[ANN] BTCJam - Peer to Peer Bitcoin Lending

[gweedo]

I notice you display when users use Tor. Does this mean that you log I.P addresses? And if so, do you release that information when a borrower defaults?

It only takes one time to login in with tor to get the tor symbol and I hope they log ips of borrowers.

[420]

I'm willing to try this site

made a loan for 1BTC: https://btcjam.com/listings/98

i'll make an offer to any user with relatively high presence, if fund my loan i'll fund your loan 2x

[Seal]

I'm willing to try this site

made a loan for 1BTC: https://btcjam.com/listings/98

i'll make an offer to any user with relatively high presence, if fund my loan i'll fund your loan 2x

<- High enough presence for you? I'm currently invested in 2 listings and would also like to see what creating a loan looks like.


I also have a feature request, can you add an automatic withdrawal to your pre-set address?

[AForceNinja]

lent some btc and 5 payments due October 1st, 0 paid back so far...yay!

[Vod]

I want to lend not borrow do i still need to improve my Credit Rating ?

No, you dont.

I've been a big promoter of btcjam but this has me worried.

What is to stop myself from creating throw away lender accounts, and funding my borrowing account a few times to build a good reputation?  All it would cost me is 1%, and people would be much more likely to lend to me if they saw I had repaid larger amounts in the past.

You need to require some sort of verification for the lenders as well.

[Digigami]

Does your system automatically report overdue accounts to you? Or where are we supposed to go report them?

This user has two loans which are now overdue on payments.
https://btcjam.com/users/25

[squall1066]

And don't forget quality control

https://btcjam.com/listings/93

Need a hand?

[ercolinux]

Another bug (maybe): a listing with 100% of funding reached is still in "funding in progress"? I try to lend some other money but the residual amount is obviously 0. (https://btcjam.com/listings/58)

[gweedo]

Does your system automatically report overdue accounts to you? Or where are we supposed to go report them?

This user has two loans which are now overdue on payments.
https://btcjam.com/users/25

I want to see how this handled he has over due pays and they have his docs, how this is handle will determine if many people use the site or no one uses it, let see if the right choices are made.

[Digigami]

https://btcjam.com/listings/93

Great indication of how much I trust OTC ratings..

[420]

it says someone funded my loan but there's nothing in my account.

Page says "Funding in progress" on my dashboard loans page

Does this mean someone pledged to loan but didn't have the funds in their account?

Nevermind. under dashboard click activate button

site charges 1%

[Rassah]

https://btcjam.com/listings/93

Great indication of how much I trust OTC ratings..

Hey, this borrower IS being totally honest

[Tulkas]

I want to lend not borrow do i still need to improve my Credit Rating ?

No, you dont.

I've been a big promoter of btcjam but this has me worried.

What is to stop myself from creating throw away lender accounts, and funding my borrowing account a few times to build a good reputation?  All it would cost me is 1%, and people would be much more likely to lend to me if they saw I had repaid larger amounts in the past.

You need to require some sort of verification for the lenders as well.

Thanks for your input! This is how "web of trust" reputation systems works, like bitcoin OTC for example. Thats why we use other verification methods.

Perhaps we can require some verification level in order to allow people to give ratings, good idea! Will implement that.

[Tulkas]

I'm willing to try this site

made a loan for 1BTC: https://btcjam.com/listings/98

i'll make an offer to any user with relatively high presence, if fund my loan i'll fund your loan 2x

<- High enough presence for you? I'm currently invested in 2 listings and would also like to see what creating a loan looks like.


I also have a feature request, can you add an automatic withdrawal to your pre-set address?

Hi, yes, can be done. Added the feature request to the uservoice gadget, so you can vote and follow the implementation progress.

[Tulkas]

Another bug (maybe): a listing with 100% of funding reached is still in "funding in progress"? I try to lend some other money but the residual amount is obviously 0. (https://btcjam.com/listings/58)

This is intentional, the listing its there because its not activated yet.

The "invest" button showing up its an error and will be removed (its not a backend problem as you cant invest anyway).

[Tulkas]

I notice you display when users use Tor. Does this mean that you log I.P addresses? And if so, do you release that information when a borrower defaults?

Yes, the IPs are logged.

We do not plan to release any information directly to lenders, our policies are here: https://btcjam.com/legal/tos

The policy on personal data regarding borrowers will be detailed as we finish our setup with the debt collection agencies.

[boonies4u]

My loan has reached 100% completion, despite GLBSE shutting down. The service provided by BTCjam has been more than satisfactory. You have earned the closing fee! Don't spend it all in one place!

[420]

Need to be able to link bitcointalk.org profile

[sega01]

BTCJam is awesome! I've been investing on it for a couple days now and am very impressed. I've already had one payment back. On the whole it's very pretty, fast, and intuitive. I always wanted to see peer to peer lending and Bitcoin, and you've made it!

Thanks so much,
Teran

PS: It would be nice to see the user's Bitcoin-OTC details on the loan request details page :-).

[Seal]

Wishlist for the future when the business is more established: A graphical representation of my invested funds and returns... and also showing any defaulted payments so I can get an easy overview of how my investments are going and my ROI.