BTCJAM rep,why not let people speak their thoughts rather than countering everything! This is not a BTCJAM help thread.Big and Bold because you missed it last time.
THOSE HERE ARE ABLE TO SPEAK THEIR MIND WELL AND CLEAR. I AM NOT AN ADMIN HERE NOR AM I TRYING TO JACK THE THREAD. PURELY CONVERSATION AS THIS IS A FORUM. IF YOU HAVE A PROBLEM CONTACT SOME ADMINS. CHEERS BUDDY |
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speaking of recent exp, i have one so far and is pretty annoying. so when you set on two factor author, is not easy to turn it off, they will asked is your photo holding your ID. i think why they keep that way i don't under stand it, you can easy turn on 2FA but if you turn off 2FA they will making hard for you. and i have to wait 2 business days (you would be longer waiting if you make request in Friday).
You can use Authy and push the reset yourself. Some places have TFA resets that take two weeks. We do a lot to insure that is protected and secure when this change is made so we take a little extra bit of time with it. But we are compatible with Authy if you wanted to be able to push this reset through their product instead. Hope that helps |
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Rating people anon is a great way to have a reputation system manipulated. Random ratings from themselves - this is why we do that.
Well as someone that invested multiple BTC at your site I can say I disagree. I could see not letting someone give feedback if they just created an account, but after they have invested more than a BTC in multiple loans? You logic makes no sense. I could easy give false ID and you would let me give feedback. Many people have had success with arbitration. We are upfront about our model and how this is done as I mentioned before. Really? I've never heard anyone that has had success with it. Where are these success stories? I think we agree to disagree on the last point, I've mentioned numerous times in this thread why we feel differently.
Of coarse you don't want to put yourself in the same place as investors, because you know you would lose. Your business model takes upfront fees and leaves the investors to fend for themselves. That is the key problem with BTCjam. The business model pushes all the risk onto the investors. That is what you should be putting in your FAQ. Mentioned numerous times, this is in our FAQ. We have user worldwide who use the NETarb contracts. Stories? I mean, it's not like every time someone uses this they run to the press to post about it. With court filed documents and moving legal settlements these users usually try to maintain some level of privacy. |
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We're working hard to make the marketplace better. Thanks for sharing your input here. Time will tell how these things work out but we are trying incredibly hard to bring higher quality borrowers to the platform while being able to provide them with great rates. It's very tough at times, but I think the coming months we'll be able to provide more details backed with data about all of this. |
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I think this is mandatory! You mean that btcjam does not chase the defaulter in any way? It passes it along to investors?
Correct - and most users walk away rather than go to court for what is (usually) a small amount. BTCJam doesn't care - they get their cut up front. In Canada, it's actually very easy to collect on a debt certificate. Just simply file it in court and you get your money - the defendant has no chance to provide a defense because he/she has already lost. I started up a website called coindebt.ca and even then I couldn't find enough interested people to make it work. That's why you always need collateral. Of course, by its very nature; BTCJAM is global meaning that jurisdictional and legal difference between countries makes collection of debt incredibly difficult, not to mention costly. As said before, BTCJAM is an awesome idea but unfortunately it is a scam magnet. So BTCjam just pushes the global jurisdictional problems onto the investors. That is really their business model, push the risks and problems on to the investors and then post nonsense guides about how one can avoid the risks or collect the small amounts owned to them by a defaulter. (Assuming the investor diversified as the site recommends.) If they would at least be honest about what they are doing it wouldn't be so bad. You are totally correct that the site is a scam magnet. There are many legal hurdles around what you are talking about. If it was as easy as you guys described don't you think there would be many companies doing this? Per your comment, we actually make our entire operation very clear in the terms, investor/borrower agreement, FAQ and so on. We are not stating that we do these things and don't follow through. There are numerous legal hurdles that we'd need to accomplish to provide these services you ask for. We of course want to do many of them, but it's very hard accomplishment capital wise. BTCjam posts advise that if investors follow ensures they won't be in a position to gain by going after the scammers. Instead BTCjam should just come clean and post that when someone scams BTCjam isn't going to help and there won't be anything people can do to actually collect their money other than to beg the scammer to give it back to them! The BTCjam arbitration awards are basically a joke and most likely don't have valid information about the lender in them either. You basically want the investors to do all the work. BTCjam even makes it very hard for investors to even provide feedback! Why should an investor have to have give his ID information to you before they can provide feedback on borrowers that they have loaned BTC too? BTCjam actually ends up being supportive of scammer and biased against the investor. That may not be the intent but that is how it works out. It shouldn't be so hard to make a profit by loaning bitcoin. There is a very simple fix for your business. Put BTCjam in the same position as the investors. Don't collect an upfront fee, collect part of the fee from every payment. If that was done I'm sure all the problems would be fixed is short order. Rating people anon is a great way to have a reputation system manipulated. Random ratings from themselves - this is why we do that. Many people have had success with arbitration. We are upfront about our model and how this is done as I mentioned before. I think we agree to disagree on the last point, I've mentioned numerous times in this thread why we feel differently. |
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You'll continue to see a lot of changes with us going forward, we are getting a lot tougher on fraud and bringing quality borrowers to the platform.
Hi When do you plan to begin to take fees from repaid loan amount? This is tough On what date we can expect your partnership with global collection agencies like Atradius Collections? This is obvious next thing to do We don't have plans for that right now. We are thinking about it. There are numerous things we have in the pipeline to begin strengthening ties to borrowers. |
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I think this is mandatory! You mean that btcjam does not chase the defaulter in any way? It passes it along to investors?
Correct - and most users walk away rather than go to court for what is (usually) a small amount. BTCJam doesn't care - they get their cut up front. In Canada, it's actually very easy to collect on a debt certificate. Just simply file it in court and you get your money - the defendant has no chance to provide a defense because he/she has already lost. I started up a website called coindebt.ca and even then I couldn't find enough interested people to make it work. That's why you always need collateral. Of course, by its very nature; BTCJAM is global meaning that jurisdictional and legal difference between countries makes collection of debt incredibly difficult, not to mention costly. As said before, BTCJAM is an awesome idea but unfortunately it is a scam magnet. So BTCjam just pushes the global jurisdictional problems onto the investors. That is really their business model, push the risks and problems on to the investors and then post nonsense guides about how one can avoid the risks or collect the small amounts owned to them by a defaulter. (Assuming the investor diversified as the site recommends.) If they would at least be honest about what they are doing it wouldn't be so bad. You are totally correct that the site is a scam magnet. There are many legal hurdles around what you are talking about. If it was as easy as you guys described don't you think there would be many companies doing this? Per your comment, we actually make our entire operation very clear in the terms, investor/borrower agreement, FAQ and so on. We are not stating that we do these things and don't follow through. There are numerous legal hurdles that we'd need to accomplish to provide these services you ask for. We of course want to do many of them, but it's very hard accomplishment capital wise. |
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I'm currently a new investor on BTCjam.com as of this writing I currently have ฿ 2.18198710 in my account and I'm trying to withdraw 2 btc and it keeps giving me "withdraw error" message. This is my first time withdrawing my very own bitcoin from BTCjam that I did not borrow, and it wont let me. I emailed support August 30 I received no reply I followed up on my first email on September 1 and I received this reply "You do not have TFA setup therefore you want to split the amount of BTC to withdraw. Over ~500 requires TFA for a withdraw so try it in two parts. Let me know if this works! Sorry for the delay!" So now I have activated Two Factor Authentication, I tried withdrawing small amounts, I tried different browsers, It still gives me "Withdraw Error" I emailed support again on the same day September 1 and I get no response I emailed support again on September 3 and I get no response I emailed support again on Stepember 5 and I get no response I created a new email support September 6 I get no response besides the automated response "Thank you for submitting your request. We have received your request and are working on responding to you as soon as possible. If you have any additional information to add to this case, please reply to this email." now I'm frustrated and worried. I am an investor .. I have invested many bitcoin, and I'm just trying to withdraw my own bitcoin. I even tried to get their attention in thier uservoice page https://btcjam.uservoice.com/forums/175861-generalnow this is my last resort to express my anxiety I hope someone can help me about BTCjam "Withdraw Error" Thank You for reading my story  Hey there, Can you PM me your alias and I'll make sure we get this resolved. Thanks & sorry for the delay. |
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If anything, the rule of thumb should be dont hope to get it back.
Expect a loss, and afford to lose it. But, its also a better choice to see others go 1st, if youre hesistant.
True for investments in any medium. I think one of the best characteristics of successful investors on the platform is patience. Maybe you're skeptical, ask some questions and let some other commentators contribute. Stay patient, and find ones that you are comfortable with. |
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So i`m a bit lost on either lending some btc to afford to lose, even if the service is bad.
I guess, I`m kinda desperate on what other ways to make btc outside from gambling.. does anyone have screen caps of their returns.
My Advise, stay away from BTCjam, the chance that you will burn a big chunk of your money is quite high! My advice is: never invest more than you can afford to lose! In the last weeks it seems they woke up and are implementing a lot of changes which shows they are active and determined to improve the site. Here is a screen cap of my first loans just to give you an idea:  its awesome, to see youre willing to help us out with your own screen cap. but its just too bad we cant seem to see it lol. it seems its btc-jam is more of a gamble like any other dice site 50/50 win or loss. Diversification is really a key thing with us, and as the commentator mentioned above never invest more than you can handle. You'll continue to see a lot of changes with us going forward, we are getting a lot tougher on fraud and bringing quality borrowers to the platform. If you want to get started throw a tiny amount in 0.1 and invest 0.001 if you wanted across numerous loans. This will give you a good feel for investing on the site and get you familiar with borrowers. |
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The whole Identity Verfification System is a Joke, i invested in a Listing which was A or B rated and guess what everything was FAKE.
The Guy run with the Money and is now bragging in the Comment's of the Listing that everything is Fake.
And guess what, BTCJAM does nothing about it.
Stay away from BTCJAM!!!!
Can you drop me a message with this listing? I can look into it and see what is going on, thanks man. i just send you a Message with the Listing. Thanks, I'll look into this and make sure we get something resolved. To give you some insight, we are well aware of who this borrower is we do have his identity information. What is he saying far from the truth and is not correct. I have actually reached out to him about this but I'll make sure we get something handled regardless. He thinks he fooled the system, but we know very well who he is and would indeed tie that to him for arbitration. Thanks for sending this over, it's good you sent this so we can move on this accordingly. How can you be sure you have the info of the right person? Some time ago I saw a BTCJam account for sale in Cryptothrift. It was $70 I guess. We work on figuring those out! Most the times we have already gotten to these accounts and are well aware of the fraud behind them. |
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seriousle guys you cant do anything if even the A+ user scams ...
the only way it can end is deleting his account from BTC JAM and giving negatives to his credit which also not possible as far as i know
i think the accounts are put in a "blocked" status and if the borrower does not respond or make attempts to repay the loan, their documents they used to verify themselves on the site will be released to the lenders so that legal action can be pursued if the borrowers choose to do so. however, the cost of litigation falls onto the borrowers, so action isnt taken most of the time. having your personal info released to the public is fairly compelling enough though. Yes, we make many moves on such accounts. They arent given more access to capital etc. We have more plans in the works for this as well. |
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The whole Identity Verfification System is a Joke, i invested in a Listing which was A or B rated and guess what everything was FAKE.
The Guy run with the Money and is now bragging in the Comment's of the Listing that everything is Fake.
And guess what, BTCJAM does nothing about it.
Stay away from BTCJAM!!!!
Can you drop me a message with this listing? I can look into it and see what is going on, thanks man. i just send you a Message with the Listing. Thanks, I'll look into this and make sure we get something resolved. To give you some insight, we are well aware of who this borrower is we do have his identity information. What is he saying far from the truth and is not correct. I have actually reached out to him about this but I'll make sure we get something handled regardless. He thinks he fooled the system, but we know very well who he is and would indeed tie that to him for arbitration. Thanks for sending this over, it's good you sent this so we can move on this accordingly. |
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If BTC Jam stops giving loans without collateral or rather give with collateral then its value is nowhere ..
majority of the people are using it because of no collateral deal.
So basically its a hell hole for investors wanting to lend. I saw someones screep on what they actually got and barely breaking even, I`ll link it here if I run into it again. But having no collateral is just gambling.. Wouldn't say that, there are a lot of investors who use the site daily throughout the world who are doing quite well in terms of investing. US based guy who is beating his 401K with his company because he is diversifying quite well over many loans. With that being said, many of those guys don't come here and report back telling you how to be profitable and inform you of their strategy. Just how the internet really works now, people who get hurt (ex. throw 90% of their principal into one borrower) come here and tell you how much they dislike our service etc. Not saying at all that this was the case with the user you mentioned, we don't have the data. This is something that sticks out when we dig into these cases that come across social media/here. Many here were involved at a very early stage with the company as well. That being said, we are growing and working on these very issues. |
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The whole Identity Verfification System is a Joke, i invested in a Listing which was A or B rated and guess what everything was FAKE.
The Guy run with the Money and is now bragging in the Comment's of the Listing that everything is Fake.
And guess what, BTCJAM does nothing about it.
Stay away from BTCJAM!!!!
Can you drop me a message with this listing? I can look into it and see what is going on, thanks man. |
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If BTC Jam stops giving loans without collateral or rather give with collateral then its value is nowhere ..
majority of the people are using it because of no collateral deal.
As mentioned in above responses, this model has been proven to work for multiple companies. There are companies who have IPO'd using this very model. I disagree that it will not work, covering risk and exposure might have to be handled different ways. |
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Would like to delete my account,are there steps to do this?
Meaning you do not hold any of my details in your system.
Drop us an email to support@btcjam.com. Thanks |
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There are scenarios where random accounts become the biggest funder so that they get the collateral. Now users dont diversify and expose themselves to higher risk (eggs in smaller baskets). Those accounts might be controlled by the borrower.. Now collateral is useless. Collateral is in Russia, you are US based. How are you going to get that collateral? What about the other 400 investors-- what are they going to get out of this? They invested but now they get nothing? How are you going to vet the collateral? What happens if that collateral were to be devalued say in a market situation which crashes? Gold was the collateral and market crashes & the borrower had defaulted -- would that still satisfy you if you had such collateral?
edit: Not trying to be smart here, I'm truthfully just curious about the answers.
You would never hand the collateral to investors. Collateral is meant to be sold and the funds distributed by the investors. If collateral is not enough to repay the total, something is better than nothing. The other hundreds investors get nothing? Just a reward for the whales? |
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And why doesn't btcjam have a forum like this where members can discuss this stuff?
Why no direct link to social media connections?
Why don't you update ebay feedback and create a direct link to ebay?
And why don't you create loans with collateral as an option?
1. We're not that interested in having a forum at this time. Primarily working to develop other features at the moment. 2. Privacy laws. 3. Regarding the update, we do get these things on the backend but we lock numbers for many reasons. Direct link falls under privacy laws as well. 4. Collateral is a lot tougher than you may assume, it's a really tough model. One thing immediately that comes to mind is that some loans might have hundreds of investors. Working that many investors around a piece of collateral is tricky. Also - this model has proven to have success (lendingclub + prosper).. I think we can find ways to strengthen the business and returns without having to move to collateral based loans. 1. I understand you can't do all at the same time but I see a severe lack of communication between staff and investors which leads to frustration. Recently some loans received a lot of comments and most are from confused investors not knowing what happened and staff never shows to explain. I guess you'll point me to the support e-mail (which I don't use often because I sense it must be overloaded) but investor keep saying they are not getting answers from staff. More and better communication between staff and lenders would benefit all and if you don't want a forum now at least please comment on the most controversial loans. 2. If borrowers agree to share in order to get a loan would that violate any law? 4. Collateral would have to be sold to the highest bidder. 1. Totally get your point here. I am actively working on getting into those loan listings but the one issue is we just need to be tagged (emailed) to be aware of them. There are many listings (live on marketplace - old ones already activated etc). It's hard keeping up with them but definitely agree we can try to get to them in the comments to help that need. I'll start thinking about a way that maybe we can be reached for these scenarios. 2. Technically yes. I'm working to see what we can do in that area with the legal team. There are many liabilities around this especially in the US. 3. I can just find a lot of scenarios where users/investors would be really mad about this.. There are scenarios where random accounts become the biggest funder so that they get the collateral. Now users dont diversify and expose themselves to higher risk (eggs in smaller baskets). Those accounts might be controlled by the borrower.. Now collateral is useless. Collateral is in Russia, you are US based. How are you going to get that collateral? What about the other 400 investors-- what are they going to get out of this? They invested but now they get nothing? How are you going to vet the collateral? What happens if that collateral were to be devalued say in a market situation which crashes? Gold was the collateral and market crashes & the borrower had defaulted -- would that still satisfy you if you had such collateral? edit: Not trying to be smart here, I'm truthfully just curious about the answers. |
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I invested some of my coins, hopefully btcjam wont dissapoint me
After you test us out a bit, drop us a line at support@btcjam.com - We're actively looking for feedback from newer users. Any pains or struggles with the site let us know! Thanks and hope you enjoy our service. |
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