have them federally investigated. If there is anybody else out there that has had a bad experience please contact my lawyer directly at aaronshlomo@consultant.com.
and maybe your collaboration will help bring them down.

I think BTCjam's pricing system and offer is quite fair, it's an open marketplace I dont expect them to due diligence thats the investors job.

You do make a good point about data retention there is an inherent privacy risk in that regard. My main problems with Jam is not scammers its thier 'algorythim' that seems to mostly rely on however many FB friends you have and doesnt take into account obvious people gaming the system.

Many, many, defaults on there are such obvious con-jobs I wonder why Jam even bothers to 'review' the loans because they clearly don't read them lol!!

I think your taking this over the top.

BTCJam aren't scammers at all, but what they are is very smart. Now, I'm not trying to ruin a companies reputation (nor do I think I'm capable of that) but let's be 100% honest about this.

Investing in BTCJam loans either means two things:

- You invest small, diversify your portfolio investing say 1% of your budget into 100% different loans or whatever percentage you want to work with. Smaller, but steadier returns. You'll encounter a scammer at least 30% of the time.
- You invest completely in one lender or loan big amounts to specific loans. Big returns, but bigger chance of lost.

I came to this conclusion after loading 0.04 BTC into my account, spreading it out equally over the site (this was before AutoInvest)...total returns would have been 0.10 after 10 months but only received 0.05 due to scammers.

Another issue is the belief that arbitration will always get your money back. Either the amounts are too small to go to court for and everyone just forgets about it. So some of you might be saying "Well then, don't invest small amounts and invest big to ensure you can always get your money back"

Yeah...doesn't work like that either. The arbitration award only offers you the debt from the site...you'd have to make your own arrangements to cover legal fees. You might not even get these back. You might not even get the case in your favour.

BTCJam has the potential to be big, especially in markets where the APR of loans is already high. People who are currently in debt can move their loans to a smaller APR, whilst also offering the lender a return, making both parties very happy. BTCJam has the potential to literally change a whole market, but it's systematically flawed and unless changes are made I have a feeling a great concept will die out.

@Xch4ng3

You are spot on brother, it's a very good system the pricing mechanism and the product is good. Yes there are scams but if you can't take the heat do go into the kitchen. It's a free marketplace of risk and reward and it rewards very well if you do your homework.

That being said I think Jam's customer service is seriously lacking and that is going to cost them customers, but they are on the right track. If you note in the statistics the past few months have been right down on the scams. There was a burst of scammage in Aug/Sep but I think that was due to a recent marketing push and the BTC price spike attracting all sorts of idiots into the business.