Bitcoin Forum

Economy => Economics => Topic started by: calkob on November 18, 2015, 12:26:26 AM



Title: Do i need at least 1 BTC to invest in BTC Jam?
Post by: calkob on November 18, 2015, 12:26:26 AM
just sent 0.2 btc to BTC Jam to try it out but when i go to autoinvest it says i must invest >1 .... ?


Title: Re: Do i need at least 1 BTC to invest in BTC Jam?
Post by: Harry Hood on November 18, 2015, 05:45:26 AM
It sounds like you do need to invest at least BTC1.

However, their website doesn't explicitly say. Can you share an image of your screen? Or have you contacted their support team?


Title: Re: Do i need at least 1 BTC to invest in BTC Jam?
Post by: xncpf on November 18, 2015, 06:40:06 AM
I'm pretty sure that there is no minimum.
Is the transaction confirmed?


Title: Re: Do i need at least 1 BTC to invest in BTC Jam?
Post by: Pastafarian on November 18, 2015, 07:43:26 AM
I'm pretty sure that there is no minimum.
Is the transaction confirmed?

Yeah the autoinvest is just for diversifying. You can invest small amounts of Bitcoin, but you will have to do it by picking your preferred listing(s)


Title: Re: Do i need at least 1 BTC to invest in BTC Jam?
Post by: Shibashi Dogemoto on November 18, 2015, 07:45:26 AM
I've invested 0.05 just to try out their system... It works, but prepare to be scammed if you use autoinvest :)
I think it's better to manually review all loan requests, and only chose the ones you feel safest about... Even then, you'll get scammed now and then.


Title: Re: Do i need at least 1 BTC to invest in BTC Jam?
Post by: syndria on November 18, 2015, 07:49:55 AM
just sent 0.2 btc to BTC Jam to try it out but when i go to autoinvest it says i must invest >1 .... ?

Autoinvest dude is not a good choice like what the guy above said over this function you are letting btcjam to distribute your money even to scammers although you have the option to choose to who you like to fund or to invest doing this manually is the best option to see their profiles.


Title: Re: Do i need at least 1 BTC to invest in BTC Jam?
Post by: USB-S on November 18, 2015, 07:52:07 AM
I'm pretty sure that there is no minimum.
Is the transaction confirmed?

Yeah the autoinvest is just for diversifying. You can invest small amounts of Bitcoin, but you will have to do it by picking your preferred listing(s)
Can you say how effective the autoinvest system is? I used loanbase and lost BTC0.2 out of my BTC0.3 .
I don't think I'll use lending as an investment any time soon again. There needs to be some kind of collateral invented to prevent theft.

To all of you wanting to invest in lending sites, use people like myself as an example do be extra careful before investing.


http://i.imgur.com/XnWnEKV.png


Title: Re: Do i need at least 1 BTC to invest in BTC Jam?
Post by: tiggytomb on November 18, 2015, 07:54:29 AM
Good to know not to use the autoinvest option, I was thinking about this last week and whether it would be worth it or not.  Sounds like even when you manually look after your  BTC there is still a high chance of getting scammed?


Title: Re: Do i need at least 1 BTC to invest in BTC Jam?
Post by: Pastafarian on November 18, 2015, 07:56:17 AM
I've invested 0.05 just to try out their system... It works, but prepare to be scammed if you use autoinvest :)
I think it's better to manually review all loan requests, and only chose the ones you feel safest about... Even then, you'll get scammed now and then.

Yeah I completely agree with this strategy. I personally wouldn't use the autoinvest feature. I have seen many scammers on BTC Jam in the past, so definitely do your due diligence and don't expect to get rich from BTC Jam ;)


Title: Re: Do i need at least 1 BTC to invest in BTC Jam?
Post by: NorrisK on November 18, 2015, 08:05:38 AM
Am I correct that there is no way to enforce your coins back to you? That is just crying for a scam, even if members have good rating.

They could just build some trust and than start borrowing and stealing like mad men.

I would stay away, untill the interest and the loan can be enforced by colateral or something.


Title: Re: Do i need at least 1 BTC to invest in BTC Jam?
Post by: Patatas on November 18, 2015, 08:08:31 AM
No way dude I have invested in BTC jam before and never they have asked to set up a minimum amount.You can always invest whatever you can as an investor there are no bars in investing because anyway you're profiting the company.I do know you've lending restrictions but thats for obvious reasons.You could contact their support team.They will reply soon.


Title: Re: Do i need at least 1 BTC to invest in BTC Jam?
Post by: Amph on November 18, 2015, 08:16:40 AM
be aware that aven a+ rating are scammer soem times, it's very random, i would start with even a lower amount just to try out


Title: Re: Do i need at least 1 BTC to invest in BTC Jam?
Post by: USB-S on November 18, 2015, 08:23:58 AM
No way dude I have invested in BTC jam before and never they have asked to set up a minimum amount.You can always invest whatever you can as an investor there are no bars in investing because anyway you're profiting the company.I do know you've lending restrictions but thats for obvious reasons.You could contact their support team.They will reply soon.
That's what i'm thinking. BTC lending without collateral is just plain silly. People build up trust to lend bigger amounts and then just run with the money. The manhunt after that is left to the investor not the actual site who is the middleman of the whole operation. Until there is a way to actually get some collateral beforehand, there is just way too much risk involved.


Title: Re: Do i need at least 1 BTC to invest in BTC Jam?
Post by: calkob on November 18, 2015, 08:36:41 AM
Many thanks for all the replies.  i think it mybe just the auto invest option then.  ill try and invest in a few that i pick and let you know how it went. 

calkob


Title: Re: Do i need at least 1 BTC to invest in BTC Jam?
Post by: Shibashi Dogemoto on November 18, 2015, 09:26:44 AM
Many thanks for all the replies.  i think it mybe just the auto invest option then.  ill try and invest in a few that i pick and let you know how it went. 

calkob

A good "trick" is to do the following when investing:
  • only invest in A+, A and A- members... At least they have something at stake (their reputation amongst their friends, future employers, CC company, PP,...)
  • only invest in projects that are very clearly described, and feasible
  • never invest if the borrower has only taken out small loans, and is suddenly asking for a huge loan (like tenfold of the total loaned amount in the past)
  • be carefull with borrower from "certain" countrys... not going to list them because i don't want to sound racist, you get the hint...

I've followed these rules, and even tough sometimes i get late repayments, the amount of loan defaulters is low, and i make a marginal profit... For me it's just a smallscale experiment tough, i'm not even making beer money with this ;)


Title: Re: Do i need at least 1 BTC to invest in BTC Jam?
Post by: twister on November 18, 2015, 09:39:23 AM
I don't understand why would people choose to lend online to people they don't know anything about and even that without any collateral. If you lend here on the forum you'd actually get better returns and since there is strict policy of no collateral no loan you'll get better security. Lending money on these lending sites is almost same as throwing it away, you might as well donate it to someone needy or gamble with it and enjoy it atleast imho.


Title: Re: Do i need at least 1 BTC to invest in BTC Jam?
Post by: Shibashi Dogemoto on November 18, 2015, 10:45:57 AM
I don't understand why would people choose to lend online to people they don't know anything about and even that without any collateral. If you lend here on the forum you'd actually get better returns and since there is strict policy of no collateral no loan you'll get better security. Lending money on these lending sites is almost same as throwing it away, you might as well donate it to someone needy or gamble with it and enjoy it atleast imho.

They don't give out collateral, but to get an A+ status, they do have to give out all their personal information...
In case of default, the information goes to an arbitrage company, and after a couple of months, the lender gets the borrower's private info (drivers licence, utility bill, paypal, linkedin, facebook, ebay,...).

So, in case of a small loan, the borrower can lose his reputation amongst his friends, for a big loan, he risks being sued...
Offcourse, the chance of being sued is pretty small, so it's a risk some people are seemingly willing to take.


Title: Re: Do i need at least 1 BTC to invest in BTC Jam?
Post by: syndria on November 18, 2015, 10:54:41 AM
I'm pretty sure that there is no minimum.
Is the transaction confirmed?

Yeah the autoinvest is just for diversifying. You can invest small amounts of Bitcoin, but you will have to do it by picking your preferred listing(s)
Can you say how effective the autoinvest system is? I used loanbase and lost BTC0.2 out of my BTC0.3 .
I don't think I'll use lending as an investment any time soon again. There needs to be some kind of collateral invented to prevent theft.

To all of you wanting to invest in lending sites, use people like myself as an example do be extra careful before investing.


http://i.imgur.com/XnWnEKV.png

What did you do after they defaulted? That is much the same when i got loss from gambling lol


Title: Re: Do i need at least 1 BTC to invest in BTC Jam?
Post by: Mickeyb on November 18, 2015, 12:43:45 PM
just sent 0.2 btc to BTC Jam to try it out but when i go to autoinvest it says i must invest >1 .... ?

Mate has anyone told you that you are entering pretty risky endeavor here! Lending is very risky, and Btcjam is risky as well in my opinion.

I would stay out of it completely. You will just risk a lot for not to much of the reward!


Title: Re: Do i need at least 1 BTC to invest in BTC Jam?
Post by: Small on November 18, 2015, 12:49:00 PM
IMO, any p2p online lending is very very risky, no matter how much you diversify it. It is very hard for any independent party to verify the authencity of the documents submitted. With BTCJam, they do not do anything even if the user default, arbitration will not work unless the ID is correct and you live nearby the borrower.


Title: Re: Do i need at least 1 BTC to invest in BTC Jam?
Post by: USB-S on November 18, 2015, 03:08:11 PM
Be careful with BTCJam site itself aswell. Some users report, that they are holding back withdrawals. I have no clue to how accurate this info is though. You can read more about it at https://www.reddit.com/r/Bitcoin/comments/3t8fl7/btc_jam_to_hold_peoples_bitcoins/ (https://www.reddit.com/r/Bitcoin/comments/3t8fl7/btc_jam_to_hold_peoples_bitcoins/)

There are other p2p lending sites out there as well such as loanbase.


Title: Re: Do i need at least 1 BTC to invest in BTC Jam?
Post by: cellard on November 18, 2015, 03:08:50 PM
One of the biggest points of Bitcoin is that you can make smaller transactions and do stuff with them, including loaning. "Microloans". If 1 BTC was the minimum it would make no sense. I have considered myself trying BTCJam but I always end up thinking that I am better off just holding than gambling with some guy in god knows where paying me back or running with the money.


Title: Re: Do i need at least 1 BTC to invest in BTC Jam?
Post by: BTCJamSupport on November 18, 2015, 06:34:11 PM
just sent 0.2 btc to BTC Jam to try it out but when i go to autoinvest it says i must invest >1 .... ?

AutoInvest - there is a minimum of 1BTC.

The screenshots above are not our platform but they are that of a competitor. Please mark their review as so since this was not our Autoinvest plan.

Let me know if you have some questions about AutoInvest or anything regarding BTCjam.

Thanks!


Title: Re: Do i need at least 1 BTC to invest in BTC Jam?
Post by: Raimonn on November 18, 2015, 06:40:22 PM
I used Btcjam some time ago, and you have to look the reputation of the users as you can loose your money. I don't think that autoinvest is a great feature.


Title: Re: Do i need at least 1 BTC to invest in BTC Jam?
Post by: BTCJamSupport on November 18, 2015, 06:40:54 PM
I've invested 0.05 just to try out their system... It works, but prepare to be scammed if you use autoinvest :)
I think it's better to manually review all loan requests, and only chose the ones you feel safest about... Even then, you'll get scammed now and then.

AutoInvest returns are beating that of manual investors returns. Those who review us and lash out about scammers and losing BTC, they are those who manually invest. Im not saying its impossible but I do think the curve for learning the borrowers and investing wisely takes time just as starting out any new investment. AutoInvest is nice because you're starting with a small amount and you are diversifying it across a marketplace where we've accounted for the risk as well.



Title: Re: Do i need at least 1 BTC to invest in BTC Jam?
Post by: BTCJamSupport on November 18, 2015, 06:41:37 PM
I used Btcjam some time ago, and you have to look the reputation of the users as you can loose your money. I don't think that autoinvest is a great feature.

How long ago did you use us?


Title: Re: Do i need at least 1 BTC to invest in BTC Jam?
Post by: BTCJamSupport on November 18, 2015, 06:42:53 PM
I'm pretty sure that there is no minimum.
Is the transaction confirmed?

Yeah the autoinvest is just for diversifying. You can invest small amounts of Bitcoin, but you will have to do it by picking your preferred listing(s)
Can you say how effective the autoinvest system is? I used loanbase and lost BTC0.2 out of my BTC0.3 .
I don't think I'll use lending as an investment any time soon again. There needs to be some kind of collateral invented to prevent theft.

To all of you wanting to invest in lending sites, use people like myself as an example do be extra careful before investing.


http://i.imgur.com/XnWnEKV.png

This is not our company nor our AutoInvest.


Title: Re: Do i need at least 1 BTC to invest in BTC Jam?
Post by: BTCJamSupport on November 18, 2015, 06:43:48 PM
I've invested 0.05 just to try out their system... It works, but prepare to be scammed if you use autoinvest :)
I think it's better to manually review all loan requests, and only chose the ones you feel safest about... Even then, you'll get scammed now and then.

Yeah I completely agree with this strategy. I personally wouldn't use the autoinvest feature. I have seen many scammers on BTC Jam in the past, so definitely do your due diligence and don't expect to get rich from BTC Jam ;)

https://www.reddit.com/r/Bitcoin/comments/3sdkjd/i_got_a_btcjam_update/

Could also ask this guy for those interesting in hearing from others.


Title: Re: Do i need at least 1 BTC to invest in BTC Jam?
Post by: BTCJamSupport on November 18, 2015, 06:46:19 PM
Good to know not to use the autoinvest option, I was thinking about this last week and whether it would be worth it or not.  Sounds like even when you manually look after your  BTC there is still a high chance of getting scammed?

That isnt from our company. Im not really even sure that they have AutoInvest yet. Looking at their site it doesnt seem like they do have AutoInvest.


Title: Re: Do i need at least 1 BTC to invest in BTC Jam?
Post by: BTCJamSupport on November 18, 2015, 06:51:04 PM
IMO, any p2p online lending is very very risky, no matter how much you diversify it. It is very hard for any independent party to verify the authencity of the documents submitted. With BTCJam, they do not do anything even if the user default, arbitration will not work unless the ID is correct and you live nearby the borrower.

We have many users who use arbitration when awards get issued. We're in the works of testing out more collections based services right now to strengthen this up so hopefully we'll have some updates to strengthen the consequences in the future.


Title: Re: Do i need at least 1 BTC to invest in BTC Jam?
Post by: BTCJamSupport on November 18, 2015, 06:54:37 PM
Be careful with BTCJam site itself aswell. Some users report, that they are holding back withdrawals. I have no clue to how accurate this info is though. You can read more about it at https://www.reddit.com/r/Bitcoin/comments/3t8fl7/btc_jam_to_hold_peoples_bitcoins/ (https://www.reddit.com/r/Bitcoin/comments/3t8fl7/btc_jam_to_hold_peoples_bitcoins/)

There are other p2p lending sites out there as well such as loanbase.

I'll check it out, thanks for sending this over. Could be many reasons


Title: Re: Do i need at least 1 BTC to invest in BTC Jam?
Post by: faince222 on November 18, 2015, 06:58:38 PM
just sent 0.2 btc to BTC Jam to try it out but when i go to autoinvest it says i must invest >1 .... ?

If you want to invest you have to deposit at least 1 BTC. The only advice that I can give you is to don't use the autoinvest option because you'll be scammed. I can ensure you this.


Title: Re: Do i need at least 1 BTC to invest in BTC Jam?
Post by: Raimonn on November 18, 2015, 07:01:21 PM
I used Btcjam some time ago, and you have to look the reputation of the users as you can loose your money. I don't think that autoinvest is a great feature.

How long ago did you use us?

Some months ago (5 or 6 months ago), and all was nice, i lended an small quantity and i recovered all plus the interest. But i think with bitcoin prices rising lending its more risky.


Title: Re: Do i need at least 1 BTC to invest in BTC Jam?
Post by: twister on November 19, 2015, 01:56:02 PM
I don't understand why would people choose to lend online to people they don't know anything about and even that without any collateral. If you lend here on the forum you'd actually get better returns and since there is strict policy of no collateral no loan you'll get better security. Lending money on these lending sites is almost same as throwing it away, you might as well donate it to someone needy or gamble with it and enjoy it atleast imho.

They don't give out collateral, but to get an A+ status, they do have to give out all their personal information...
In case of default, the information goes to an arbitrage company, and after a couple of months, the lender gets the borrower's private info (drivers licence, utility bill, paypal, linkedin, facebook, ebay,...).

So, in case of a small loan, the borrower can lose his reputation amongst his friends, for a big loan, he risks being sued...
Offcourse, the chance of being sued is pretty small, so it's a risk some people are seemingly willing to take.

That all sounds good but do you thing people who take small loans will worry about their online reputation and that is if we believe that they are providing all the legit info, which I doubt they are. And for the bigger loans, even if you find out all the info you need to sue someone, would you take the hassle and funds to sue someone in another country? The costs of doing that might be more than the loaned amount. IMHO it's quite foolish to give loans online without collateral, even with collateral they're not fully safe as the collateral might lose value.