[ANN] BTCJam - Peer to Peer Bitcoin Lending

[Tulkas]

Greetings,

Today we announce BTCJam, the first Peer to Peer Bitcoin Lending Network.

https://btcjam.com

The service was built from the ground up with security, simplicity and speed in mind.
But don’t take our word for it, give it a try!

Main features:

Borrowers: Crowdfund your loans and get GREAT rates

YOU define the repayment parameters
YOU define the rate you are willing to pay
Peer to peer reputation system
Private address, phone and identity verification
Optional, soft credit check

Investors: Diversify your investments and get GREAT returns

Spread your bitcoins in small chunks across many borrowers
Browse listings that meet your criteria
Peer to peer reputation system
Borrower verification process handled by BTCJam


We love microcredit and freedom of choice, and would like to extend the reach of the bitcoin economy to broader audiences.
Our plans include bringing microcredit through bitcoin to small poor communities in Brazil and India.
We are already working with our local partner http://www.waru.com.br/ progress in that matter will be reported here.

Best regards,
The BTCJAM Team,
P2P currency meets P2P lending

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[Bimmerhead]

Nice looking site, interesting idea.

Why don't you tell us your name, where you're located, maybe post a picture.  It helps build a little reassurance after the recent debacles around here.

[Tulkas]

Thank you!

I'm sorry, our new partner (Waru) has a very good designer in house and is working on our "about page" right now, nevertheless I should've put a simple page with basic info.

I just did it, feel free to ask any questions.

Please, take a look: https://btcjam.com/contact

BTW my name is Celso Cardoso.

[Intention]

I'm kinda curious about this service - interesting idea, at least something directly relating bitcoins to real life lending.

Hopefully some of the more veteran lenders can weigh in on this.

[Severian]

Cool idea. I'll be keeping an eye on it to see if it's a safe way to invest.

[tgmarks]

This is awesome and i hope that this catches on.  This could prove to be huge for the bitcoin community and be really good for funding new businesses here in the community.

[tgmarks]

Thank you!

I'm sorry, our new partner (Waru) has a very good designer in house and is working on our "about page" right now, nevertheless I should've put a simple page with basic info.

I just did it, feel free to ask any questions.

Please, take a look: https://btcjam.com/contact

BTW my name is Celso Cardoso.

You should post a physical address and phone number for your location there.  I like the site a lot and I think it has a lot of potential, but you have been here for over a year on the forum and still just a jr member without much history.  The more you do to establish yourself and let people know who you are, the more people (like myself) will be willing to put real money into this.

[Tulkas]

Lets say someone runs off with the funds what will you do beside just ip ban them?

That's what the verification process is about, scammers will not succeed on creating multiple high score verified accounts, so care must be taken when lending to non-verified members.

At the beginning we intended not to let non verified members to post listings, but at the end we've chosen to let the lenders decide.

[Tulkas]

You should post a physical address and phone number for your location there.  I like the site a lot and I think it has a lot of potential, but you have been here for over a year on the forum and still just a jr member without much history.  The more you do to establish yourself and let people know who you are, the more people (like myself) will be willing to put real money into this.

Thanks!

About being a jr member, I'm more than willing to be a more active member of the community, but I was waiting to have something of real value to contribute (although sometimes this forum is a very enjoyable reading experience )

The company address can be seem at the registration bureau https://btcjam.com/contact, you have to enter the registration number. We are working on our about page to include partners, etc, right now.

[tgmarks]

Glad to hear your working on it.  I tried that and had some trouble with it, but probably doesn't help that I don't speak Portuguese

[Peao]

Great site! 

[ChrisKoss]

Cool site! 

Are there any fees?  I couldn't find any info about that on your site.

If not, are you planning to monetize this or is this just a service for the community?

[Tulkas]

Cool site! 

Are there any fees?  I couldn't find any info about that on your site.

If not, are you planning to monetize this or is this just a service for the community?

Thanks!

The site is free for lenders, borrowers are charged a small fee (1%, will be lower as the user reputation increases), you can see the fee on the compose listing page, we are also working on a free model for zero interest loans.

[Seal]

Excellent site and great idea.

Tell us as much as you can about your security measures please. Are the transfers handled through your site?

Also are all of the current listings on the site real?

[freewil]

This looks pretty good, in what countries are you able to do credit checks for?

EDIT: It would also be cool if you could borrow the equivalent amount for some currency (say USD) and pay back the equivalent amount in BTC to avoid exchange rate risk.

[Tulkas]

Excellent site and great idea.

Tell us as much as you can about your security measures please. Are the transfers handled through your site?

Also are all of the current listings on the site real?

Thank you!

Our servers are hosted on amazon AWS.
The database and bitcoin daemon files are persisted on a RAID-10 disk array over the already fault tolerant architecture
All the communication between the site and the client is ciphered (apart from the little listing purpose icons, we will transfer then to the same server later..), the app is configured to encrypt even the cookies on your machine
We know the concept of mutexes, multi-threaded environments and transactions (to prevent problems like these http://bitcoinmedia.com/bitcoinica-vulnerability-discovered/)
Backups: Hourly partial, daily full, monthly full
Log of transactions on different database

On a personal note I’ve worked previously at a large bank in charge of the X.400 data exchange and cipher software, also I've built systems for credit card companies to handle huge transaction loads on the past.

All the transfers are handled by our system, when the lender makes a payment, for example, the system automatically calculates and splits it to pay the multiple borrowers.

Apart from the Tor flagged one (its there basically to show off the functionality), all the listings are real, the first listing is mine, although I'm not really needing one and I'm not realy sure if i will buy the ASIC , i will surely repay the loan (i made it to keep the system running it was the first "hot", production environment listing)

[Tulkas]

This looks pretty good, in what countries are you able to do credit checks for?

EDIT: It would also be cool if you could borrow the equivalent amount for some currency (say USD) and pay back the equivalent amount in BTC to avoid exchange rate risk.

Today we do a "soft" credit check , so it won't show on your record, its not automated and its basically a documental process. The "hard" credit check is underway (with Experian) i will update this thread with the progress.

Yes, the money equivalency is coming too, its more of a legal than a technical problem now, we have a law firm handling this, news soon..

[Seal]

Excellent site and great idea.

Tell us as much as you can about your security measures please. Are the transfers handled through your site?

Also are all of the current listings on the site real?

Thank you!

Our servers are hosted on amazon AWS.
The database and bitcoin daemon files are persisted on a RAID-10 disk array over the already fault tolerant architecture
All the communication between the site and the client is ciphered (apart from the little listing purpose icons, we will transfer then to the same server later..), the app is configured to encrypt even the cookies on your machine
We know the concept of mutexes, multi-threaded environments and transactions (to prevent problems like these http://bitcoinmedia.com/bitcoinica-vulnerability-discovered/)
Backups: Hourly partial, daily full, monthly full
Log of transactions on different database

On a personal note I’ve worked previously at a large bank in charge of the X.400 data exchange and cipher software, also I've built systems for credit card companies to handle huge transaction loads on the past.

All the transfers are handled by our system, when the lender makes a payment, for example, the system automatically calculates and splits it to pay the multiple borrowers.

Apart from the Tor flagged one (its there basically to show off the functionality), all the listings are real, the first listing is mine, although I'm not really needing one and I'm not realy sure if i will buy the ASIC , i will surely repay the loan (i made it to keep the system running it was the first "hot", production environment listing)

Thanks, very reassuring. How about hot wallet / cold storage for when the business grows? Do you have a process in place to manage this?

[HostFat]

I tried to make the phone verification, but something went wrong. It gave me an error warning.

[Tulkas]

I tried to make the phone verification, but something went wrong. It gave me an error warning.

PM'd