Yeah, you can't really call it interest at that point, since you can't really charge that amount if you are not owed it.
I appreciate all the changes BTCJam, but if they want to move into the real world of collections, transparency is going to be the key. The incorrect interest calcs, plus the inability to see what payments were made and when as well as the impact on principal and interest is a HUGE problem for this site. I may sound like a broken record, but in the meantime BTCJam is opening itself up a large potential issue that can EASILY be avoided thru transparency. We are totally transparent, the interest calc is correct, the only issue is that you want to discount the interest rate in case of early payments and we do not do that. We can implement that feature, some institutions do not allow early payments, others charge a penalty because it lowers the roi of investors and some allow it, it's really a matter of choice. You can submit this feature request at our uservoice feedback widget, perhaps we can make this optional and let the borrower choose, since it will affect investor returns. I understand why you don't discount for early payments, it's important that lenders know how much they should be receiving. Thanks for the note trading feature, Tulkas!
Just one question - what happens to the notes after they are sold? Will they still show up on 'my notes' page, or will they just disappear?
As a general remark, it would be great to have access to a log of what happened with the account. Coins in and out, loans funded, payments made in/out etc. Am I the only one missing that feature?
Yes, the interface is being made. We are implementing filters because just displaying everything will not be useful. Glad to hear that you're working on new features. Would there be a system in place that would keep someone from buying notes on their own loan? with a sock account? |
|
|
|
|
cloudhasher, I would like to clarify something...
The "Hero Member" title is not a title bestowed upon someone for their acts or deeds. It is merely a title given to you when you reach a certain post count. (crossposted to other thread)
|
|
|
|
|
cloudhasher, I would like to clarify something...
The "Hero Member" title is not a title bestowed upon someone for their acts or deeds. It is merely a title given to you when you reach a certain post count. (going to crosspost this to other thread)
|
|
|
|
Anyway, back on topic. Situations like this are why I favor a reputation based system over scammer tags. When a company has so many positive transactions, to ruin their reputation over a couple bad incidents when they may be understaffed/overworked/whatever, seems a bit like shoving them over the cliff because they tripped on a stone. I said something similar about BFL a couple weeks ago. Asking for a scammer tag is a little premature, it isn't obviously a scam, just looks like some incompetent boobs who have very little experience, and at least they have delivered in the past. Handing out scammer tags every time someone doesn't meet a deadline is just going to drive businesses away and may even dissuade people from trying new ideas or funding that new start-up that looks promising.
We should be encouraging businesses and new innovations, not shrieking for scammer tags over customer service issues or terrible PR, or missed deadlines (although I'll admit it is getting a bit ridiculous)....
I thinking losing someone's silver and then pushing them into the "when they have extra time" bin is a little bit more than tripping on a stone. It is certainly indicative of them being overworked/understaffed though, but it does make me wonder exactly why they're giving him such low priority. Regarding BFL, as a customer I expect to receive 60GH/s and they seem intent on delivering it. Update time since it has been 3 weeks since Jay's post.
I received an email on March 30 from Jay advising that his shipping staff will ship my silver 'when they have extra time'. They are apparently very busy at the moment and my order is low priority.
Will update on further info.
|
|
|
|
|
Let us know when/if they disclose the IP.
|
|
|
|
Why no scammers tag?
Because the moderators here are a joke. Moderators aren't your private nanny. Then why do they bother with scammer tags in the first place? I bothered because I wanted to help, warn people, and see people get what they deserve. It just causes drama, grief, whining, etc. so I just don't bother anymore, at least not publicly. So scammer tags are like push-to-cross buttons in NYC? They don't really do anything but just cause confusion and you don't actually hand them out anymore? As long as people see people with scammer tags, expect people to ask that scammers receive scammer tags. |
|
|
|
Otoh, i also have a large amount of shares, and want to know how to proceed. I cannot pay the current BTC required for upgrade and its just a silly amount.
I bought 900 shares pre-IPO and have stuck with James for over a year now. He needs to be competing with ASICMINER and others, i am not really willing to stump up even 10's of BTC for an upgrade when as you say our coin paid for the hardware in the first place. We should be getting profit, not worrying about getting our coin from the upgrade fee back within the tiny duration of the initial outlined TERAMINING contract.
I do hope he comes through and gives a really competitive free upgrade option. I also think 1 year should be minimum for the contract length, and upto 2 years if he is asking for more money.
Occulta
You gave all the legal proofs, gigavps asking? your id, tax number, address proof, notarization, apostille......? I think he's just complaining about the paid upgrade option. |
|
|
|
ps: In addition to secured loans you can also invest in mtgoxusd or mtgoxeur referenced loans.
Good for them. I didn't have the option. |
|
|
|
|
I'm glad to hear that you are accepting bitcoin! I would call the market/price right now volatile though.
|
|
|
|
|
I have sent you a PM as well as an Email Tulkas. Even if "talks" are unavailable at the time, I would like a response.
|
|
|
|
Update time since it has been 3 weeks since Jay's post.
I received an email on March 30 from Jay advising that his shipping staff will ship my silver 'when they have extra time'. They are apparently very busy at the moment and my order is low priority.
Will update on further info.
If your order priority is low that means you're just the tip of the iceberg. |
|
|
|
Let's see if this is legit or a scam. I placed an order for 1 coin from their website.
Sent the bitcoins in. Got the email confirmation of the order. Called both numbers several time, left voice mails. no returned phone call.
Sent an email asking for shipping status.
No responses yet.
It is almost 9pm in Wyoming. When did you call the numbers? |
|
|
|
How bout it James at least an answer as to why you choose not to try to do something. I have posted this very scenario 3 times at least.
Knowingly allowing the trading of Gigamining contracts under my control would put Gigamining in a classification where I would need to register with a bunch of three letter agencies and would need to spend an exorbitant amount of fiat on lawyers and government fees. This is the same reason that Coinlab does not allow the buying and selling of their loyalty points between miners. So you don't want to allow trading of Gigamining contracts because of these three letter agencies, but you demand us, your customers, to go through your ridiculous claiming process because of those same agencies? If the 3 letter agencies get involved so you can transfer your contracts both you and the buyer will have to submit information. Both of you will likely have to submit more information than just going through this claims process as well. |
|
|
|
The price was pretty stable when I got my loan.
Do you even know what makes a market stable? Cause bitcoin is more stable then it used to be but it is not completely stable, when your converting to fiat and back you need to know the risk with that. If you know if it goes up and you can't pay the investors back then maybe you shouldn't take the loan. I was meaning to highlight that the price was stable in comparison to prices lately. There weren't 20 dollars jumps in either direction in a single day. |
|
|
|
Then you deserve a scammer tag, cause that is bitcoins, you know it could do that, you accepted that risk when you took out a loan. This also takes away from the people that are paying on time, all my loans are coming in no issues.
I think the scammer tag would only apply if the borrower and lenders didn't come together and agree on how to resolve the issue. If the lenders decided to take a cut on this and accept the borrower repaying a lower amount, that won't automatically make the borrower a scammer. Hopefully that will also incentivize the borrower to actually talk to the lenders, instead of just frieze up and try to disappear, which is a rather big problem out in the non-bitcoin lending world, too. But he obviously hasn't thought of the risk of accepting bitcoins as a loan medium. I think that deserve some kinda of special tag, not knowing the risk is just as bad as scamming in my opinion. It also makes it unfair to people that actually did pay back their loans. Who took the risk though? The person accepting a loan in a rapidly appreciating currency, or the person giving out an unsecured loan to an almost anonymous person online? (The same question is still being asked regarding housing bubble, with borrowers v.s. banks) Well we are talking about two different types of risk. While yes there is a lot of risk sending anonymous person online coins, I was just focusing on the risk of converting coins to dollars. The market is too crazy look the market was hovering in the teens and 20's then shot up $30 then $50 and now we are sitting in the hundreds. I am just saying I think people need to understand the market better, before doing loans to convert to dollars. The price was pretty stable when I got my loan. |
|
|
|
|
If i'm going to be getting a scammer tag I really don't have any incentive to pay back at all.
|
|
|
|
Has anybody sold his shares to another user privately with success? I have 85 shares and want to do it, I really don't want to make that verification process  Wouldn't be very smart to say this in public, would it?  Sounds logical So I'll correct myself, I don`t have 184 shares that I'm not willing to sell them so someone that has already verified himself. Don't PM me Amazing how there is only 1 person with 184 contracts.  Please use the official claims process to have your claim verified and paid. How should this matter? You won't know if it's ashitaka who made the claim or somebody else. Giga can't tell people they can have someone else claim their contracts, but there's nothing stopping you from doing this privately. The only way he will know if that you do this is if he already had your private information and/or one of the parties announces it publicly. Do I really have to be so blunt? |
|
|
|
Seems like the soaring exchange rate has encouraged many to "forget" to make payments. I'm done with unsecured loans.
Understood - but for some people who borrowed and used the money in real economic endevours, the rates now on repayment exceed loan sharks. More specifically, when pegged to real currency, the loan violate many jurisdictions usuary laws since given the currency exchange the "interest" is now in excess of 400%. At the same time I can understand the argument that these are pure BTC loans and no reference to local currency should be made. I think that ignores the real world of getting BTC to fund real world tasks which often requires the conversion. I am in this situation. I won't go into detail here though. |
|
|
|
|
Won't the prices be going up? I doubt that a website making 450k sales in a quarter is going anywhere. I hope that it has a chance to make a quota next quarter to bring it back to competitive prices.
|
|
|
|
Everybody a millionaire? That's a bit exaggerated, don't you think? Maybe libertybuck, but everybody? Let's say that everybody in this thread did an excellent investment The Batch #1 Avalon was about BTC 105 If you got your machine early (2nd week of March), the accumulated generated BTC amounts to about 135 If you can hold on to those BTC 30 then yes, in 20 years you can be a millionaire if hyper inflation hits all currency markets... (Next projected difficulty is in the 7.300.000 range, so daily returns diminish. Also I'm not taking in account customs cost for import and hosting facility like cooling, it's 1 degrees celcius out here, and electricity costs) Many people bought back there bitcoins from bitpay for their BFL orders because they wanted to hold onto them this thread is epic thread, everyone here is now a millionaire
congratulations for such good investment I missed this boat
also, by the difficulty I thought all 300 were delivered.
me too. Also i love Avalon guys even more now since they deliver all the "single unit" orders first and then will sent the rest to the ones that had more than one units in order! (this is my impression) If that is the case I can understand why they would do that. Though if I were to do something like that I would do it for single/bulk orders per day/week that way someone who ordered a few units is t behind someone who ordered just one weeks later. Edit: sorry about quote spam, iPod is annoying |
|
|
|
|
Show Posts
