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Really need an exchange with an api for my site (so I can get current price)....
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Not sure if it matters, but my site ( http://www.coinchoose.com) has the current price for Freicoin after converting it to BTC (thru LTC). Right now I have it at 0.000150583. I need to add transactional costs (since it is using two exchanges), but it is available there automatically (and updates as the exchanges update). |
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Sorry for the downtime today - upgrading the server a bit to address a PHP annoying warning. Should be back up in a bit.
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For now, I will leave my ssh window open - if you suddenly disconnect it means my SSH session timed out. This will be fixed permanently tonight
You might want to check out the program 'screen'. I was doing this for a while but just have cronjobs to boot the services at start. I know have a cronjob restarting ppcoind every 2 hours =\ Every crash, pushpool is running but ppcoind isn't, so I'm not sure what's up Monit will check the service as quick as you want it and restart it right away - may be a better option. |
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I suspect BTCJam will have a collectability issue if it keeps referring to interest, unless it states there is a pre-payment penalty or that interest is really a fee and not interest. I believe on other Peer loan platforms, early payments decreases the actual interest that accrues (as it should since less principle is outstanding over time).
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We've had a few seldom crashes overnight, and I apologize for that. Reading through the main PPCoin thread, it seems that ppcoind has a memory leak that causes it to crash. This is in conjunction with what I found - pushpool and mmcFE are always still running whenever a crash happens, but ppcoind is mysteriously killed. I am setting up a cron job to automatically restart ppcoind every few hours. Thanks everyone for your patience
This is what monit is for  |
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and paid back the first installment early
Did it impact your payments at all and interest rate calcs) by paying it back early? I may have missed an option on my loan set-up, but my loan calcs interest the same regardless of when the payments are made. |
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Well the last borrower I had that was still paying has gone missing. I have one payment remaining on my own loan and then I'm wiping all traces of btcjam from my systems, this has been an expensive lesson in currency volatility and still people seem to be funding unsecured loans.  You might also want to verify your payments were calced correctly. Mine were overcalced. |
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you guys realize that if this gets popular enough, every single coin out there will put its difficulty so high that the profitability indicator will never go green again, leading to miners leaving the chain, finally killing all those coins ?
And then the difficulty will go back down |
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Are you describing Vircurex (which has shares available and is shareholder driven)?
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Gotcha. I misunderstood your question. To me BTCJam is a black box anyways as it lacks a lot of transparency on details (interest rate calcs, payments, principal balances). One may never know what goes on there.
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It's basically selling debt.
Or at least something like debt. It is a fixed payment, quasi interest barring debt (actually not interest but fixed cost).
Neither of these explain it to me like I am five years old. Could someone please be very explicit about it? I'm sorry that I don't understand; I am just so naive about anything related to money. What would it mean if I were to click one of the buttons that says BUY on the Open Sell Orders? What would happen? Quite honestly if you are five years old, you shouldn't be using BTCJam. It is basically a way to get a loan from your peers, or a way to offer a loan to your peers. |
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Or at least something like debt. It is a fixed payment, quasi interest barring debt (actually not interest but fixed cost).
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I'd suggest you also set-up Monit to monitor the services (in case they go down for any other reason).
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Hmmm..I never got it (for past two weeks)
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It would help verify the payments if we could see a ledger of all the payments that were made on a particular loan (as well as the interest rate calced at each payment and the portion applicable to principal). Most loan sites provide that info (from mortgage companies to smaller consumer loans). Otherwise, I can't trust the numbers at all at BTCJam since my spreadsheet reflects a large calc error.
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I verified it and my math is right, unfortunately. You have to use the "Extra Payments" section, which is what my spreadsheet also showed. If payments are made earlier (as my amortization spreadsheet attached above shows), it decreases the principal that was available for interest accumulation so the 2% interest (in my case), has less to be calced against, resulting in a decreased total payment. BTCJam does not account for this and always assumes payments are made exactly on the date they are owned, which is incorrect (per the link you sent). This does not decrease the amount of the fixed payments, but usually decreases the number of fixed payments (and may make the last payment smaller as well).
Please look at the spreadsheet I emailed you.
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I just pre-paid a bunch of my future payments on my loan. Although the future payment calc is now wrong taking into account these early payments (and wish there would be more details available on the site as I have no idea what the principal balance is as of today), some people are making an effort. My issue is I should owe 2.4 BTC by my calcs, but BTCJam shows I owe about 5 (which a 2.6 BTC at the current exchange rate for a loan that started off as $300 USD in total is a bit of an extreme difference). I am getting no response from the site anymore (even after sending a spreadsheet that shows where BTCJam is broken, so I am lead to believe all interest rate calcs are wrong.)
It was a shame - I can see a use for BTCJam, but the math is all wrong (and it makes the whole issue worse right now).
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