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.
I think your taking this over the top.
BTCJam aren't scammers at all, but what they are is very smart. Now, I'm not trying to ruin a companies reputation (nor do I think I'm capable of that) but let's be 100% honest about this.
Investing in BTCJam loans either means two things:
- You invest small, diversify your portfolio investing say 1% of your budget into 100% different loans or whatever percentage you want to work with. Smaller, but steadier returns. You'll encounter a scammer at least 30% of the time.
- You invest completely in one lender or loan big amounts to specific loans. Big returns, but bigger chance of lost.
I came to this conclusion after loading 0.04 BTC into my account, spreading it out equally over the site (this was before AutoInvest)...total returns would have been 0.10 after 10 months but only received 0.05 due to scammers.
Another issue is the belief that arbitration will always get your money back. Either the amounts are too small to go to court for and everyone just forgets about it. So some of you might be saying "Well then, don't invest small amounts and invest big to ensure you can always get your money back"
Yeah...doesn't work like that either. The arbitration award only offers you the debt from the site...you'd have to make your own arrangements to cover legal fees. You might not even get these back. You might not even get the case in your favour.
BTCJam has the potential to be big, especially in markets where the APR of loans is already high. People who are currently in debt can move their loans to a smaller APR, whilst also offering the lender a return, making both parties very happy. BTCJam has the potential to literally change a whole market, but it's systematically flawed and unless changes are made I have a feeling a great concept will die out.
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