[ANN] BTCJam - Peer to Peer Bitcoin Lending

[Tulkas]

Nowhere does it say the period of the rates, e.g., annual.

Just bellow the rate box you will see "You will pay this rate at every payment cycle"

So, if you choose a payment cycle o 30 days with a rate of 1% it means you will be paying 1% per month of interest.

The methodology is better explained here: http://en.wikipedia.org/wiki/Fixed-rate_mortgage#Pricing

Okay, fair enough. I would still make it clearer. You have more need for capital than loans, so I would cater to investors as much as possible. Such as making "loan amount" and "rate" their own headers and sort by value, not alphabetically. I would also standardize the loan rate with APR, etc. 1%/wk is the same as 4.06%/month, for example.  In this listing, it says the debtor pays out on the 1st of the month, but the term is 30 days. If the loan is distributed on the 25th, when is payment?

This is a great site that could really take off, but I think the ambiguity and cosmetic blemishes will scare investors away.

We are working to give more tools to investors, thanks for the input!

[Tulkas]

New feature online!

Bitcointalk forum nick name verification, you can now link your forum nickname with BTCJam alias.

dashboard -> settings: "use bitcointalk name"

[emuLOAD]

Thanks! this is a very useful feature!

Now to the actual business... when (i.e. how long after payment was due) do you start considering a "late payer" a case you wish to review?

[Seal]

New feature online!

Bitcointalk forum nick name verification, you can now link your forum nickname with BTCJam alias.

dashboard -> settings: "use bitcointalk name"

Thanks Tulkas! Seems like your service is growing nicely! 30+ active loans and over 1000btc lent so far. Very promising.

[Tulkas]

Nowhere does it say the period of the rates, e.g., annual.

Just bellow the rate box you will see "You will pay this rate at every payment cycle"

So, if you choose a payment cycle o 30 days with a rate of 1% it means you will be paying 1% per month of interest.

The methodology is better explained here: http://en.wikipedia.org/wiki/Fixed-rate_mortgage#Pricing

Okay, fair enough. I would still make it clearer. You have more need for capital than loans, so I would cater to investors as much as possible. Such as making "loan amount" and "rate" their own headers and sort by value, not alphabetically. I would also standardize the loan rate with APR, etc. 1%/wk is the same as 4.06%/month, for example.  In this listing, it says the debtor pays out on the 1st of the month, but the term is 30 days. If the loan is distributed on the 25th, when is payment?

This is a great site that could really take off, but I think the ambiguity and cosmetic blemishes will scare investors away.

streblo,

We implemented the sorting for all relevant fields, the modification is online now.

As for the APR, we are working on that.

EDIT:

The payments calendar is online now too, to help people keep track of payments.

[Tulkas]

New feature online!

Bitcointalk forum nick name verification, you can now link your forum nickname with BTCJam alias.

dashboard -> settings: "use bitcointalk name"

Thanks Tulkas! Seems like your service is growing nicely! 30+ active loans and over 1000btc lent so far. Very promising.

Yes, we are happy too.

Thank you Seal!

[coincollectingenterprises]

Interesting operation! Browsing through the different pages, made an account, put two bitcoins in. They are listed as "unconfirmed" it seems. Attempted to take the two bitcoins out, just to verify free flow of travel in and out (don't care about transaction speed, just proof I can get my money out).

So yeah. It says "Error executing transaction."

Assuming this is simply a need to have my Bitcoins become confirmed, how long does that take?

Thank you for a prompt response in advance.

UPDATE:

Okay. So the bitcoins became confirmed. Tested the withdraw process by removing 1 bitcoin.

.995 arrived at destination (okay, so you charged a fee for network use)

And 1.0045 remained in my account.

So you charged .005 when I took out 1 but the remaining about is not 1.

I'm perplexed by the math. Maybe I just need more beers and I'm just tired. Tried to withdraw the remaining 1.0045 just to see what'd happen but now I have to wait ten minutes. Again, would have enjoyed an option for a zero fee transfer out with whatever delay needed for it to occur (fyi).  Will update when I have more info.


UPDATE AGAIN:

Transferred out 1.0045 which was received off site as "0.9995"

in my balance on site is 0.0045.

..... so basically, I can never actually remove all of my funds on deposit. That greatly concerns me. Yes, this is "penny pinching" of me to say, but hey, all those little numbers add up and if I can't even access my entire money and get charged on the way out, that makes me pretty unhappy and I haven't even invested any money in the site.

[Tulkas]

Interesting operation! Browsing through the different pages, made an account, put two bitcoins in. They are listed as "unconfirmed" it seems. Attempted to take the two bitcoins out, just to verify free flow of travel in and out (don't care about transaction speed, just proof I can get my money out).

So yeah. It says "Error executing transaction."

Assuming this is simply a need to have my Bitcoins become confirmed, how long does that take?

Thank you for a prompt response in advance.

UPDATE:

Okay. So the bitcoins became confirmed. Tested the withdraw process by removing 1 bitcoin.

.995 arrived at destination (okay, so you charged a fee for network use)

And 1.0045 remained in my account.

So you charged .005 when I took out 1 but the remaining about is not 1.

I'm perplexed by the math. Maybe I just need more beers and I'm just tired. Tried to withdraw the remaining 1.0045 just to see what'd happen but now I have to wait ten minutes. Again, would have enjoyed an option for a zero fee transfer out with whatever delay needed for it to occur (fyi).  Will update when I have more info.


UPDATE AGAIN:

Transferred out 1.0045 which was received off site as "0.9995"

in my balance on site is 0.0045.

..... so basically, I can never actually remove all of my funds on deposit. That greatly concerns me. Yes, this is "penny pinching" of me to say, but hey, all those little numbers add up and if I can't even access my entire money and get charged on the way out, that makes me pretty unhappy and I haven't even invested any money in the site.

We wait 6 confirmations before you can move the bitcoins.

About the 0.0045 left on the account, its yours, we will not touch it, we do not allow zero fee transactions because they can take a long time to be processed and we think miners deserve the fee.

The fee processing code will be updated soon to handle full withdraw. I'm sorry for your inconvenience, if you need the 0.0045 right now please PM me and i will send it to you.

[squall1066]

It happened again, I managed to get a snip of what it said.
I had over 8BTC I wanted to withdraw 5.32, I got this message, and 5.315 was sent.



You say there is now a message on the withdraw page stating this 0.005 Fee but i did not see it.

EDIT - Love the calender on the payments received page! good work.

[ercolinux]

Nowhere does it say the period of the rates, e.g., annual.

Just bellow the rate box you will see "You will pay this rate at every payment cycle"

So, if you choose a payment cycle o 30 days with a rate of 1% it means you will be paying 1% per month of interest.

The methodology is better explained here: http://en.wikipedia.org/wiki/Fixed-rate_mortgage#Pricing

Okay, fair enough. I would still make it clearer. You have more need for capital than loans, so I would cater to investors as much as possible. Such as making "loan amount" and "rate" their own headers and sort by value, not alphabetically. I would also standardize the loan rate with APR, etc. 1%/wk is the same as 4.06%/month, for example.  In this listing, it says the debtor pays out on the 1st of the month, but the term is 30 days. If the loan is distributed on the 25th, when is payment?

This is a great site that could really take off, but I think the ambiguity and cosmetic blemishes will scare investors away.

streblo,

We implemented the sorting for all relevant fields, the modification is online now.

As for the APR, we are working on that.

EDIT:

The payments calendar is online now too, to help people keep track of payments.

Fantastic: the calendar is really nice!!

[Lurk]

im also confused about why whenever i withdraw there is always .0045 still in my account, but you say you are taking care of it.
 About my identification verification, i e-mailed support, pm-d you, wrote a note on the page of the loan you helped fund me.....why is my id still being verified?  i sent it a day after my address was verified and still its not verified?  i guess it doesnt matter im still recieving loans but i submitted it awhile ago....id like my score to be 8 instead of 6...   please fix.

[coincollectingenterprises]

Interesting operation! Browsing through the different pages, made an account, put two bitcoins in. They are listed as "unconfirmed" it seems. Attempted to take the two bitcoins out, just to verify free flow of travel in and out (don't care about transaction speed, just proof I can get my money out).

So yeah. It says "Error executing transaction."

Assuming this is simply a need to have my Bitcoins become confirmed, how long does that take?

Thank you for a prompt response in advance.

UPDATE:

Okay. So the bitcoins became confirmed. Tested the withdraw process by removing 1 bitcoin.

.995 arrived at destination (okay, so you charged a fee for network use)

And 1.0045 remained in my account.

So you charged .005 when I took out 1 but the remaining about is not 1.

I'm perplexed by the math. Maybe I just need more beers and I'm just tired. Tried to withdraw the remaining 1.0045 just to see what'd happen but now I have to wait ten minutes. Again, would have enjoyed an option for a zero fee transfer out with whatever delay needed for it to occur (fyi).  Will update when I have more info.


UPDATE AGAIN:

Transferred out 1.0045 which was received off site as "0.9995"

in my balance on site is 0.0045.

..... so basically, I can never actually remove all of my funds on deposit. That greatly concerns me. Yes, this is "penny pinching" of me to say, but hey, all those little numbers add up and if I can't even access my entire money and get charged on the way out, that makes me pretty unhappy and I haven't even invested any money in the site.

We wait 6 confirmations before you can move the bitcoins.

About the 0.0045 left on the account, its yours, we will not touch it, we do not allow zero fee transactions because they can take a long time to be processed and we think miners deserve the fee.

The fee processing code will be updated soon to handle full withdraw. I'm sorry for your inconvenience, if you need the 0.0045 right now please PM me and i will send it to you.

Much appreciated. Sent you a PM. Thank you for the prompt response and looking forward to seeing your site develop and grow.

[boonies4u]

Is documentation submitted to improve credit score cross referenced to other information submitted? As in, do you check to make sure that the full name on an ID matches the full name on a bank statement or utility bill?

I hope this would be common sense.

[Tulkas]

Is documentation submitted to improve credit score cross referenced to other information submitted? As in, do you check to make sure that the full name on an ID matches the full name on a bank statement or utility bill?

I hope this would be common sense.

Hello boonies4u,

Yes all the docs are cross referenced.

[paraipan]

@Tulkas check your PM

[Tulkas]

New feature!


Now you can make zero interest loans.

Loans with zero interest are exempt from the site fees.


[]s

[coincollectingenterprises]

Excellent customer service and proactive resolution of even the smallest of issues.

[Rassah]

New feature!


Now you can make zero interest loans.

Loans with zero interest are exempt from the site fees.


[]s

So, borrow from a bunch of people for a week at 0%, pay everyone back as soon as you get your loan, money laundering complete.

[paraipan]

...

So, borrow from a bunch of people for a week at 0%, pay everyone back as soon as you get your loan, money laundering complete.

I don't think it applies, as every loan has some terms to comply with and you are free to lend, or not, depending on your criteria.

Meanwhile, I politely asked mr. Cardoso to provide some incorporation documents, and whatever else he sees appropriate, to prove he is the rightful owner and administrator of Ovo Cósmico LTDA, the business that backs btcjam.com. At this moment I'm only sure about the firm being active and in good condition and the info matches with the registered "whois". Still waiting for some ownership proof though.

Edit: Proof provided and in good standing.

[Tulkas]

New feature!


Now you can make zero interest loans.

Loans with zero interest are exempt from the site fees.


[]s

So, borrow from a bunch of people for a week at 0%, pay everyone back as soon as you get your loan, money laundering complete.

You don't really need us to do that, there are plenty of services specialised in it.