Bitcoin Forum

How has anyone's experience been using this site. I know it is rather newer. I have been on it a bit, and had some defaulters, but most are paying. And I pay all my loans early.

What is your opinion on this site?

Wait, you borrow and then lend?

It is a scam site.

I am using it for short term business loan and must say the loan dashboard is utterly confusing and I opted to verify exact loan repayment terms with support. It's loan #517, will post more detailed explanation when i'll be on pc.

No, I keep my Loan book and Lending book separate, or else it would cause me to default if others defaulted, that would be absolutely stupid to do, and be highly unproductive.

BTCJam is a great site, but you have to be very careful as an investor. I've lost a lot of Bitcoins to scammers. There are active, repeat scammers who are very creative. Others are just college students looking for handouts who don't intend on paying back. Look for only rated members with an identity that you can fall back on. Best bet is probably to invest in Lurk's many loans; they pay out well for how early he pays them off.

Interface is a little cluedgy in spots, but I think it's good on the whole. I've never asked for a loan on the site, so I can't say from that side of it. Developers are very responsive.

My two bitcents,
Teran

Its not a scam site. It does however have scammers who operate on it, so be careful.

I agree , it is NOT a scam site, however as any place, there are scammers present.
So yes, be careful who you invest with.
And never take out loans to pay other loans you owe on, you will end up with no investors.
Keep your loan books and investment loans separate if you deal with both.
I have been pretty good success lately on there, so I am happy so far.

I really like the idea, but it seems difficult to get funds for anything unless you have a backup plan for everything.

So it's a scam site then. If it doesn't say it on the tin then what does it contain? Dummy.

... scammers operate on this forum, so by your logic this forum is a scam forum?

Learn what btcjam's product is before you criticise it.

tried it two times and both lenders defaulted .... Nice idea... but not a solution other to get ripped of your money very fast :!

I'm somewhat involved with BTCjam and have even done business with SynOps above, who's been shown to be very reliable and honest, from what I've witnessed/experienced. A couple of borrowers have sadly defaulted, although it could just be a late payment issue and they will repay at some point (especially seeing as their ID etc. is verified and they're interested in extending their credit line, which is impossible if you're late paying existing debt).

If I wind up losing funds via this site, it will at least be an interesting experience. I could tell a tale in future if one BTC is worth millions of $$$, of how I lost "millions" on a lending site! ;D

Yes, scammers do operate on this forum - but then I am not recommending people to go about using them and taking them for their word, am I?????

I'm sorry but whoever you are, you are encouraging people to put themselves in financial jeopardy on a site like that.
I am testimony to the fact you will get 'don in' on that site as I am already owed at least 15 payments amounting to about half a dozen BTC. Thanks for contradicting me on this...

Neither is BTCjam, and neither is anyone else recommending to go about taking anyone for their word in finance.  Obviously you've not read BTCjam's warnings which are very prevalent, here on this forum, if not on their site.

I am seriously considering using BTCjam to raise some funds while raising some funds on Kickstarter (really, to pay for a highly successful kickstarter rewards package) - I prefer Kickstarter's reward model to the BTCjam loan model, but BTCjam's is much quicker to get in gear. 

Furthermore, it's not the case that every loan that you make will be repaid, but that doesn't make every default a scam.  If you make a loan to a startup business, and the business fails, you will likely lose your money, but that doesn't mean you've been scammed. It means that, just like getting scammed, you likely failed to perform due diligence before investing.

Have a re-read TheDarkNight... I have not made any statement 'encouraging people to put themselves in financial jeopardy', neither am i 'contradicting you' so no need to feel insulted.

FYI for the record, I am also owed more in defaulted repayments then you are owed, way more than half a dozen BTC.

What BTCjam does is called peer to peer lending, its a business model which is well proven and is not a scam which you claim.

You sound very disgruntled at the fact you took the financial risk and lost out. Accept it and move on and see the site for what it is instead of labelling it because of your own misfortune. That is slander.

I lend there, I look for barrows with a credit rating of 8 and short term loans with good interest rates.  So far the loans that have paid have covered the long shoots.  Occassionally I will put a small amount on a long shoot.  I'm learning all long shots are a waste of time.

There are a number of really good long term loan options as well. 

+1 I have had a really good experience there thus far.  It is not a scam site.

I lost some bitcoins there. It is a pitty. I ask to site send me the Facebook of the guy, but the site never replied my email.

So far I've made every payment on time.

if i was you i wouldn't put any coins there. the operators refuse to do anything against scammers even when they have all the info they need. (the taxi company dude even put photos on the website to proof it was legit loan request)

lost 10 out of my 12 coins i put there after about 5 loans of wich 2 defaulted.  and i'm not a retard to blindly invest in obvious scams... those are just people borrowing and not paying back because they know the site admins won't do shit either way

Has anybody every encountered any problems with the level of personal information this website wants?

It seems like you have to submit a considerable amount of information, like your credit score and passport, to get a decent "reputation score".

I have gotten 3 loans from the site, but i might not be able to pay back one in full... how will it affect my rating on the site if i dont manage to pay it back in full immediately?

but ive only taken a few loans but it has worked out awesome, but i think i may have been slightly too generous with the interest rate on the last loan =/

I have been on the site for a month and have loaned out .7 btc right now I am having a problem getting it to withdraw my funds? Here the message I am getting ....  "Error executing transaction".
I have sent emails for a few days and I am not sure if I am getting the blow off. I will keep everyone posted.
Wattda

more complaints here,  same support issues

https://bitcointalk.org/index.php?topic=112447.1260

Ok guys my issue has been resolved and I am cool with the outcome. Now I only have to worry about the dead beets that won't pay back their loans. The joys of being a banker  :P

That, will never be solved.
They request lot's of information and confirmations and blabla.
But when it comes to people not paying back their loans, it is us who get's burned, not btcjam.
At least, btcjam would pay us the initial investment and go after the person.
In the current model, all that information is simply useless.
BTCJam, you caught me once, you won't catch me again.

I think I am going to stop investing until they (btcjam) can share the loses.

BTC Jam is a good and usefull site.Of course there are many abusers.

This can be solved by BTCjam collecting on the loans themselves instead of forcing the individual lenders collecting on them individually.

The fact that lenders need to collect on defaulted loans means that collecting on defaulted loans is almost always not economical so lenders will not even attempt to do so

What happened to your loses, isn't there any punishment for abusers on that site?

its a good site as long as you make sure you are dealing with reputable people.
If not, be warned of extra extra scam.

The amount of scammers is scary over there

I had good dealers on this.

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.

It's a flip of a coin. Imagine it this way: by lending bitcoins to someone, you're trusting that they'll pay you back.

I'm sure that you have some proof to back up your claim. Being a newbie, there is no reason for anybody to just take your word for it, so please share your sources.

My experience so far in BTC Jam is good, and I never get scam by somone. The bad experience maybe when the borrower late to pay the money, but it's okay it's not a bad thing.

like everywhere, where is possible to trade bitcoin:) actually, it is just nature of something without reverse charge and authority..

Just joined hopefully its not as I have read,the community really needs a credit/loan system.
Setting up a test loan,have to say they want a lot of details before signing up.

I've done quite well on that site, I like it. 

I loan out money, I do not take loans.

it were a good project to help people development on the real life,but no garante that will return,i lost a bit on it but my profit cover the loss,but the main problem is there is no collateral soo you never know if someone will really repay the loan soo better stay away or choose how much you can afford to loose because a loose will happen too many scamers over the internet

Using BTCjam for about 3-4 months.
NIce way to grow your Bitcoins  :D

i invested in like 30 Loan's only A or B Reputation and still more then 10% of the Loan's are not paid back. If you want to used it spread your invest and avoid everything below B Score.

Well i was also looking for the reviews on BTCJam, so there are mixed feedback, i am still not sure whether it is a good option to go with or not.

Thanks

If you're willing to do your research and not just rely on the credit score that BTCJam gives, you can do very well. If you don't research potential investors very well and are too quick to lend your money out, you could easily lose money.

I use BTCJam and other P2P lending sites as an investment and have done very well.

I wrote an article telling my experience so far: https://yeppudaproductions.wordpress.com/2015/03/27/btcjam-e-genericos-nao-use/

It is in Portuguese but you can use Google Translator.

the problem is even if the person has good reputation and was able to pay their past loans they can still scam people.. I've already 8 pending payments to be collected and they were reputable members and they went AWOL

Yeah finding good investors is the key here but those are very less i think and i'll try to not be quick in lending. Since you have been there would you suggest any trusted lenders where it is safe to invest.

Thanks

Exactly first people build their reputation with small loans and then they apply for big loans and once it is funded they are gone. I mean this has happened many times, since i have reading people experiences.

i was ghoing to invest but after this post, it is better to avoid it i think, also i did not find a low loan to invest in, they start from 0.5+, not really comfortable with an amount that is so great at first try


could it be that their account are hacked or that those are fake trust build by the scammers itself, by having many account?

Yea, been a member with them since forever and frequently took out loans for investments.

They systematically changed their rating criteria causing my rating to drop to C+ - I refused to give them unnecessary information since they already had more than enough information in case I defaulted on any loan.

Recently they changed their strategy and prevent borrowers to set their own terms and we were forced to accept their ridiculous higher interest rates.

The final straw for me was a week ago, they changed their interest rate again and want me to pay 49.95% on a 0.70 BTC loan for 30 days.

I'll rather sell my kidneys on the black market for money Bitcoin before I make a loan on their site again.

H

Well i think interest gets lower with the number of verification steps you complete with them. I think they done this so that you get your profile completely verified before request any loan to avoid on defaulters

I quit, i've got 2 defaulted loans both were +A users.. seems like that you're going to lose your investments if you keep on investing

btcjam is very great platform for loan....its use helping for increase your business....and increase your investment portfoliyo.....

BTCJam is not scam but unfortunately is full of scammers
Is any other website like BTCJam?
Because they don't accept any country and this is sad.
Anyway BTCJam is OK.

Is there an official BTCJAM thread here?

Yea, just search for loan shark and you will find it.

Yes there is actually , here you go : https://bitcointalk.org/index.php?topic=112447.0 you can ask your question there and they will answer you fast .

I lost my 2 investments at btcjam.

I got all the way to verifying address.
Once they asked me to break my banking terms to verify my account I decided to just stop.