[ANN] BTCJam - Peer to Peer Bitcoin Lending

[ThaddeusB]

Hi there,

Two people that I funded have defaulted and for a while now.

Do you know what will happen to them? Will the money be collected by other means now?

When the site launched, they promised to report defaults to credit agencies and/or provide collection services.  Requests for updates on that service have generally been ignored for at least a month now.  I think it is safe to assume BTCjam will not be doing anything to defaulters any time soon.

Thaddeus

[1715641418]

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[1715641418]

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[1715641418]

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[1715641418]

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[Ascension]

Hi there,

Two people that I funded have defaulted and for a while now.

Do you know what will happen to them? Will the money be collected by other means now?

Hello,

We are pursuing a way to enable debt collection, for now we work like most p2p lending sites work, based on reputation and background check. This topic was discussed several times on this thread, you can get the many angles reading through it.


ps: site is back online.

When will withdrawals be turned back on?

[cosmicone]

Trying to add an avatar to the profile gave me this error:

Code:

Avatar Could not run the `identify` command. Please install ImageMagick.

Page: https://btcjam.com/users

[Tulkas]

Hi there,

Two people that I funded have defaulted and for a while now.

Do you know what will happen to them? Will the money be collected by other means now?

When the site launched, they promised to report defaults to credit agencies and/or provide collection services.  Requests for updates on that service have generally been ignored for at least a month now.  I think it is safe to assume BTCjam will not be doing anything to defaulters any time soon.

Thaddeus

We are working towards that goal, can you point the place where that promise was made?

[Tulkas]

Hi there,

Two people that I funded have defaulted and for a while now.

Do you know what will happen to them? Will the money be collected by other means now?

Hello,

We are pursuing a way to enable debt collection, for now we work like most p2p lending sites work, based on reputation and background check. This topic was discussed several times on this thread, you can get the many angles reading through it.


ps: site is back online.

When will withdrawals be turned back on?

Today, almost there.

[Tulkas]

@ https://btcjam.com/my_account/investments
I get , We're sorry, but something went wrong.


greets Chuck

The Problem stll exists. Yesterday i got 8 Investments (7active 1 Peding)
Now i got 7 active but no btc more. The Day before i got 11 Investments. So something is going wrong or Same Data  is Lost...

Hello, the problem with the payment was identified, it was related to the compromised wallet having the wrong balance, all the loans with that problem are identified, we are correcting it now.

[yellowdog213]

I invested in https://btcjam.com/listings/1241 and it is showing up as repaid but I have not received anything from it. No hurry as it is a small amount, just posting here so Tulkas can see it and look into it as time allows.

Same here i invested also in https://btcjam.com/listings/1241 , Charles Bass 0.0023366   2013-01-14 07:30:38 UTC

Happened to me as well, with this same listing. Is anything being done to fix this problem?

[weenfan]

Thanks for fixing my unconfirmed balance. 4 and 3 satoshis was pretty annoying to look at.

[ThaddeusB]

Hi there,

Two people that I funded have defaulted and for a while now.

Do you know what will happen to them? Will the money be collected by other means now?

When the site launched, they promised to report defaults to credit agencies and/or provide collection services.  Requests for updates on that service have generally been ignored for at least a month now.  I think it is safe to assume BTCjam will not be doing anything to defaulters any time soon.

Thaddeus

We are working towards that goal, can you point the place where that promise was made?

Promise was probably the wrong choice of word; still you have to understand that as near as anyone can tell nothing is being done.  You've been saying you are "working on it" for months and until today weren't even saying that anymore.

In the mean time, can you at least email the defaulters periodically or something.  Its entirely possible that at least a few simply forgot about it.

Thaddeus

[gweedo]

Hi there,

Two people that I funded have defaulted and for a while now.

Do you know what will happen to them? Will the money be collected by other means now?

When the site launched, they promised to report defaults to credit agencies and/or provide collection services.  Requests for updates on that service have generally been ignored for at least a month now.  I think it is safe to assume BTCjam will not be doing anything to defaulters any time soon.

Thaddeus

We are working towards that goal, can you point the place where that promise was made?

Promise was probably the wrong choice of word; still you have to understand that as near as anyone can tell nothing is being done.  You've been saying you are "working on it" for months and until today weren't even saying that anymore.

In the mean time, can you at least email the defaulters periodically or something.  Its entirely possible that at least a few simply forgot about it.

Thaddeus

Again people can't take responsible, this is a P2P lending site, it is to match you, not be responsible for your stupid choices. I have done so many loans and Never had one defaulted. Also do you think that maybe they need to explore the laws that have yet to be written for bitcoins, remember bitcoin isn't currency it is a commodity different USA laws are applied to both. So I think people like this need to shut up and deal with there stupidity in other ways.

[ralree]

BTCJam has great potential, but the defaults are a problem. And the general rules avoid the possibility of trying to get money back too

2. Late Payments
Under no circumstances should you attempt collection on a late payment yourself. In doing so you run the risk of creating a legal liability for yourself and the website cannot be hold responsible.

Lenders may not post pestering or threatening messages on any listing.

Failure to follow these policies may result in termination of membership.

So Tulkas is doing nothing to recover money (5 weeks and no words on that too), and there is no possibility to obtain data to try to recover yourself money

There's not a whole lot that CAN be done. First and foremost, its not "money". It can't be sent to collections, no agency will buy a debt in bitcoins, credit or widgets. Collection agencies buy debt for a percentage. Because there's isnt a fixed exchange of bitcoins-to-dollars no collection agency will pay anything for any bitcoin debt. There isnt anything to buy as far as the law is concerned. It's been discussed here in the past, but you aren't going to be taking anyone to court claiming they owe you USD because a make-believe exchange named after Magic The Gathering says your coins or credits are worth so-much. It just isnt happening. Sorry.
BTCJam is a great idea. I wish I could've invested more and made more than I have so far, but it is getting so unbelievably unreliable (not the site, but the users) I'll be pulling my bitcoins as quick as payment come in (IF they do)
Nothing against Tulkas, he did a good job with the site, but in the end there is NO WAY to collect bitcoins owed. It just doesnt exist yet

Interesting you're talking about defaulting, 8668, since you're very late on a payment and are ignoring my messages here on the forum.

https://btcjam.com/listings/644

What is the deal with this?  Can you please let me know when you're planning on making payments on this loan?

[ThaddeusB]

Hi there,

Two people that I funded have defaulted and for a while now.

Do you know what will happen to them? Will the money be collected by other means now?

When the site launched, they promised to report defaults to credit agencies and/or provide collection services.  Requests for updates on that service have generally been ignored for at least a month now.  I think it is safe to assume BTCjam will not be doing anything to defaulters any time soon.

Thaddeus

We are working towards that goal, can you point the place where that promise was made?

Promise was probably the wrong choice of word; still you have to understand that as near as anyone can tell nothing is being done.  You've been saying you are "working on it" for months and until today weren't even saying that anymore.

In the mean time, can you at least email the defaulters periodically or something.  Its entirely possible that at least a few simply forgot about it.

Thaddeus

Again people can't take responsible, this is a P2P lending site, it is to match you, not be responsible for your stupid choices. I have done so many loans and Never had one defaulted. Also do you think that maybe they need to explore the laws that have yet to be written for bitcoins, remember bitcoin isn't currency it is a commodity different USA laws are applied to both. So I think people like this need to shut up and deal with there stupidity in other ways.

Its one thing to"take responsibility" and have a free-for-all.  Its another to claim the site is going to help punish stiffs when in fact it does nothing (and indeed protects them to some extent by not allowing sellers to contact them in any way).

[ThaddeusB]

Found another bug - the site is not allowing me to leave feedback at present (the list of available users is blank).

[Smoovious]

Found another bug - the site is not allowing me to leave feedback at present (the list of available users is blank).

I've had this same issue for about a month now.

-- Smoov

[gweedo]

Its one thing to"take responsibility" and have a free-for-all.  Its another to claim the site is going to help punish stiffs when in fact it does nothing (and indeed protects them to some extent by not allowing sellers to contact them in any way).

Contact your lawyer, you do know that he can't just give out information like that especially if he is trying to be legit, so yea your stupid. He made one comment about they are working on it, they probably need to go thru so many hoops and legal things but your small brain can't think about all that.

[BurtW]

Found another bug - the site is not allowing me to leave feedback at present (the list of available users is blank).

I've had this same issue for about a month now.

-- Smoov

Only users with a rating greater than 3 can rate others.

Is your personal rating 4 or above?  It appears that I will have to submit documents in order to get my rating above 3 so if you have not submitted docs you cannot rate others.

[Smoovious]

Found another bug - the site is not allowing me to leave feedback at present (the list of available users is blank).

I've had this same issue for about a month now.

-- Smoov

Only users with a rating greater than 3 can rate others.

Is your personal rating 4 or above?  It appears that I will have to submit documents in order to get my rating above 3 so if you have not submitted docs you cannot rate others.

Yes it is. When I originally notified them I couldn't rate anymore, I had asked that they make that requirement based on info submitted, not what my rating is now with my open loan, and they replied that it should have been 4 and above, not 5 and above like it was, so they changed it to "above 3" instead of "above 4", and I still can't rate, even tho my current rating with my open loan, is 4.

This isn't a rating thing, this is a bug.

-- Smoov

[Tulkas]

Found another bug - the site is not allowing me to leave feedback at present (the list of available users is blank).

I've had this same issue for about a month now.

-- Smoov

Only users with a rating greater than 3 can rate others.

Is your personal rating 4 or above?  It appears that I will have to submit documents in order to get my rating above 3 so if you have not submitted docs you cannot rate others.

Yes it is. When I originally notified them I couldn't rate anymore, I had asked that they make that requirement based on info submitted, not what my rating is now with my open loan, and they replied that it should have been 4 and above, not 5 and above like it was, so they changed it to "above 3" instead of "above 4", and I still can't rate, even tho my current rating with my open loan, is 4.

This isn't a rating thing, this is a bug.

-- Smoov

Yes, it's was a bug, i've just corrected it.

[Charles Bass]

The my Investment feature doesnt work atm.
The listing https://btcjam.com/listings/1241 is marked as payed.

Are your working on it , or did you think you think everything is fixed?

[ThaddeusB]

Its one thing to"take responsibility" and have a free-for-all.  Its another to claim the site is going to help punish stiffs when in fact it does nothing (and indeed protects them to some extent by not allowing sellers to contact them in any way).

Contact your lawyer, you do know that he can't just give out information like that especially if he is trying to be legit, so yea your stupid. He made one comment about they are working on it, they probably need to go thru so many hoops and legal things but your small brain can't think about all that.

You are right: I am "stupid" for expecting a site to deliver on what they say they will do.  I am also "stupid" for expecting them to answer PM/email questions about problems with my account.  And most of all I am "stupid" for posting my thoughts on a public forum where know-it-all clowns feel the need to insult everyone who dares to post a complaint.

And no, allowing users to contact other users does not create a legal liability.  As it stands now, BTCJam protects scammers.  Frankly, I don't think they care as long as they get their 1% cut.