[ANN] BTCJam - Peer to Peer Bitcoin Lending

[Justin00]

the site looks great but 80% of the loans look dodgy as hell.
If someone is trying to borrow a few BTC and are happy to wait a week or two you kind of need to ask yourself why they dont just use there own money to buy BTC.. and I'm sure there is 1000 reasons.. 'just abit short this week' blah blah...but if someone needs to borrow like $50 worth of BTC chances are they are not going to have any money next week either......

Also the issue of risk / return... but I guess if you guys are happy to e.g risk 10btc to get back 10.1btc then its all good.... =)

[420]

how can my funder rate me for the loan I repaid

https://btcjam.com/listings/98

[Tulkas]

how can my funder rate me for the loan I repaid

https://btcjam.com/listings/98

He can rate you as long as he is verified, only verified users can rate others, to avoid the sockfarm problem.

[420]

how can my funder rate me for the loan I repaid

https://btcjam.com/listings/98

He can rate you as long as he is verified, only verified users can rate others, to avoid the sockfarm problem.

4 verifications?

how come i cant find a link to his profile sega01

[Littleshop]

Tulkas,

Are you doing something to people/sites who used to use the old BTCJAM (the mining generator)? 

[Tulkas]

how can my funder rate me for the loan I repaid

https://btcjam.com/listings/98

He can rate you as long as he is verified, only verified users can rate others, to avoid the sockfarm problem.

4 verifications?

how come i cant find a link to his profile sega01

The user names on investment and comments are now clickable. Yes, BTCJam score greater than 4.

[Tulkas]

Tulkas,

Are you doing something to people/sites who used to use the old BTCJAM (the mining generator)? 

I didn't understand what you meant.
We were not aware of any previous btcjam site.

[emuLOAD]

Just a quick suggestion for your forum-linking script... it would be nice if every so often your script could go through the forum profiles and check for scammer tags
https://btcjam.com/listings/133 thebitbabe has a scammer tag, and it would be nice to have the forum authentication removed on top of his credibility dropping for a late payment.

[Tulkas]

Even some very suspicious listings got funded, from users with no reputation, little verified info, unbelievable rates and multiple active loans, some with the same title!

Probably the same user making an investor account to fund his own investment and gain trust.  Unfortunately I decided to not use this service as it is too open to abuse. 

We've changed the rules for user ratings, now anonymous users can't rate others.
Also, all investments/loans repaid by the users are at display on the user profile.

[emuLOAD]

Trying to log-in through google authentication, but all I get is this error

Error: redirect_uri_mismatch

The redirect URI in the request: https://www.btcjam.com/users/auth/google_oauth2/callback did not match a registered redirect URI

anybody else having the same problem?

[ercolinux]

Trying to log-in through google authentication, but all I get is this error

Error: redirect_uri_mismatch

The redirect URI in the request: https://www.btcjam.com/users/auth/google_oauth2/callback did not match a registered redirect URI

anybody else having the same problem?

Yes: both from google and facebook. I've already seen this error in the past days but on a second attempt of login it has worked, so I've thinked of a temporary network problem. Today is not working even after 4 or 5 attempts.

[ercolinux]

Trying to log-in through google authentication, but all I get is this error

Error: redirect_uri_mismatch

The redirect URI in the request: https://www.btcjam.com/users/auth/google_oauth2/callback did not match a registered redirect URI

anybody else having the same problem?

Yes: both from google and facebook. I've already seen this error in the past days but on a second attempt of login it has worked, so I've thinked of a temporary network problem. Today is not working even after 4 or 5 attempts.

Now seems to work again

[CaptChadd]

Everytime I try to upload my Address verification scan or Credit scan I get this error:

"Please review the problems below:"

But it does not tell me what the problem is.

I am uploading 1200 DPI scans and they are in .jpg format.

Can you help?

[Shermo]

Can you tell me how you are working out your repayments as they just don't make any sense to me.

For example:
https://btcjam.com/listings/264

500BTC @ 2% over 1 year...
You calculate 44.05918 per month, total = 528.71016
I calculate 42.05 per month, total = 504.60 (assuming 2% per year)
I calculate 46.40 per month, total = 556.80 (assuming 24% per year, 2% per month?)

My calculations done in GnuCash. Also every loan repayment calculator you can easily find online matches (or is very close) to the numbers I calculated.

[Tulkas]

The term is 365 days or 12.16 months, this yields to 13 payments. Your calculation is probably taking into account 12 payments.

 

[Shermo]

OK, that makes sense I think usually in such a case you have 11 equal instalments and the first payment is slightly higher. Obviously 365 days is a whole year, not 12.16 months.

[RandomQ]

I just wanted to give some feedback on BTCJam from my personal use.

It would be nice to have an option to make your payment on a loan automatically when you have BTC in your account.
Because if you like me, you deposited it into your account on BTCJam and then forgot to make the payment...lol

The other thing I noticed, was when you have a late payment I wasn't sure what Time zone the site was based on, I'm assuming GMT.
I looked around to see if they had the time listed anywhere or the date listed lol...
Because I had a payment that was late based on the sites time and not late based on my time zone 

Other than my feedback, its a great site and makes things really easy.

[ercolinux]

Do you have news on enforcements of loans? Now I've 5 people overdue loans (of which 3 have 8/10 of credit rating) and only 4 that have repayed them.

[Digigami]

I'm opting to stop lending here until such policies are outlined and shown to work well.. still waiting for the first two loans I lent out on to be repaid as well.

[ercolinux]

I'm opting to stop lending here until such policies are outlined and shown to work well.. still waiting for the first two loans I lent out on to be repaid as well.

I'm totally with you, and is a pity because it would be a great thing if it worked a bit better, but with this loan failure is really too dangerous to invest here 

A small suggestion to Tulkas: to reduce the fraud and the damage to lender you can keep a warranty from the borrowed amount, proportional to the credit rating. I mean something like: (15-(credit ratining))%, so if you have a 0C.R. you have 15% of loan as warranty, if you've 8 point you have 7% and if you've 10 you leave 5%. You can also ask a small amount to subscribe as lender (0,5-1BTC) to reduce the risk of sockpuppet accounts and to create a small fund (in wich you can keeping a 0.5/1% of every loan as warranty too) to cover unpayed loans.

At the end of the loan payment you can unlock the money minus your % and the warranty fund.
In the event the loan will not be repayed you can use the kept BTCs plus a part of the warranty fund to cover a part of the debt (losing a 75-80% is better than 100%), meanwhile we really hope that you can enforce in someway the loan payments.