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Kanati,
Regarding enforcemyarbitration we advise you not to work with them, they are using our user database without authorization (they got it from NET-ARB from when we used their service) and working with net-arb to enforce the loans, this is a violation of arbitration laws (the arbitror cannot work with the lawyer that is enforcing the award).
I'm verifying with Dhami what this authentication means. They are a separate arbitration firm and we are not allowed to interfere with the process since the loans are made inside our platform (arbitration needs come from an uninvolved third party).
Best,
Tulkas, I have no knowledge or opinion about your database dispute, and to be frank I don't see how it addresses any of the points I raised earlier - Whether our coins are 100% lost or not remains to be seen - the only way you lose for sure is to quit trying. In any case our probability of recovery would increase if BTCjam provided us with AUTHENTICATED arbitration awards. This is also the VERY LEAST they could do considering how they've otherwise stacked the rules against us investors - Jam collects their fees up front when investors finance the loan, which means they have no actual alignment with investor interests if the loan is not repaid. Jam does not post statistics about the percentage of borrower defaults on their website, which is a huge risk disclosure omission for any prospective investor ( https://btcjam.com/stats). Jam suddenly changed the rules by announcing they no longer will issue loans to American borrowers. This of course is causing a wave of defaults on existing American loans, since it removes incentive for these borrowers to repay if they no longer have a future on the platform. So far no help or compensation for investors who got screwed when BTCjam decided to pull the carpet out from under them. Jam suddenly dumped* net-arb.com as their independent arbitration provider, ostensibly "to protect members from spam". The new provider, Dhami Law Firm, has no functioning website, telephone, or e-mail, leaving investors no way to independently confirm the validity of Dhami Law Firm or the arbitration awards issued by them. *Net-arb is still listed as Jams arbitration provider under bullet 5 of https://btcjam.com/terms-of-use Jam is still not providing arbitration awards on defaulted loans for investors who bought notes. Jam even threatens investors against getting help with collecting delinquent loans!.. Quote "As a reminder, BTCjam’s Terms of Use prohibit your from posting, uploading, publishing, displaying, transmitting, sharing, storing or otherwise making or attempting to make publicly available any personally identifiable information of a borrower. Accordingly, the content of this arbitration award may not be shared via any blog, forum, medium or other communication of any kind." Basically anyone who sends or shares an arbitration award with other investors, a lawyer, or a collection service is in violation of Jams' terms of service Huh( Potential investors should stay away from BTCjam until they up their game (a lot!). Current investors need to light a fire under BTCjams a** and make them move on these problems. Solutions to the above problems would be appreciated, since my support cases on these topics (Case #: 128701 & 142221) seem to have been sucked into a black hole  Investors would not need Mr. Palleys services if BTCjam provided other means for recovering our coins, but until you decide BTCjam debt collection is mature enough to graduate from the experimental stage, and you establish a clear consistent debt collection policy that investors can understand, then Mr. Palley is only resource we have. When or if that ever happens is out of my control. Right now I am dealing with a massive number of defaults (for example more than 72% defaults on BRL loans from before I turned off AutoInvest...) and the "independent" Dhami Law Firm arbitration awards of questionable authenticity. They are certainly not looking credible since Dhami Law firm removed their website ( http://www.dhamilaw.com/) and does not answer phone calls or e-mails  Update - BTCjam is unsure about what actually constitutes a valid digital signature. I attempted to steer them in the right direction with my last comment on this loan: https://btcjam.com/listings/51749-2nd-loan-for-s7-minersHere is a screendump of the comment, in case it's not visible at BTCjam Latest comment update on loan https://btcjam.com/listings/51749-2nd-loan-for-s7-miners - Still no response from Tulkas about if he AND Mr. Dhami share the opinion that "/s/ Sukhman Dhami" is a legally binding digital signature. Update - Jam deleted my comment about "/S/" not being a genuine digital signature, so the only place it can be found now is in the screen dump above. Jam gave no explanation for why it was deleted |
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Kanati,
Regarding enforcemyarbitration we advise you not to work with them, they are using our user database without authorization (they got it from NET-ARB from when we used their service) and working with net-arb to enforce the loans, this is a violation of arbitration laws (the arbitror cannot work with the lawyer that is enforcing the award).
I'm verifying with Dhami what this authentication means. They are a separate arbitration firm and we are not allowed to interfere with the process since the loans are made inside our platform (arbitration needs come from an uninvolved third party).
Best,
Tulkas, I have no knowledge or opinion about your database dispute, and to be frank I don't see how it addresses any of the points I raised earlier - Whether our coins are 100% lost or not remains to be seen - the only way you lose for sure is to quit trying. In any case our probability of recovery would increase if BTCjam provided us with AUTHENTICATED arbitration awards. This is also the VERY LEAST they could do considering how they've otherwise stacked the rules against us investors - Jam collects their fees up front when investors finance the loan, which means they have no actual alignment with investor interests if the loan is not repaid. Jam does not post statistics about the percentage of borrower defaults on their website, which is a huge risk disclosure omission for any prospective investor ( https://btcjam.com/stats). Jam suddenly changed the rules by announcing they no longer will issue loans to American borrowers. This of course is causing a wave of defaults on existing American loans, since it removes incentive for these borrowers to repay if they no longer have a future on the platform. So far no help or compensation for investors who got screwed when BTCjam decided to pull the carpet out from under them. Jam suddenly dumped* net-arb.com as their independent arbitration provider, ostensibly "to protect members from spam". The new provider, Dhami Law Firm, has no functioning website, telephone, or e-mail, leaving investors no way to independently confirm the validity of Dhami Law Firm or the arbitration awards issued by them. *Net-arb is still listed as Jams arbitration provider under bullet 5 of https://btcjam.com/terms-of-use Jam is still not providing arbitration awards on defaulted loans for investors who bought notes. Jam even threatens investors against getting help with collecting delinquent loans!.. Quote "As a reminder, BTCjam’s Terms of Use prohibit your from posting, uploading, publishing, displaying, transmitting, sharing, storing or otherwise making or attempting to make publicly available any personally identifiable information of a borrower. Accordingly, the content of this arbitration award may not be shared via any blog, forum, medium or other communication of any kind." Basically anyone who sends or shares an arbitration award with other investors, a lawyer, or a collection service is in violation of Jams' terms of service Huh( Potential investors should stay away from BTCjam until they up their game (a lot!). Current investors need to light a fire under BTCjams a** and make them move on these problems. Solutions to the above problems would be appreciated, since my support cases on these topics (Case #: 128701 & 142221) seem to have been sucked into a black hole Investors would not need Mr. Palleys services if BTCjam provided other means for recovering our coins, but until you decide BTCjam debt collection is mature enough to graduate from the experimental stage, and you establish a clear consistent debt collection policy that investors can understand, then Mr. Palley is only resource we have. When or if that ever happens is out of my control. Right now I am dealing with a massive number of defaults (for example more than 72% defaults on BRL loans from before I turned off AutoInvest...) and the "independent" Dhami Law Firm arbitration awards of questionable authenticity. They are certainly not looking credible since Dhami Law firm removed their website ( http://www.dhamilaw.com/) and does not answer phone calls or e-mails Update - BTCjam is unsure about what actually constitutes a valid digital signature. I attempted to steer them in the right direction with my last comment on this loan: https://btcjam.com/listings/51749-2nd-loan-for-s7-minersHere is a screendump of the comment, in case it's not visible at BTCjam Latest comment update on loan https://btcjam.com/listings/51749-2nd-loan-for-s7-miners - Still no response from Tulkas about if he AND Mr. Dhami share the opinion that "/s/ Sukhman Dhami /s/" is a legally binding digital signature. |
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Like I said, this is in the end going to have to be a class action format suit against Jam and no lawyer will take a case like this on without multiple examples of fraud...lets start assembling and documenting all of the individual examples of fraud perpetrated by Jam and build a case to present to the authorities first...we will probably have better luck with the authorities initially; civil action for damages can follow after an official fraud investigation is conducted.
I don't know if they still do, but I know in the past that several btcjam employees (including senior management people) were investing in numerous btcjam loans while working for btcjam. I wonder if they also lined their pockets with unpaid loans which is why btcjam is fighting so hard not to give us anything enforceable, first cutting ties with a legitimate arbitration firm and now bad-mouthing enforcemyarbitrationaward.com. Very interesting, is there any way to substantiate your claim? How do you know that such activities were conducted in the past? That kind of activity is akin to Jam buying up deeply discounted Notes on defaulted loans of which they know they could later collect on, using insider knowledge to profit at the expense of investors is not particularly looked on as positive by the authorities  Of course, there is at the time of this writing very little legislation governing BTC transactions in the U.S, but a lot is coming which is why BTCJam probably discontinued servicing US customers so abruptly in March this year. That does not exclude them from civil prosecution though, they had a duty to their investors that they themselves created by offering BTCJam to investors. I would also be interested in seeing proof of this, but otherwise I agree that there doesn't seem to be much to stop them from taking unfair advantage of insider knowledge on their Notes market. |
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@Kanati atleast Tulkas is sort of responding (opposing to the customer, which has gone on full ignore it seems). Shouldn't take long to double check it with Dhami Law, a matter of one phone call to them (opposed to us, "for more information contact Dhami Law" <- HOW?!).
I tried to contact Dhami Law by telephone and e-mails (even Sukhman Dhami's private e-mail address on yahoo), but only got silence in return. As it stands now there is no way to independently verify the authenticity of Dhami Law Firm arbitration awards, since he (apparently...) only communicates with Tulkas. If anyone else here can get hold of him I would like to hear about it. |
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Kanati,
Regarding enforcemyarbitration we advise you not to work with them, they are using our user database without authorization (they got it from NET-ARB from when we used their service) and working with net-arb to enforce the loans, this is a violation of arbitration laws (the arbitror cannot work with the lawyer that is enforcing the award).
I'm verifying with Dhami what this authentication means. They are a separate arbitration firm and we are not allowed to interfere with the process since the loans are made inside our platform (arbitration needs come from an uninvolved third party).
Best,
Tulkas, I have no knowledge or opinion about your database dispute, and to be frank I don't see how it addresses any of the points I raised earlier - Whether our coins are 100% lost or not remains to be seen - the only way you lose for sure is to quit trying. In any case our probability of recovery would increase if BTCjam provided us with AUTHENTICATED arbitration awards. This is also the VERY LEAST they could do considering how they've otherwise stacked the rules against us investors - Jam collects their fees up front when investors finance the loan, which means they have no actual alignment with investor interests if the loan is not repaid. Jam does not post statistics about the percentage of borrower defaults on their website, which is a huge risk disclosure omission for any prospective investor ( https://btcjam.com/stats). Jam suddenly changed the rules by announcing they no longer will issue loans to American borrowers. This of course is causing a wave of defaults on existing American loans, since it removes incentive for these borrowers to repay if they no longer have a future on the platform. So far no help or compensation for investors who got screwed when BTCjam decided to pull the carpet out from under them. Jam suddenly dumped* net-arb.com as their independent arbitration provider, ostensibly "to protect members from spam". The new provider, Dhami Law Firm, has no functioning website, telephone, or e-mail, leaving investors no way to independently confirm the validity of Dhami Law Firm or the arbitration awards issued by them. *Net-arb is still listed as Jams arbitration provider under bullet 5 of https://btcjam.com/terms-of-use Jam is still not providing arbitration awards on defaulted loans for investors who bought notes. Jam even threatens investors against getting help with collecting delinquent loans!.. Quote "As a reminder, BTCjam’s Terms of Use prohibit your from posting, uploading, publishing, displaying, transmitting, sharing, storing or otherwise making or attempting to make publicly available any personally identifiable information of a borrower. Accordingly, the content of this arbitration award may not be shared via any blog, forum, medium or other communication of any kind." Basically anyone who sends or shares an arbitration award with other investors, a lawyer, or a collection service is in violation of Jams' terms of service Huh( Potential investors should stay away from BTCjam until they up their game (a lot!). Current investors need to light a fire under BTCjams a** and make them move on these problems. Solutions to the above problems would be appreciated, since my support cases on these topics (Case #: 128701 & 142221) seem to have been sucked into a black hole Investors would not need Mr. Palleys services if BTCjam provided other means for recovering our coins, but until you decide BTCjam debt collection is mature enough to graduate from the experimental stage, and you establish a clear consistent debt collection policy that investors can understand, then Mr. Palley is only resource we have. When or if that ever happens is out of my control. Right now I am dealing with a massive number of defaults (for example more than 72% defaults on BRL loans from before I turned off AutoInvest...) and the "independent" Dhami Law Firm arbitration awards of questionable authenticity. They are certainly not looking credible since Dhami Law firm removed their website ( http://www.dhamilaw.com/) and does not answer phone calls or e-mails Update - BTCjam is unsure about what actually constitutes a valid digital signature. I attempted to steer them in the right direction with my last comment on this loan: https://btcjam.com/listings/51749-2nd-loan-for-s7-minersHere is a screendump of the comment, in case it's not visible at BTCjam |
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Like I said, this is in the end going to have to be a class action format suit against Jam and no lawyer will take a case like this on without multiple examples of fraud...lets start assembling and documenting all of the individual examples of fraud perpetrated by Jam and build a case to present to the authorities first...we will probably have better luck with the authorities initially; civil action for damages can follow after an official fraud investigation is conducted. I'm done with writing my thesis next month and have plenty of time to spent on figuring this class action suit format. Guess we should gather a lot of people that are involved, any suggestions to do it under BTCjam's radar? If you want privacy then I suggest creating a free account doing it here - https://unseen.isIf you decide to create an account there, then I suggest creating it with your bitcointalk username. I already made a screened Unseen chat group earlier called "Bitcoin Peer to Peer Investors Forum" which could be used, or you could create a new group of your own if you prefer. Anyone with an Unseen account who wants to join my group can send me a personal message here and request access. Either way I would also be interested in pursuing this legally. |
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Lol. Crickets... don't expect a substantive answer from Tulkas anytime soon. The Dhami Law Firm, what a joke. That answer you received is complete horseshit. It's becoming apparent that there is no Dhami Law Firm. (877) 638-8250 as provided by the BBB is not operational. And yes, no web site.
Tulkas, if this is not the case, provide us with a point of contact.
I guess that "substantive" is the key word here , but Tulkas at least (sort of..) addressed the subject in his comment on this loan: Screen dump -  Not sure exactly what Tulkas means when he says "the award is digitally signed by Dhami Law", since Dhami Law Firm has NOT attached a digital signature to any of the PDF arbitration awards I (supposedly) have from them. Also, Tulkas now says that "when you buy a note the award cannot be transferred to you", but if that's the case then why on earth does Jam still offer notes for sale on defaulted loans!?! Tulkas doesn't say whether this only applies to notes bought on defaults where arbitration awards are ALREADY ISSUED, or if it also applies to notes on loans sold BEFORE arbitration(?). In either case Tulkas is contradicting what I was told earlier by BTCjam support - FEB 13, 2016 | 02:38PM PST Original message Kanati wrote: Hi Support I have a question regarding notes on defaulted loans - I noticed that the amount of funds owed to me is written on my arbitration awards, but how would I be able to document how much is owed to me if I bought a note from someone else on a loan that was already in default? Is there some way to transfer title to the arbitration award? -------------------------------------------------------------------------------- FEB 17, 2016 | 06:06PM PST John replied: Thank you for contacting us and sorry it took longer to reply due to yesterday’s holiday (President s day). It is to my understanding that the transactions record is a good proof to whom the loan must be paid and that the bought notes give directly that right to the transactions report to the buyer. In any case, i am happy to verify further and get back to you about it. Thank you for ebing a member of the BTCjam community! Best, BTCjam Support Team -------------------------------------------------------------------------------- FEB 17, 2016 | 10:56PM PST Kanati replied: Hi John, thanks for your reply The transaction log only shows is that you paid for a note (the transaction record does not even indicate which one). I need a document that would stand up in court that shows exactly how much of the debt I own. Ideally I should be able to download the arbitration awards for the notes I buy on defaulted loans, and they should show beyond any reasonable doubt that title has transferred to me. Is this or something similar possible? -------------------------------------------------------------------------------- FEB 19, 2016 | 06:06PM PST John replied: Thanks again for contacting us. Our legal department told me that they are looking into producing some sort of document (it may be that it has also some transaction records), but nothing will be done before the end of next week. Please get back to me about it. Thanks again for being a loyal member of the BTCjam community! Best, BTCjam Support Team -------------------------------------------------------------------------------- FEB 28, 2016 | 11:46PM PST Kanati replied: Hello John Is there any news? -------------------------------------------------------------------------------- MAR 08, 2016 | 01:29PM PST John replied: I have not heard any news yet. You can always send an email to support@net-arb.com for further information. Thank you so much for your interest in the BTCjam platform! Best, BTCjam Support Team Tulkas also says he has contacted Dhami Law Firm to double check our awards, but gives no explanation about why no one else can contact the the "independent" arbitration provider, or the invisible Mr. Dhami himself? I tried to call and e-mail the firm, and even sent a polite e-mail to Sukhman Dhamis private e-mail, but no response from any of them. I suppose my next attempt will be through AIRBNB ( https://www.airbnb.com/users/show/3052891) if Jam doesn't make any serious headway solving these problems soon  |
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Kanati,
Regarding enforcemyarbitration we advise you not to work with them, they are using our user database without authorization (they got it from NET-ARB from when we used their service) and working with net-arb to enforce the loans, this is a violation of arbitration laws (the arbitror cannot work with the lawyer that is enforcing the award).
I'm verifying with Dhami what this authentication means. They are a separate arbitration firm and we are not allowed to interfere with the process since the loans are made inside our platform (arbitration needs come from an uninvolved third party).
Best,
Tulkas, I have no knowledge or opinion about your database dispute, and to be frank I don't see how it addresses any of the points I raised earlier - Whether our coins are 100% lost or not remains to be seen - the only way you lose for sure is to quit trying. In any case our probability of recovery would increase if BTCjam provided us with AUTHENTICATED arbitration awards. This is also the VERY LEAST they could do considering how they've otherwise stacked the rules against us investors - Jam collects their fees up front when investors finance the loan, which means they have no actual alignment with investor interests if the loan is not repaid. Jam does not post statistics about the percentage of borrower defaults on their website, which is a huge risk disclosure omission for any prospective investor ( https://btcjam.com/stats). Jam suddenly changed the rules by announcing they no longer will issue loans to American borrowers. This of course is causing a wave of defaults on existing American loans, since it removes incentive for these borrowers to repay if they no longer have a future on the platform. So far no help or compensation for investors who got screwed when BTCjam decided to pull the carpet out from under them. Jam suddenly dumped* net-arb.com as their independent arbitration provider, ostensibly "to protect members from spam". The new provider, Dhami Law Firm, has no functioning website, telephone, or e-mail, leaving investors no way to independently confirm the validity of Dhami Law Firm or the arbitration awards issued by them. *Net-arb is still listed as Jams arbitration provider under bullet 5 of https://btcjam.com/terms-of-use Jam is still not providing arbitration awards on defaulted loans for investors who bought notes. Jam even threatens investors against getting help with collecting delinquent loans!.. Quote "As a reminder, BTCjam’s Terms of Use prohibit your from posting, uploading, publishing, displaying, transmitting, sharing, storing or otherwise making or attempting to make publicly available any personally identifiable information of a borrower. Accordingly, the content of this arbitration award may not be shared via any blog, forum, medium or other communication of any kind." Basically anyone who sends or shares an arbitration award with other investors, a lawyer, or a collection service is in violation of Jams' terms of service Huh( Potential investors should stay away from BTCjam until they up their game (a lot!). Current investors need to light a fire under BTCjams a** and make them move on these problems. Solutions to the above problems would be appreciated, since my support cases on these topics (Case #: 128701 & 142221) seem to have been sucked into a black hole Investors would not need Mr. Palleys services if BTCjam provided other means for recovering our coins, but until you decide BTCjam debt collection is mature enough to graduate from the experimental stage, and you establish a clear consistent debt collection policy that investors can understand, then Mr. Palley is only resource we have. When or if that ever happens is out of my control. Right now I am dealing with a massive number of defaults (for example more than 72% defaults on BRL loans from before I turned off AutoInvest...) and the "independent" Dhami Law Firm arbitration awards of questionable authenticity. They are certainly not looking credible since Dhami Law firm removed their website ( http://www.dhamilaw.com/) and does not answer phone calls or e-mails |
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Just posted this comment on all my defaulted loans with awards from Dhami Law Firm - Lawyer Kevin Palley (enforcemyarbitrationaward.com) and I tried several times to ask Dhami Law Firm to verify my arbitration awards are authentic, but no one at Dhami Law Firm responds to e-mails or phone calls. Also unable to download awards for any defaulted loans where I have notes, and BTCjam support ignores my emails about the problem. If you're as p*ssed as I am about getting ripped off and ignored, then WRITE to BTCjam and ask them to get Dhami Law to authenticate our otherwise unenforcable arbitration awards, which are NOT digitally signed by Dhami Law Firm!It looks like Dhami Law Firm is just as dodgy as BTCjam! FINALLY got a response from BTCjam Support about missing arbitration awards for loans with purchased notes - JUL 08, 2016 | 06:37PM PDT
John replied:
Thank you for your feedback and for your email. The awards should be available after 90 days of the default. I forwarded your email to our team, which is working hard to make the awards available. Please remember to check on your Investments page! Thanks for being a member of the BTCjam community!
Best,
BTCjam Support Team@TULKAS - You have to do better than that The arbitration awards are still worthless for collecting debts if I can't prove they are authentic, since the borrower could just say I created them myself and they don't owe me anything. You could easily eliminate this problem by requiring Dhami Law Firm to digitally sign the PDF files for all arbitration awards issued by them. It's not rocket science anymore - JUST DO IT. I have not tried out kraken yet, been pretty satisfied on BTC Pop...still trying to get the rest of my coin out of Jam without too much of a loss! about the dhami thing...YES they must do better then that but i see this coins as lost. maby i try to enforce but not worth to do so for 5 cents per loan..but anyway...i hate reading this standard answer from btcjam "they should be available after bla bla"...just no help or support at all. they just earn fees and silence members that try to connect with other members etc.... anyway..... @btiandy kraken is no lending site so the one i trust is me only...if i speculate on some profit from "investing" in ether or doa or other currencies then its in my control...well at least i dont have to hope for members to pay back, just hope for price changes that please my speculations. if i make a wrong move i can only blame myself and try better next time. im not sure if i will register at pop anymore/at all. its just another site i have to trust (thinking of hashocean) and then people i have to trust. the chain is just too long even tho it is fun as a hobby. and yes im also collection all payments moving them over to kraken and buy some ether at low price....HOPE it rises to 14 dollars or something like that and im happy Whether our coins are 100% lost or not remains to be seen - the only way you lose for sure is to quit trying. In any case our probability of recovery would increase if BTCjam provided us with AUTHENTICATED arbitration awards. This is also the VERY LEAST they could do considering how they've otherwise stacked the rules against us investors - - Jam collects their fees up front when investors finance the loan, which means they have no actual alignment with investor interests if the loan is not repaid.
- Jam does not post statistics about the percentage of borrower defaults on their website, which is a huge risk disclosure omission for any prospective investor (https://btcjam.com/stats).
- Jam suddenly changed the rules by announcing they no longer will issue loans to American borrowers. This of course is causing a wave of defaults on existing American loans, since it removes incentive for these borrowers to repay if they no longer have a future on the platform. So far no help or compensation for investors who got screwed when BTCjam decided to pull the carpet out from under them.
- Jam suddenly dumped* net-arb.com as their independent arbitration provider, ostensibly "to protect members from spam". The new provider, Dhami Law Firm, has no functioning website, telephone, or e-mail, leaving investors no way to independently confirm the validity of Dhami Law Firm or the arbitration awards issued by them.
*Net-arb is still listed as Jams arbitration provider under bullet 5 of https://btcjam.com/terms-of-use - Jam is still not providing arbitration awards on defaulted loans for investors who bought notes.
- Jam even threatens investors against getting help with collecting delinquent loans!..
"As a reminder, BTCjam’s Terms of Use prohibit your from posting, uploading, publishing, displaying, transmitting, sharing, storing or otherwise making or attempting to make publicly available any personally identifiable information of a borrower. Accordingly, the content of this arbitration award may not be shared via any blog, forum, medium or other communication of any kind." Basically anyone who sends or shares an arbitration award with other investors, a lawyer, or a collection service is in violation of Jams' terms of service  (
Potential investors should stay away from BTCjam until they up their game (a lot!). Current investors need to light a fire under BTCjams a** and make them move on these problems. |
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Just posted this comment on all my defaulted loans with awards from Dhami Law Firm - Lawyer Kevin Palley (enforcemyarbitrationaward.com) and I tried several times to ask Dhami Law Firm to verify my arbitration awards are authentic, but no one at Dhami Law Firm responds to e-mails or phone calls. Also unable to download awards for any defaulted loans where I have notes, and BTCjam support ignores my emails about the problem. If you're as p*ssed as I am about getting ripped off and ignored, then WRITE to BTCjam and ask them to get Dhami Law to authenticate our otherwise unenforcable arbitration awards, which are NOT digitally signed by Dhami Law Firm!It looks like Dhami Law Firm is just as dodgy as BTCjam! FINALLY got a response from BTCjam Support about missing arbitration awards for loans with purchased notes - JUL 08, 2016 | 06:37PM PDT
John replied:
Thank you for your feedback and for your email. The awards should be available after 90 days of the default. I forwarded your email to our team, which is working hard to make the awards available. Please remember to check on your Investments page! Thanks for being a member of the BTCjam community!
Best,
BTCjam Support Team@TULKAS - You have to do better than that The arbitration awards are still worthless for collecting debts if I can't prove they are authentic, since the borrower could just say I created them myself and they don't owe me anything. You could easily eliminate this problem by requiring Dhami Law Firm to digitally sign the PDF files for all arbitration awards issued by them. It's not rocket science anymore - JUST DO IT. |
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Just posted this comment on all my defaulted loans with awards from Dhami Law Firm - Lawyer Kevin Palley (enforcemyarbitrationaward.com) and I tried several times to ask Dhami Law Firm to verify my arbitration awards are authentic, but no one at Dhami Law Firm responds to e-mails or phone calls. Also unable to download awards for any defaulted loans where I have notes, and BTCjam support ignores my emails about the problem. If you're as p*ssed as I am about getting ripped off and ignored, then WRITE to BTCjam and ask them to get Dhami Law to authenticate our otherwise unenforcable arbitration awards, which are NOT digitally signed by Dhami Law Firm!It looks like Dhami Law Firm is just as dodgy as BTCjam! |
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Is there someone here got response when email to support? I sent several times to email service but no response so I just wanted to know if anyone experiencing the same thing or maybe my country entered the block list BTCjam thanks to whoever answered  . It's built for scammers, and run by them as well. But I see a lot of loans and active investor there  I was one of the investors there so I wonder whether this problem only occurs on me or also to other users. link you gave seems to be just someone who can not meet the account verification it does not answer my question mate same problem for me.....support system not reply me.... Same problem here - when I send them reminder mails they just ignore them. |
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Until now I could not make a withdrawal from an account BTCjam I do not have an active loan I've been several times to send an email but no response there were experiencing the same thing ? How long is "until now" -- I made a withdraw on April 15. |
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Are you still using Uphold? I would be interested to hear an update No, I stopped using them. If you are thinking about using Uphold, I suggest researching what kind of asset they use to back deposits. Ok- thx! |
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Are you still using Uphold? I would be interested to hear an update |
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My NET ANNUALIZED RETURN is now even lower, -11.5%
That's really frustrating. It's like throwing money to the wind.
Yep...mine is creeping down in that direction also...all thanks to the US Users who are now defaulting en masse! Thanks BTCJam!! When I found out that BTCjam was starting to block all U.S. clients, I remember telling someone that U.S. borrowers would use that as a "get out jail free" card, and not worry about paying back their loans. In other words, if they could never borrow again, they would have zero incentive to pay back, keep their credit in good standing. Jam should have had a contingency plan in place knowing full well that was a major possibility. Instead, their contingency plan was "Lets not tell anyone we are going to start blocking U.S. clients, and keep it a secret until we are called out on it". They probably decided to cancel all U.S. clients, afraid of potential lawsuits, and heat from the U.S. govt, but ironically, they probably just made matters much worse for themselves when investors start looking for who's responsible for the "US Users who are now defaulting en masse!" Glad I stopped investing in people on Jam a while ago. I will stick with pop, LB, and bond. BTCJam is going to have to find a solution to this problem and at some point talk with its investors...I see that the OP Tulkas is still checking in here but as of yet has not had the guts to add any commentary...I guess if they cannot provide updates on their own Facebook page or website maybe absurd to believe they would do anything here. We all knew the risk lending money on a P2P site like Jam, however what we did not know is that Jam would change the rules of that investment so dramatically after the fact. Lawsuits-a-comin!! I suspect that they are already being sued by Net-Arb and/or Kevin Pally for falsification of arbitration awards, which might also explain the radio silence, and why support doesn't answer. For me it's more a question if they die quickly by lawsuit, or slowly by bleeding to death because investors are pulling out of the information vacuum. Interesting, what is the situation with Kevin Pally? I am familiar with the net-arb matter but am not familiar with the latter issue you mentioned. This past weekend I calculated the investments I have on Jam and since last week every US User has not paid their loan...out of 14 US loans-14 late payments/defaults...and this is over all ranges of risk (A- to D+ borrowers) Nevermind, I found the stuff on Kevin Palley. Looks like he is the attorney that started working with net-arb and is not liked by our friend Tulkas and BTCJam. Yep, I think it might be something like - JAM refers bad loans to www.net-arb.com for arbitration, then net-arb issues an award and plugs Kevin Palley / www.enforcemyarbitrationaward.com to do your debt collections for you for a fee (Palley could well have paid net-arb for this service). JAM for whatever reason (officially for spamming JAM members..) fires net-arb and makes other arrangements for arbitration. Palley loses his client referrals, and Net-arb accuses JAM of counterfeiting arbitration awards after 1. February. One or more of them is obviously lying, but in any case the fact is that PDF arbitration awards from before AND after 1. February are about as useful as Monopoly Money since they are not digitally signed. Investors have therefore no objective proof of who originally issued them, and they probably would not even hold up in court on their own merit. |
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My NET ANNUALIZED RETURN is now even lower, -11.5%
That's really frustrating. It's like throwing money to the wind.
Yep...mine is creeping down in that direction also...all thanks to the US Users who are now defaulting en masse! Thanks BTCJam!! When I found out that BTCjam was starting to block all U.S. clients, I remember telling someone that U.S. borrowers would use that as a "get out jail free" card, and not worry about paying back their loans. In other words, if they could never borrow again, they would have zero incentive to pay back, keep their credit in good standing. Jam should have had a contingency plan in place knowing full well that was a major possibility. Instead, their contingency plan was "Lets not tell anyone we are going to start blocking U.S. clients, and keep it a secret until we are called out on it". They probably decided to cancel all U.S. clients, afraid of potential lawsuits, and heat from the U.S. govt, but ironically, they probably just made matters much worse for themselves when investors start looking for who's responsible for the "US Users who are now defaulting en masse!" Glad I stopped investing in people on Jam a while ago. I will stick with pop, LB, and bond. BTCJam is going to have to find a solution to this problem and at some point talk with its investors...I see that the OP Tulkas is still checking in here but as of yet has not had the guts to add any commentary...I guess if they cannot provide updates on their own Facebook page or website maybe absurd to believe they would do anything here. We all knew the risk lending money on a P2P site like Jam, however what we did not know is that Jam would change the rules of that investment so dramatically after the fact. Lawsuits-a-comin!! I suspect that they are already being sued by Net-Arb and/or Kevin Pally for falsification of arbitration awards, which might also explain the radio silence, and why support doesn't answer. For me it's more a question if they die quickly by lawsuit, or slowly by bleeding to death because investors are pulling out of the information vacuum. |
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I downloaded awards from BTCjam and dated after 1. February - so according to Net-Arb these are falsifications?
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I downloaded awards from BTCjam and dated after 1. February - so according to Net-Arb these are falsifications?
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My experience with BTCJam over the past several months has been mixed.
Upon joining, I examined all of the loan listings and quickly decided that only the "A" listings merited investment.
BTCJam does not document default rates and provides only scant information on returns, but I was able to piece together that the "A" borrowers had a default rate of 5-10%, which is high, but this risk is compensated by AERs in the range of 13-20%. The AERs for the B, C, and D credits did not adequately compensate for the heightened default risk.
I invested in several individual loans, all of which have been paid on time to this point.
What I didn't realize at the time was that the loans were denominated in local currency. So my rate of return was in local currency rather than BTC. The 25% rise in BTC from the point of investment has killed my return on these loans. With these BTC, I didn't get to benefit from the rise in BTC/USD.
If I wanted to do P2P loans in USD or EUR or BRL, there are established P2P lending sites that insist upon collateral- I would have gone there rather than BTCJam. I was expecting to do loans in BTC and stay with the BTC world.
As I have received loan payments, I have not reinvested. There are just a few new "A" listings in the past month. These new listings didn't impress me sufficiently (e.g., need a loan while searching for a new job, paying off previous loans with a new loan, etc). These are "A" credits?
I plan to move my BTC out in the near future. I am looking for better BTC-based investment opportunities than BTCJam, but haven't found them yet.
Your story sounds similar to mine, except I did understand that some BTCjam loans are linked to fiat. I started with JAM in September during a long period of BTC price stability, and I decided to also invest in handpicked B, C, and a few D fiat linked loans thinking that higher interest earned (around 15%..) would help to hedge against BTC volatility. Unfortunately, that part of my plan failed miserably since I didn't foresee BTC doubling in November, and settling at over $400 since then . Added to that are my problems with defaults and late payment. I currently have 36 active loans on JAM ranging from A+ to D, and of these 15 are either late or haven't paid at all. Of the 15 problem loans 7 are rated C+ or D+ and linked to BRL, 5 are rated C+ or D+ linked to BTC (their repayment cost has doubled, and JAM won't let them refinance into fiat), and the last 3 loans are USD linked, where one borrower who doesn't pay at all is actually rated B+, and the other two D+. When you lose, then don't lose the lesson. Due to poor screening, no investor security, and general dissatisfaction with BTCjam support (REALLY slow, always "looking at" something instead of doing anything, and bad at following up) I am winding down my engagement with JAM, and increasing it at BTCpop, where the seem to be doing more than JAM to address these issues. Since I have just started at POP I don't feel ready to actually come with an endorsement, but you can take a look at them and decide for yourself if it would be a good fit - www.btcpop.coEven though you apparently are not chasing any defaulted loans, you would also be welcome at our investor forum to exchange ideas and experience with us - www.seen.is/group/8437 . If you would like to join, then please sign up with your JAM username, or your username from another P2P site. |
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