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Title: BTCJam Investments? Post by: jogoma12 on March 13, 2015, 12:49:55 AM Does anybody have experience with BTC Jam? I have a couple of extra dollars that I want to invest and BTC Jam seems preety legitimate. I may be wrong. Does anybody have any experience with the site that I should consider?
Title: Re: BTCJam Investments? Post by: BitcoinFr34k on March 13, 2015, 12:56:16 AM There are a ton of scams on BTCjam. Reputation loans are expected before people start to take out 'real' loan. The site is filled with fraud.
It is probably at least 20x as risky to lend on btcjam as it is to lend on here Title: Re: BTCJam Investments? Post by: jogoma12 on March 13, 2015, 01:07:26 AM There are a ton of scams on BTCjam. Reputation loans are expected before people start to take out 'real' loan. The site is filled with fraud. It is probably at least 20x as risky to lend on btcjam as it is to lend on here Do you have experience investing there? I want to start small but I want to look past all of the marketing in order to make a good decision. I have seen a good amount of reputation loans though. Title: Re: BTCJam Investments? Post by: shorena on March 13, 2015, 07:23:28 AM There are a ton of scams on BTCjam. Reputation loans are expected before people start to take out 'real' loan. The site is filled with fraud. It is probably at least 20x as risky to lend on btcjam as it is to lend on here Do you have experience investing there? I want to start small but I want to look past all of the marketing in order to make a good decision. I have seen a good amount of reputation loans though. Test the waters with a small amount. Thats what I did. Just dont expect to get your coins back. Spread your coins over several lenders etc. the usual stuff. The problem with BTC Jam IMHO is that you cant trust any reputation other users have. As BitcoinFr34k said rep loans are considered normal there, here it would result in a negative rating for buying trust. Once someone defaults you have to wait for ~120 days (IIRC) and afterwards you get some useless papers. You have no way to request collateral, etc. If you are considering loans, do it in the lending section here, insist on collateral (use escrow if needed) and make sure the account was not hacked (e.g. get a signed message). Title: Re: BTCJam Investments? Post by: arallmuus on March 13, 2015, 08:51:16 AM There are a ton of scams on BTCjam. Reputation loans are expected before people start to take out 'real' loan. The site is filled with fraud. It is probably at least 20x as risky to lend on btcjam as it is to lend on here Do you have experience investing there? I want to start small but I want to look past all of the marketing in order to make a good decision. I have seen a good amount of reputation loans though. Test the waters with a small amount. Thats what I did. Just dont expect to get your coins back. Spread your coins over several lenders etc. the usual stuff. The problem with BTC Jam IMHO is that you cant trust any reputation other users have. As BitcoinFr34k said rep loans are considered normal there, here it would result in a negative rating for buying trust. Once someone defaults you have to wait for ~120 days (IIRC) and afterwards you get some useless papers. You have no way to request collateral, etc. If you are considering loans, do it in the lending section here, insist on collateral (use escrow if needed) and make sure the account was not hacked (e.g. get a signed message). indeed a useless paper and also full ID which the lender submit as verification, you will then need to proceed as your own if the lender doesn repay you But there are some legit user with hundreds of btc payback record there, cant say for sure, but do your own dilligence if you are lending someone, as always Title: Re: BTCJam Investments? Post by: jogoma12 on March 13, 2015, 09:59:35 AM Thank you guys. You all possibly just saved me my little BTC stash ;D
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