Bitcoin Forum

Seriously, why people still trust BTCJam?

There are ridiculous amounts of defaults there, and they do NOTHING about it, all is left to people just tag each other as trusted or not. All the information they ask is useless, since they never act on it, and don't give the info of deliberate defaulters to loaners.

I only do not consider it a scam, because it looks more like incompetence than malice, but seriously, why I still see droves of people signing up for that site?

IDs submitted to BTCJAM  (and exclusively there) have been found on gox (verification on gox rejected, duplicate ID). Only occurred once with 8 identities on btcjam, selective scamming? No, supplier didn't resell id.

Example of what I am talking about:

This guy defaulted on purpose, insulted lenders on the comments, and yet BTCJam does nothing about it: https://btcjam.com/listings/2122

Thanks for this thread! Nice to know the sad state of btcjam beforehand.

They were always like that.
There was even a time I remember where the only thing you had to do to request a loan was verify your email.
BTCjam offers the net-arb service (they don't pay for shit) and from what I've heard, it costs hundreds of dollars and they don't release any info, such as the IDs of scammer.

If you will lend on btc jam, god help you

Utterly hopeless

Never lend without collateral

I once invested money on BTCjam, lost 0.5BTC. Completely regret it.

Anyone who puts a cent with that site is a fool

Well, it seemed legitemate to me at first. I wish there was a warning thread like this at the time, because I thought since they're identified, BTCjam would actually do something. Nope.

Don't invest btcjam if you don't know what you are doing or don't have any previous experience. You need to be tricky and understand all the risks and properly evaluate all loaners.

lol, I know what you mean.  I lost 0.4 BTC on BTCjam, I invested when bitcoins were at $100, now their at $400 ;/

What's wrong with BTCJam? I have had great success with that site.

same. n00bs fuel my stash.

BTCjam is considered to be a gambling site by me.
You can get high returns from certain members, or you just lose your whole bankroll.

I hate BTCjam, I lost a lot of bitcoins, almost $5000 worth in value now before.

for those wondering why I am upset, I lost 10.something BTC there.

What upsets me more is that my biggest two defaulters, one want to pay, but he cannot pay 100% at once, but BTC Jam refuses to provide him with a way to pay partially in installments. And the other guy, defaulted on purpose, and BTC Jam refuses to punish him or give his data to lenders.

BTC Jam is Brazillian, I should not have trusted them (although I am brazillian myself, I know very well that you should rarely trust a brazillian... most of brazillians are very quick to backstab you if the opportunity and profit potential arise).

You could sell your investment in the note marketplace and he could buy it. Works as a partial payment method.