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! |
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I am from Turkey,
and it is not possible to verify my credit card and my bank,
BtcJam should work on that, Not all the people live in USA or Brasil
the ridic fact about that is, we have to pay more % since we don't get B+ or A Rating because of Missing Credit Card Verification. Yes, we know that hurts international guys and it's why we are looking at other options. We are thinking about this daily and are testing new services/connections daily to try to configure a process that would help intl borrowers. Tricky thing is that services that offer such an integration dont have a lot of international coverage to date. The ones that are best in the industry (that also pass our security tests) generally dont have the coverage in international countries that would really help our borrowers. Turkey for example, is a very tough country to cover with the above being said. I know it can be frustrating with the ratings on the side, that is one reason that we limited both the bank and CC to give you guys a fairer assessment. Sorry to be a bit pushy, but that is total Bullshit. To verify Bank Accounts and Credit Cards in Europe is more than easy. There are enough Companys that offer this Service. If they don't meet your Privacy Level, do it on your own! SEPA Verification via 0.01 Euro Transaction is quite easy. For Credit Cards also the same, EVERY Hotel uses a Credit Card validation System to see if your Card is legit and you cannot do that? There are enough Solutions, you had already enough Time, do something! You Guys are charging 5% Service Fee per Loan! (btw. i'm the only one who think that this is ridic high?) I wasnt speaking specifically about coverage in Europe but across all major continents. Really there are many things that go into this rating check that would need to be fulfilled, not just a simple SEPA transaction. We've looked into many options, none of which met our specifications. Thanks for the input. |
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I think a lending website that works on the concept of trusting nobody except reputable escrows. The amount of borrowers of your website who are con artists is staggering. In addition, I think a social lending website should be able to develop a mechanism that enables the sale of ownership of debts. Any information would be provided and a good hacker/detective can probably recover a purchased debt. There is far too much leverage for borrowers on BTCJam.
Appreciate the feedback. We are working hard on getting great borrowers & I think over our growth we have made advancements here. Fraud rates are down which is good thing. As blockchain tools/services keep growing I think one day something you mentioned might be possible. It would be more fair to us investors if a portion of the fees that BTCjam collects went to an insurance fund that would refund the principal on our investments in the event of borrower default. It would also likely improve motivation for borrower screening and debt collection if BTCjam assumes some risk by having skin in the game. Having a marketplace as a business is having complete skin in the game.. If the marketplace isn't good, rates arent good, borrowers arent good 0 we lose - it is a very simple theory. It's out business, Im not sure we could have more skin in the game than that. Screening is something that we are working very hard on to delivery better practices and lower defaults across the board. I will grant you that a good business reputation has value, but judging from the amount of negative feedback on this forum from burned lenders, I would say that BTCjam has at minimum a skin rash problem  . Equating the dings and dents to your business reputation to what lenders are losing in cash to defaults is begging the question of how to prevent defaults in the first place. Basically all you are saying here is that BTCjam is working really really really hard to lower the amount of defaults, and by implication that we lenders should trust you because you are working really really really hard on this (would also be interested in seeing some statistics on the number of BTCjam defaults and how much debt has been lost and recovered b.t.w.). As a lender I would personally feel more secure about investing if I knew that the company doing the screening is working transparently and has more than just its already damaged reputation at stake. We are working towards lowering defaults, that is part of the business in many ways. Being transparent about screening is tricky because we are then providing a lot of details about how we screen etc. Not sure that is the best idea at this time, but your comments are noted. We are trialling out some different collection methods/tools but aren't at a point to comment about that any more at this time. Thanks for sharing this. Out of the 12 Brazilian loans I have made since September... - 5 are paying on time
- 5 have not made the first payment
- 2 remain to be seen (first payment not due yet)
Looks like we are headed for minimum 50% default rate on Brazilian loans  Adding insult to injury is the fact that investors in BTCjam fiat backed loans are now getting massacred by a 100% spike in Bitcoin rates since September (that's a 90% loss of principal for a 10% loan - BTCjam is able to rate the borrowers and determine "fair" loan interest for them risk free, since BTCjam collects their fees up front when investors fund the loan). Is BTCjam some sort of stealth philanthropy project for Brazilian borrowers or WTF?!? Can you PM me an alias so I can check this out in more depth? Quite frankly we have more and more Brazilian borrowers and 12 listings is a very small sample size but I'd be more than happen to look into this and see what is going on, thanks! |
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Type: Credit Information
New Status: Invalid - The data in the photo and the information submited are inconsistent.
hi guys, hi BTCjam
What do you want more?
this is my third try, i've sent my bank statement which covers last 2 months with my google adsense earnings.
What can i do more?
I assume that your verification team is unable to understand what is valid or invalid.
Waiting for your support.
We dont take Adsense income for this verification. Please send us some tax documents or paystubs please. Thanks |
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I am from Turkey,
and it is not possible to verify my credit card and my bank,
BtcJam should work on that, Not all the people live in USA or Brasil
the ridic fact about that is, we have to pay more % since we don't get B+ or A Rating because of Missing Credit Card Verification. Yes, we know that hurts international guys and it's why we are looking at other options. We are thinking about this daily and are testing new services/connections daily to try to configure a process that would help intl borrowers. Tricky thing is that services that offer such an integration dont have a lot of international coverage to date. The ones that are best in the industry (that also pass our security tests) generally dont have the coverage in international countries that would really help our borrowers. Turkey for example, is a very tough country to cover with the above being said. I know it can be frustrating with the ratings on the side, that is one reason that we limited both the bank and CC to give you guys a fairer assessment. |
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Please let me know. https://btcjam.com.br/borrow/rates_and_feesThey got credit rating. Something is fishy. If somebody has A credit rating, why would he borrow at 14.8% return given that there are plenty of people that are willing to lend at 10%. Anything doesn't fit market value is suspicious. Those returns are based on interest rates across the market. My guess is that you are under the assumption that A borrowers have Interest ratings of 14%? Correct me if I am wrong there.. A borrowers don't get rates at that range they get them much lower around the rate that you mentioned 1% and sometimes lower depending on the borrower and the terms. The lower the rating, generally the higher the interest rate as the risk can be correlated there as well. We take market rates across all ratings with risk in the model to predict the returns. Also, these percentages that you listed or origination fees, not interest rates tied to the borrowers loans. Let me know if you have any more questions, and I hope this helps! |
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Please explain the new BTCJam Debt Collection.
Why is it buying partial in some loans and total debt in others?
At this moment I dont have much to say because we are currently testing a few different things with regards to collections. When we get a better idea and learn more about these early programs. Thanks for asking though, we do look forward to making some improvements in these areas. |
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I am from Turkey,
and it is not possible to verify my credit card and my bank,
BtcJam should work on that, Not all the people live in USA or Brasil
We are working on that daily. It is a complicated issue as getting international service for everyone is really difficult, we have to prioritize a bit in some ways here but we'll try to get more options up for you guys soon. Thanks for the feedback. |
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You can send it over in Turkish but for a quicker review a notarized version in english would be perfect. Please make sure to send over an income document from within the past two months. Thanks!
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i've get a loan and repaid it, now i have C rating account and can't get any loans.
Profile completeness 58%???
Do you have a suggestion for P2P bitcoin lending?
There is BitcoinLendingClub also known as Loanbase now and there is also Bitfinex.com : https://bitcointalk.org/index.php?topic=229438.0Note that all of the websites require some kind of verification for few documents to make sure people don't scam others . Google paychecks are OK for proof of income? It's not only that , people won't fund you unless you have good rating and C is definitely not enough man . Verify your bank account , Credit card , proof of income , LocalBitcoins , Coinbase , Paypal account , ID etc ... you should get A or B . the missing parts are; credit card proof of income bank account trying to solve:)) thanks man Can you PM me so I can look into this? |
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I think a lending website that works on the concept of trusting nobody except reputable escrows. The amount of borrowers of your website who are con artists is staggering. In addition, I think a social lending website should be able to develop a mechanism that enables the sale of ownership of debts. Any information would be provided and a good hacker/detective can probably recover a purchased debt. There is far too much leverage for borrowers on BTCJam.
Appreciate the feedback. We are working hard on getting great borrowers & I think over our growth we have made advancements here. Fraud rates are down which is good thing. As blockchain tools/services keep growing I think one day something you mentioned might be possible. It would be more fair to us investors if a portion of the fees that BTCjam collects went to an insurance fund that would refund the principal on our investments in the event of borrower default. It would also likely improve motivation for borrower screening and debt collection if BTCjam assumes some risk by having skin in the game. Having a marketplace as a business is having complete skin in the game.. If the marketplace isn't good, rates arent good, borrowers arent good 0 we lose - it is a very simple theory. It's out business, Im not sure we could have more skin in the game than that. Screening is something that we are working very hard on to delivery better practices and lower defaults across the board. I will grant you that a good business reputation has value, but judging from the amount of negative feedback on this forum from burned lenders, I would say that BTCjam has at minimum a skin rash problem . Equating the dings and dents to your business reputation to what lenders are losing in cash to defaults is begging the question of how to prevent defaults in the first place. Basically all you are saying here is that BTCjam is working really really really hard to lower the amount of defaults, and by implication that we lenders should trust you because you are working really really really hard on this (would also be interested in seeing some statistics on the number of BTCjam defaults and how much debt has been lost and recovered b.t.w.). As a lender I would personally feel more secure about investing if I knew that the company doing the screening is working transparently and has more than just its already damaged reputation at stake. We are working towards lowering defaults, that is part of the business in many ways. Being transparent about screening is tricky because we are then providing a lot of details about how we screen etc. Not sure that is the best idea at this time, but your comments are noted. We are trialling out some different collection methods/tools but aren't at a point to comment about that any more at this time. Thanks for sharing this. |
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I think a lending website that works on the concept of trusting nobody except reputable escrows. The amount of borrowers of your website who are con artists is staggering. In addition, I think a social lending website should be able to develop a mechanism that enables the sale of ownership of debts. Any information would be provided and a good hacker/detective can probably recover a purchased debt. There is far too much leverage for borrowers on BTCJam.
Appreciate the feedback. We are working hard on getting great borrowers & I think over our growth we have made advancements here. Fraud rates are down which is good thing. As blockchain tools/services keep growing I think one day something you mentioned might be possible. It would be more fair to us investors if a portion of the fees that BTCjam collects went to an insurance fund that would refund the principal on our investments in the event of borrower default. It would also likely improve motivation for borrower screening and debt collection if BTCjam assumes some risk by having skin in the game. Late fees are split between Investors and Us for this reason. We do have skin in the game  |
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Stay tuned...BTCJam staff has been fighting me for a month. They stole my deposit, changed my deposit address (an address that I had been depositing too for over a year), and are publicly denying that they did anything wrong. They wont return, or refund it, or even begin to admit any wrong-doing. Its hysterical.
I am going to provide all of the screenshots, conversations, etc shortly. I am posting this under Scam Accusations because there really isnt a category for "Lying, incompetent BTC businesses that previously were not problematic" I am leaving this up to the mods to move this into the correct category if it isnt correct. Then I will be able to kow where to post the follow up.
Once all you guys see this, youre going to most likely pull your BTC Jam account.
IRONY: As a journalist, I was supposed to be doing a puff piece on the BTC crowd-funded loan market and was going to talk about my experience over the years with BTCjam. Since I wanted to accurately document every step to my editor, I decided to make another small deposit, invest in loans, et al and then be able to explain it to him with supporting screen grabs. Instead, they lost the deposit and have been caught in a cover up, straight out lies, and more
So Im going to wait on the mods to make sure this doesnt need to be moved into another category. If it doesnt move after a day, then Im going to put the details here in the "Scam" category; a follow up to this post
End Note: Emails from bitcointalk and BTCjam members are really what prompted me to put the details out there. Sorry for the delay. Also, I need to clear this with my editor. As long as there is no conflict - because they may decide to do the story on the ripoff - then I will publish all details here. If there is a conflict I will link to the story here.
Hey there, You told us that you had connections on your account which you did not approve so under security measures we parked the account thinking it was compromised. You then deposited to the account you told us this happened at while we had already changed deposit addresses. We'll happily return your funds, please send us a TXID for this and we'll get this resolved. PM this if possible, thanks! |
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I think a lending website that works on the concept of trusting nobody except reputable escrows. The amount of borrowers of your website who are con artists is staggering. In addition, I think a social lending website should be able to develop a mechanism that enables the sale of ownership of debts. Any information would be provided and a good hacker/detective can probably recover a purchased debt. There is far too much leverage for borrowers on BTCJam.
Appreciate the feedback. We are working hard on getting great borrowers & I think over our growth we have made advancements here. Fraud rates are down which is good thing. As blockchain tools/services keep growing I think one day something you mentioned might be possible. It would be more fair to us investors if a portion of the fees that BTCjam collects went to an insurance fund that would refund the principal on our investments in the event of borrower default. It would also likely improve motivation for borrower screening and debt collection if BTCjam assumes some risk by having skin in the game. Having a marketplace as a business is having complete skin in the game.. If the marketplace isn't good, rates arent good, borrowers arent good 0 we lose - it is a very simple theory. It's out business, Im not sure we could have more skin in the game than that. Screening is something that we are working very hard on to delivery better practices and lower defaults across the board. |
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That loan went in about 2 minutes. It's something we are working on when it comes to AutoInvest getting into these plans. We're gonna be tinkering with some adjustments to AutoInvest so that you get into these loans when they become available. |
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You might want to do some homework about how a company collects and the legal frameworks that need to be accomplished if you think this is an easy task. If it was easy, you'd see many companies doing this.
We are always looking into ways we can do this in the future. Not sure what you know about collections process but it is very difficult to do this as a company. There are many legal hurdles that we'd need to accomplish in order to do this and I'm not so sure we are going to be able to do this right now. Would we want to collect for you guys? Yes. Is it something that we think about and try to figure out? Yes. Is is something that gets done in a week? Sadly not.
If it's not easy for easy for you imagine how easy it is for your investors! The way you are dodging your responsabilities is very disturbing. You advise to invest small amounts into each loan and then you say you have nothing to do with collections. So people from all over the world each with a $5 investment have to do all the work to make collections? Basically what you saying here is that defaulting won't have any consequence at all. Im not saying that at all, what we say is take the risk into the model when you invest because we calculate this and diversification is a good way to have positive returns given that we do this. There are people who use arbitration to go after borrowers with success and they usually buy up notes to do this providing other lenders with liquidity (even if it is at a fractional amount). It actually is easier for a lender to go after borrowers with these agreements then it is for a company to get aligned and formed properly to do this in house. Thats what I was saying. |
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I think a lending website that works on the concept of trusting nobody except reputable escrows. The amount of borrowers of your website who are con artists is staggering. In addition, I think a social lending website should be able to develop a mechanism that enables the sale of ownership of debts. Any information would be provided and a good hacker/detective can probably recover a purchased debt. There is far too much leverage for borrowers on BTCJam.
Appreciate the feedback. We are working hard on getting great borrowers & I think over our growth we have made advancements here. Fraud rates are down which is good thing. As blockchain tools/services keep growing I think one day something you mentioned might be possible. |
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I've been a lender on this site for a few months (never borrowed) so I haven't had to upload ID or other personal documents. I've sold notes on there before too, but just recently I tried to sell a note and was told " You need to verify your personal information before trading notes." I emailed support a few days ago asking 1) why I could sell notes before and now can't, and 2) why do they need my personal info for me to sell a note? I haven't received an answer yet.
If they reply that they will continue this policy -- which seems like an unnecessary reach for private information-- then I will stop using the site.
I'll post back with their reply.
I have same problem so I also want to stop using BTCJam and I want to withdraw my funds from BTCJam. But I can't neither sell notes nor withdraw BTC. I asked BTCJam about it and got the answer : "Hello there, in order for you to be able to withdraw, you have to verify your identity in our platform. You have to submit a photo of your ID and also you have to provide your address. Make sure you do that on our website." So BTCJam has enforced a new rule I don't really like. But I dont have a chance to withdraw my funds from BTCJam without following the new rule. Only good thing is I don't have autoinvest enabled, because that would properly work ... A not happy BTCJam investor -Halb Here's the latest: it took several days for BTCjam to reply to my ticket, and they said that they do indeed have a new policy where you can't trade notes unless you upload a photo ID. They said the reason for this is that some people were manipulating the notes market. That may be, but this site is no longer for me. Sorry to hear this! We are trying to protect the notes marketplace and make sure there is not any manipulation of any kind within the secondary marketplace. Unfortunately this is the best step to being able to have a strong secondary marketplace. Sad to hear that this really upset you. |
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Three days ago I requested a deposit to my btcjam account. In the blockchain the movement apears to have gone through but the money never entered my account. Now I am faceing overdue charges and all my money is lost. I know the bitcoins are in btcjam possesion(because I can see their autamated deposit system) but they have refused to answer to my every comunication. Their support system is completely absent. I have sent numerous messages but no answer at all to any.
Very depressing to see this kind of good ideas go so easily to trash because of their lack of care for their clients.
BTCJAM: answer your tickets!
I donīt advise to borrow money in this site as it is not trustworthy.
Hey there, Can you PM me your alias with us so I can look into this. We made a change with deposit addresses recently, maybe the funds were sent to the old one? PM me your info and I'll make sure we get this resolved, thank you. |
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hi i have a question
if i get loan 1btc($230)
but btc price change 115$(half of 230$)
How much do i pay?
1btc?230$?115%?
We have two types of loans, Bitcoin only and linked BTC. Linked would protect you from the volatility of BTC price. Your borrowing amount can be pegged to a currency so that you always pay back that amount + interest. Its a good way for borrowers like you who are worried about volatility when paying back. Hope this helps |
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