[ANN] BTCJam - Peer to Peer Bitcoin Lending

[boonies4u]

I've verified my bitcointalk name with btcjam, but I'm not seeing any sign that I have done so beyond my settings page.

[Tulkas]

I've verified my bitcointalk name with btcjam, but I'm not seeing any sign that I have done so beyond my settings page.

It shows when you publish a listing, on your active listings and your public user page.

https://btcjam.com/users/87
https://btcjam.com/listings/38

[Tulkas]

Individual rating entries are now available at the user page.

[gtrrkicw]

I like the site so far. I've got about 10BTC invested in there so far.

I do have an issue I'd like to raise though. I can't rate any users because I have a 0 rating and apparently I need a rating of 3 to rate other users. I don't care to prove my identity because I don't want to borrow any coins. However I've lent some to a delinquent loan and want to give the borrower a negative rating.

Can you help me with this?

[Tulkas]

I like the site so far. I've got about 10BTC invested in there so far.

I do have an issue I'd like to raise though. I can't rate any users because I have a 0 rating and apparently I need a rating of 3 to rate other users. I don't care to prove my identity because I don't want to borrow any coins. However I've lent some to a delinquent loan and want to give the borrower a negative rating.

Can you help me with this?

We prevent users with low verification status from rating others to avoid the sockfarm problem (when the same user creates several accounts to get a good rating), you will need at least level 4 to rate other users, unfortunately we can't open any exception or the rating system will suffer.

As for the delinquent loan, any delinquent user is automatically downgraded to zero score.

Of course we are open to suggestions, so if you can think of a better way to solve the sockfarm problem we will be happy to implement it!

[boonies4u]

I like the site so far. I've got about 10BTC invested in there so far.

I do have an issue I'd like to raise though. I can't rate any users because I have a 0 rating and apparently I need a rating of 3 to rate other users. I don't care to prove my identity because I don't want to borrow any coins. However I've lent some to a delinquent loan and want to give the borrower a negative rating.

Can you help me with this?

We prevent users with low verification status from rating others to avoid the sockfarm problem (when the same user creates several accounts to get a good rating), you will need at least level 4 to rate other users, unfortunately we can't open any exception or the rating system will suffer.

As for the delinquent loan, any delinquent user is automatically downgraded to zero score.

Of course we are open to suggestions, so if you can think of a better way to solve the sockfarm problem we will be happy to implement it!

What would happen to someone's previous ratings if they were to go delinquent? Let's say they positively rated someone positive in the past, would those ratings still stand if the rater went delinquent?

[Tulkas]

I like the site so far. I've got about 10BTC invested in there so far.

I do have an issue I'd like to raise though. I can't rate any users because I have a 0 rating and apparently I need a rating of 3 to rate other users. I don't care to prove my identity because I don't want to borrow any coins. However I've lent some to a delinquent loan and want to give the borrower a negative rating.

Can you help me with this?

We prevent users with low verification status from rating others to avoid the sockfarm problem (when the same user creates several accounts to get a good rating), you will need at least level 4 to rate other users, unfortunately we can't open any exception or the rating system will suffer.

As for the delinquent loan, any delinquent user is automatically downgraded to zero score.

Of course we are open to suggestions, so if you can think of a better way to solve the sockfarm problem we will be happy to implement it!

What would happen to someone's previous ratings if they were to go delinquent? Let's say they positively rated someone positive in the past, would those ratings still stand if the rater went delinquent?

Yes, the ratings stay the same, only the "BTCJam score" will be affected. (but you can always change a previous rating you gave someone).

[boonies4u]

What is with the changes to the credit ratings?

[Tulkas]

What is with the changes to the credit ratings?

The system now takes into account the open credit lines of the user.

To prevent ponzi like loan chains the ratio between open credit lines and repaid balance is used.

[boonies4u]

What is with the changes to the credit ratings?

The system now takes into account the open credit lines of the user.

To prevent ponzi like loan chains the ratio between open credit lines and repaid balance is used.

I see! Good idea!

[boonies4u]

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

.. Tulkas, I still await your response. As operator of the site are you going to actively push delinquent account holders to square up loans? Or is it up to the lenders themselves to try and enforce settlement? I can't find any information on the site for contingency when loans default.

I'm sorry, since this was already answered two times on this thread i forgot to answer.
One response here:
https://bitcointalk.org/index.php?topic=112447.msg1223097#msg1223097

We are working right now in order to establish legal means to report this debit to collection agencies but for now and as our service policy states, the verification process intends to prevent scammers to setup multiple high scored accounts. We will notify all the lenders when we have updates. I can assure you this is our top priority right now.

I know you said you would let us know when you have updates... but... any updates?

[ercolinux]

3 of the people that have to pay a loan to me are late (payment is for yesterday 10/16): how can I/we enforce the settlement?

[ercolinux]

I see now that in the Reputation is possible to rate a borrower even if he has not repayed a btc. I think that it'll be better if Reputation vote can be issued only after at least 1 payment (or better after closing of the loan).

[emuLOAD]

3 of the people that have to pay a loan to me are late (payment is for yesterday 10/16): how can I/we enforce the settlement?

I second the request... I (so far) have one delinquent borrower who has skipped three payment terms (and will probably face more as time goes on), and I was wondering what communication and service you intend to provide on the matter.

I am aware that you are looking into debt collection agencies and rules, but for the time being, what are your plans on the matter of non-payers?

[michaelmclees]

3 of the people that have to pay a loan to me are late (payment is for yesterday 10/16): how can I/we enforce the settlement?

I second the request... I (so far) have one delinquent borrower who has skipped three payment terms (and will probably face more as time goes on), and I was wondering what communication and service you intend to provide on the matter.

I am aware that you are looking into debt collection agencies and rules, but for the time being, what are your plans on the matter of non-payers?

I think what we need is a BTC pawn shop.  Send your item to me and I'll give you a loan in BTC.  Pay me back with interest and I'll send your item back.  We have users in probably every major city, so if a network could be built, we'd be in business.

[ercolinux]

3 of the people that have to pay a loan to me are late (payment is for yesterday 10/16): how can I/we enforce the settlement?

I second the request... I (so far) have one delinquent borrower who has skipped three payment terms (and will probably face more as time goes on), and I was wondering what communication and service you intend to provide on the matter.

I am aware that you are looking into debt collection agencies and rules, but for the time being, what are your plans on the matter of non-payers?

I think what we need is a BTC pawn shop.  Send your item to me and I'll give you a loan in BTC.  Pay me back with interest and I'll send your item back.  We have users in probably every major city, so if a network could be built, we'd be in business.

Too difficult to build up at the moment: if no one in my city need a loan the shipment cost of the object will easily cost more than the interest (specially if the loan is of few BTC). Aside of that you've to trust the lender that he don't stole your object.

[Tulkas]

I see now that in the Reputation is possible to rate a borrower even if he has not repayed a btc. I think that it'll be better if Reputation vote can be issued only after at least 1 payment (or better after closing of the loan).

Good point, will think a little more about that and get back to you.

[squall1066]

3 of the people that have to pay a loan to me are late (payment is for yesterday 10/16): how can I/we enforce the settlement?

+1 on this, Do you get in contact or anything? How is it going with your "enforcement" plan?

[ercolinux]

Another suggestion to improve the usability of the site: is possible to make clearly evident in the listing that a user is not respecting payments? Maybe using a red flag or changing name color...
Only rating is not sufficient:  for example user https://btcjam.com/users/185 has a reputation of 10% but 2 overdue payments...

[8668]

Does your credit rating drop if you dont make a payment Before its due?
I have a loan out, payment due today (10/18). Received an email at 8:30pm telling me my payment was late. and now my credit score has dropped from a 5 to a 4???